Flip This Wholesaler

11/6/2007

I am sick as a dog right now (a sick dog, anyway), but am being a trooper because I got some rather good counter offers in yesterday and need to do homework. You know when you're so sick that your whole body aches, and you kind of feel like you are wandering around in a fog? Well, that was me yesterday when the phone calls started coming in. All I wanted to do was stay in bed, but, from what I've learned so far, you can't steal in slow motion, so I forced myself to go out and look at 3 houses yesterday (I did not get lost, though, which is always a bonus).

One of the properties I already made an offer on about 3 months ago for $108k. I made my second offer for $100k. The realtor called yesterday and told me they already had a cash offer for 120k a few months ago (right around when I made my first offer), and that she was trying to get in touch with that investor to see if he is still interested at that price, and asked if I would come up to 120k. The property is listed right now at $140,000, and has an ARV of around 185k. This area is kind of tricky, though. During the boom, prices went nuts in this particular part of Tampa, and now they are dropping just as fast. I don't really have any buyers in this area, so I am a little leery (did I spell that write?) hehe. I'm a little delirious, sorry. Anyway, I'm still doing some research, talking to other wholesalers, and trying to find out what price I need to be at. This property is an estate, btw.

The second property is an REO, which I don't think I'm going to get. I don't think they will come down to my price, but you never know.

The third property is another estate that has been listed 3 months or so. I am most excited about this one. The comps are a solid 200-210k, in a great neighborhood, and the house only needs minor work to rent, but updating throughout to retail. It was listed at $163k, I offered $115k, and they countered at 145k.

OK, gotta run. I'll keep you all posted, unless I drop dead first. hehe.