Flip This Wholesaler

The house that I went to look at on Saturday needed a whole lot more work than I expected. The kitchen and bath both needed to be completely replaced, it needed a new lawn + landscaping, new fixtures, flooring, etc. etc. No way the numbers would work with the added repairs.

I got two calls yesterday from the postcards I sent out last week. One guy told me his house just appraised for $ 179,900, and he would "let it go" for $178k. I am not making this up. When I explained to him that I am an investor and buy properties at a discount, he got really mad and told me to immediately remove his name from my mailing list. I think I might send him a few more postcards just to get under his skin. The other call came from a guy who is moving in with his elderly Mother to take care of her. He just bought her house from her (not sure why), and wants to sell his house. He was willing to sell for what he owes (I don't have the numbers in front of me right now), but there wasn't enough equity to do anything with. I think it was around 80% of FMV that he owed.

I have been dealing with some issues (not real estate related) the last few days that have pretty much taken up all of my time and energy. I haven't had any time to do any marketing or follow-ups from last week. It looks like I am also going to have to get another part-time job bartending (which I am really, really dreading), in order to stay on top of my bills. I really thought I would be able to generate some quick cash with another flip (which I am still going to try to do), but if that doesn't happen, I am going to start drowning in bills. I have put myself in this position, so I am not going to sit around and feel sorry for myself, I just wish I would have taken action sooner. Another lesson learned the hard way.

So, I'm going to try really hard to re-group and get back into the swing of things tomorrow. I have many lines in the water right now, so hopefully something will turn up.