Flip This Wholesaler

I finally got an email from the buyer for the Nightmare Deal telling me that everything was fine with the financing so far, it is in underwriting right now. I guess I need to stop always assuming the worst of every situation.

I made a bunch of phone calls (not the 20 I had planned on), and in the process, added two more buyers to my buyers list.

A little bit ago, I received an email from a seller who received my postcard. This is what it said, verbatim (except for the address):

"How fast can you give me cash for my home? I live at
XXX Drive, Tarpon Springs 34689. What will you
give me for it? There are no liens and it is paid for
with no mortgages. I paid $112,000 for it. You can
check the other info on the pinellas public records."

I sent her an email back immediately asking if it was too late to call (this was around 9:30 pm). I ended up calling her a few minutes later. The house is 3/2 1300 sf, built in 1957, and needs updating. I asked her what the the least amount she'd take if I could offer all cash and close quickly. She said 105k- keep in mind she bought this in 2004 for 112k. I'm not familiar with the area, so I said I would check comps and call her right back. There are two solid comps (within the last 2 months), for 150k and 178k. I told her I could get her close to what she's asking, and set up an appointment to look at it tomorrow @ 1pm. I am going to try and get it for cheaper than 105k, but even at that price, I'm pretty sure I can find a buyer no problem. Actually, one of the guys I added to my buyers list today buys properties in this area. Also, it seems like houses in this price range (close to or below 100k), are much easier to get rid of. It would be great to get this under contract tomorrow.

I can at least get a good night's sleep tonight now that I know the buyers of the Nightmare Deal are still planning on buying. I was up until about 2am last night worrying about it.