Flip This Wholesaler

Wow, what a day it's been!
I got an email last night from a seller who was willing to sell her home valued @ 165k for 105k. She told me several times that she needed a really fast close (like next week). I set an appointment to go see it @ 1pm today. The phone rang at 8:30 this morning, and I almost didn't answer it because I was sick and was still sleeping. I answered anyway, and it was the seller telling me she wouldn't sign any contract unless I could close by Tuesday of next week. She said she would be willing to lower her price if I could close by then. I offered 80k, and she said no, then offered 90k. She said she could do 100k. So I told her I would make a few calls and get right back to her. I called one of the investors who has been helping me out and gave him the details. He told me to go for it, but to try to get it cheaper. He said he would put the word out to his cash buyers right away. So I called the seller back and told her I could close Weds. maybe Tuesday. She said she would take 90k if I could close Tuesday. I told her I could manage that (I figured if I couldn't find a buyer by the end of the day, I would buy this with my Dad who has cash). Right after I hung up with her, I get a call from an investor who I have become good friends with (she is just starting out with wholesaling as well), asking me if I have been talking to a lady selling a house in Tarpon Springs (that's where the property is). Turns out my friend had spoken with the lady last night, and already has a cash buyer. She was on the other line with the lady when I called this morning. We ended up deciding to work the deal together (we have another property that we're doing the same thing with). We figured between the two of us, we could find a cash buyer and split the assignment. So, we both drive out separately to look at the property, and I end up getting the contract for 90k. While I'm at the house, I get a call from the investor I called earlier saying he has a cash buyer who can close tomorrow for 100k. Meanwhile, the other buyer my friend had lined up is on his way out to look at the property (he lived an hour away), so we decided to wait for him to see the property and see if he would offer higher. He calls us back and says he will pay $112k. At this point we are both ecstatic. We tell him to meet us at Starbucks to sign the assignment, show us proof of funds, and give us a deposit. Now he tells us he is going to be using hard money and doesn't want to give us a large deposit (we asked for 6 grand). After a few more phone calls, we decide that it would be best to go with the investor who I spoke to earlier. I ended up meeting his partner an hour later and getting the assignment for 10k. He brought me a bank statement from today showing he had the funds, and is putting a 1k deposit at the title company. We are set to close on Tuesday.

I am still a little bit in shock that I actually found a deal, got in under contract, and found a buyer all within 24 hours. It is kind of surreal. If this deal closes on Tues., and the Nightmare Deal closes on Weds, I will have made 15k within 8 days!!!

I also wanted to add that the lady who I bought the house from today went down a list of investors from various sources (newspaper, flyer, signs, etc), and called all of them. I was one of only two (my friend who I am splitting the assignment with is the 2nd), who actually called back promptly and went over to make an offer. This was a REALLY GOOD deal, and I know that if I didn't answer the phone this morning, I would have lost out on it. Whoever coined the phrase "you can't steal in slow motion" was right on the money (no pun intended).

Another point I wanted to make was that if you find a good deal, you will have absolutely NO PROBLEM finding a buyer!! I know I had heard this a million times before, and never really believed it, but it is true. Once the word got out today about this deal, everyone and their Grandmother wanted in on it. I'm not kidding. We found a cash buyer and had a 10k assignment within 6 hours of getting this under contract.

Even if these deals were to go south, I still will be grateful for the experience and confidence I have gained in working them through. Every deal I do, I learn something else and gain a little more confidence in myself.

My last two days of work are this coming Saturday and Sunday. It really hasn't sunk in yet. I have been either waiting tables or bartending since I moved to Florida in 1994. Almost 13 years of waiting on people. Sunday will be one of the happiest days of my life.