Flip This Wholesaler

I had a very busy day today. My intentions were to go look at the three properties that I picked out last night and make offers on all of them. As soon as I got up, I got a call from a realtor who had a client that received a postcard from me. He bought two pre-construction homes less than a year ago, and was trying to get rid of them. Neither one had enough equity to do anything with. I had a nice talk with the realtor and told her a little about what I am looking for. She said she would keep my info. in case she comes across anything I might be interested in.

A bit later I received an email from a seller trying to unload a condo he bought last year, fixed up, and now can't sell. ARV is around 280k, his mortgage balance is 199k. The unit has been completely redone. He said he would take 235k. I thought it might be worth pursuing if I could get him to sell for what he owes- maybe a subject to. Then I found out that the HOA fees are $565/month. Holy cow.

I got another call from a guy who bought a property 2 months ago with the intentions of rehabbing, then selling retail. He bought the property for 135k, getting financing from an HML. His payments are $1800/ a month w/ a 1 year balloon. He installed central heat/air, did some minor cosmetics, then ran out of money. The ARV is around 200k. The house still needs flooring throughout (it has terrazo floors), and updating in the bathroom. The house is in an area I am not familiar with, so I am going to meet him there tomorrow morning to check out the house and the neighborhood. I spoke to him several times today- originally he was asking 145k, but then said he would take less and is willing to negotiate. I called the investor I flipped my last property to, as well as another investor I met while I was trying to find a buyer. The investor I flipped my last property to told me to call him after I take a look at the house and see what condition it's in. The other investor told me it was probably too tight, but he would ask around. He is mainly wholesaling right now, and is doing very well. I asked him if he would like to get together next week for lunch to brainstorm, and he agreed. I have recently decided that I need to surround myself with like-minded people who are out there making things happen.

This last week, I have really pushed myself to step out of my comfort zone. It is not easy to venture into unknown territory, but once you do, it really feels good.

Tomorrow I have someone coming to look @ my townhome that I rehabbed and am living in . Sure would be nice to sell this place before the end of the year.