Flip This Wholesaler

This week was not a good one. I've been slacking off and am not very happy with myself. I made a bunch of phone calls today and have some postcards to mail out tomorrow (I finally got my contact management program running again).

While speaking w a realtor today, I got some inside onfo. on a house that is listed that was under contract and now the seller wants to back out. It's listed at $259k with an ARV of 310-320k (per the realtor, I haven't verified). Anyway, she told me the contract price was for $225k. Sweet. I'm going to check it out and make an offer on it tomorrow. I checked it on the mls, and it's still in the system as being under contract. Hopefully I can get my offer in before everyone else finds out about it. It's in a great area so I think I could find a buyer pretty easily. Chances are, though, that the realtor is not correct about the comps. It's very rare that a realtor (or seller) is accurate when giving his/her opinion about ARV (at least that's been my experience). Not sure if they are just uninformed, or if they think I'm just going to take their word for it.

I got another call today from a realtor telling me about a pre-foreclosure where the bank is looking to do a short sale and wants offers. There is a 1 day seminar this weekend about short sales that I think I'm going to go to. I think it's something I will definitely benefit from as more and more of the option ARM borrowers and speculators start losing their houses. I think it is going to get really ugly.

My stupid pain in the a$$ townhome is still on the market. I'm going to call my friend/partner tomorrow and see if she wants to lower the price more. I'm so aggravated that it hasn't sold yet. I don't know what the problem is. It's priced right, updated, clean, nice layout. I guess I could start marketing it myself, but I'm kind of bitter about it since I've done EVERYTHING else and am splitting the profits. I don't feel like I should have to put any more work into it even though I want to sell it and get the hay out of here asap. I guess now I know how hard a realtor works to sell your house when he's only getting 1%