Flip This Wholesaler

Well, the nightmare deal finally closed. I didn't get the full assignment ($4500) that I was supposed to because the buyers were short on closing costs. I eneded up with 3 grand (plus the $500 deposit). I really don't even care about the lost $1500, and am just glad the deal closed and everyone is happy. One of my biggest fears is having a deal blow up at the very end and screwing a seller over. So far every deal I've done I have built a very good rapport with each seller, and they have given their trust to me. It is very important to me to follow through with what I have promised to them (to buy their house).

I have kind of lost my focus in the last few days and have allowed myself to get distracted. Tomorrow I will get back to scouring for deals.

I had a seller call today on one of my signs- he is an investor who is liquidating and moving out of state (like everyone else). He has a rented property worth about $145-$150k. The renter wants to buy the property (he's been there 5 years and always pays on time) but has credit issues that he's working on. The seller was asking $110k. After checking the comps, I realized the numbers weren't good enough. I sent the seller an email telling him the deal, and that if he decided to lower his price to give me a call. About 15 minutes later I get a call from another wholesaler asking me if I had any inventory. He then goes on to tell me that he has a buyer who is looking for a property with some equity (15-20%) that he can rent out (preferably something that already has a renter in place). Spooky. I told him about the property I was just looking at, and he said it sounded perfect for his buyer. We decided that if his buyer wants the property, we will split the assignment (he thinks he can get 10 grand). I just got an email from him saying he will not be in contact with his buyer until tomorrow am. It would be pretty sweet if this actually worked out. If nothing else, I have another buyer/wholesaler to add to my list. I love networking. It's the best type of advertising, and it's free.

The signs I ordered Tuesday aren't going to be shipped until this coming Tuesday (Monday is a holiday), so I won't be getting them until the end of next week. I'm not too happy about that, but what can you do?

I need to get another deal by the middle of this month (I'm shooting for Thursday) in order to stay on track with my goals. This means I really need to get it together by tomorrow and start making some more progress.