Flip This Wholesaler

I spent the majority of the morning and afternoon trying to figure out what I should do with my latest deal and the issue of getting it funded. After speaking to several other investors locally, as well as getting advice from investors who responded to my post on the flippinghomes message board, I decided my best bet would be to call the title company and let them know what was going on. I then called my end buyer to tell him the situation. We decided to have the realtor draw up a new contract between the seller and the end buyer, and have the end buyer pay me my assignment outside of closing. I am picking up the new contract from the realtor tomorrow morning and bringing it to the end buyer to sign along with a promissory note for my fee. I realize that there is a chance of me not getting paid my assignment (which would really not be good for my financial situation right now) but when it comes down to it, my main concern is making sure the seller gets his house sold and gets his money when I said he would. It's not his fault that I didn't know a conventional lender would not fund a deal with an assignable contract, he shouldn't have to suffer because of my mistake. Luckily, both the end buyer and the realtor have been very cooperative. This whole deal could have gone south quickly if that were not the case.

I didn't have much time to look for deals today, although I did call an ad in the paper that might be promising. It's a FSBO. The lady had the place rented out for 5 years on a lease option. She ended up in a court battle with the tenant (not exactly sure of the details), and the tenant had been living rent free for 3 years. She was finally able to get the tenant out a few weeks ago, and of course the tenant trashed the place. She's selling it as-is and says she just wants to be rid of it. I'm going to check it out tomorrow afternoon. I also went to the weekly investor's meeting tonight. I got to meet one of the investors I have been talking with on the phone for the last couple months. He is a full time wholesaler and has been really helpful and giving with his advice. Going to these meetings is really a great way for me to stay motivated. It's great to be around other people who are succeeding in this business. It also challenges me to do better and to be more productive.

I am challenging myself to have another deal closed by the end of the year.