Flip This Wholesaler

Yesterday I got an email from the buyers of the property where the realtor forgot to fax the contracts. He told me his mortgage broker finally got the contract (a week later), but there was no signature from the seller. Ha Ha. What a joke. I actually started laughing out loud on the phone because I couldn't believe it. So, I had to call the realtor for the 100th time and ask what in the heck was going on. She said, it's no big deal, tell the buyers to calm down and she would get the signature the next day (today). I called today to make sure she was going to get it signed. She said it would be done by tonight. So, now the title company will be getting contract #4. What can I do but laugh?

I may have a buyer lined up for the deal I have going with the guy from California, however, I am not able to get in touch with him, and he has the seller's contact information. Hilarious. I've been emailing him all day and haven't received any response. I know he is out of the country (Canada), but you'd think he would at least check in. Am I the only person who answers phone calls and emails in a timely fashion? Good grief. What the heck is going on?

While calling around about properties, I added 1 person to my buyers list yesterday, and 2 today. I think I'm up to 17. Pretty cool.

My Dad called today and wants to partner with me on a deal. He just retired, has some money saved up, and has always wanted to invest in real estate. He built the house I grew up in, and is very handy. He's coming down in mid-January, so I'm going to start looking for something that doesn't need too much work. I am on a bunch of other wholesaler's buyers lists, so I see deals come through all the time. I don't think it will be hard for me to find something in the next month. I am going to look for something that needs mostly cosmetics (the last house I wholesaled would have been perfect). It will be great to work on a house with my Dad, make some money, and make him some money as well. He will be getting the loan and paying the holding costs, then we will split everything. I'm pretty excited about it.

Oh yeah, I had a realtor call me today about a property where the buyer's financing had just fallen through. The seller has until the 15th before she loses it. It's in an area where one of my buyers is looking for houses. She said ARV was $167k seller was asking $118k, and it needed no repairs. I got pretty excited and started checking comps right away. The highest comp I could find was $130K. The rest were in the 110-115k range. Wow It's amazing. Maybe she was banking on the greater fool theory. Who knows.

I'm feeling pretty optimistic about the coming year, and am glad I stuck to my guns and am giving up my bartending job (even though I might have to borrow money to pay my mortgage this month). I think if I would have done things differently and got another part-time job, I would not have tried as hard as I have these last few months. Even if both of my deals fall through, I now have the confidence to get more deals and know that I will be OK. It has taken every ounce of determination that I have in me to keep going and to believe that things will work out.

I want to get at least one more house under contract by the end of the year. I'm going to try as hard as I can to accomplish that.