Flip This Wholesaler

I spent the day following up on old leads, going through the newspaper looking for new leads, searching through listings, making calls, etc. I'm sending out more postcards tomorrow morning. I got 1 call from a postcard today. Not enough equity. I'm starting to wonder if there's anything I can do w all theses leads I'm passing on. Some of them have decent equity (not enough to wholesale, though). Something to think about, I guess.

The house I just got under contract Saturday is still listed on the mls. The seller told me before we signed the contract that he had an agreement w his realtor and could cancel anytime for $600 dollars, and that he would cancel the listing once we signed. I sent him an email and called today (left a message) telling him that he needed to cancel the listing. I'm not going to start marketing the house until he does so. I have a contingency clause that I will use if he doesn't take the house off the market. The last thing I need is to waste my time finding a buyer to wholesale to, and then have the seller find another buyer through his realtor. What if he doesn't have the $600 to cancel the listing? I Guess these are things I shouldve thought about before signing.

I had a few lookers at my townhouse this weekend, no offers, though.

I got my first counter-offer yesterday from the property I looked at on Friday. I faxed over a letter of intent (after looking at the house and asking the realtor if it was ok to do so), for 91k. They countered @ 145, saying that was as low as they would go. At least I know my fax machine is working. I was starting to wonder.

Tomorrow I am going to look at some properties I got from the mls. Going to make offers on all of them.

Today I got a list of properties in pre-foreclosure. I've started to look through those listings as well, and will make offers on those this week.