Flip This Wholesaler

11/18/2007

Sorry for the lack of posting. Things got kind of hectic towards the end of the week, and I decided to take the weekend off to unwind.

I had a 7 day inspection period in the contract of the deal I've been working on. It was up on Friday. I went back Thursday to try and renegotiate the contract to a lower price based on what my hard money lender told me I needed to be in at (this should have been done before I signed the contract, btw, not after). The initial response, was, no, they aren't willing to negotiate. I got a call late Friday afternoon from the listing agent telling me they were willing to negotiate, and were willing to come down to 115k (from 125k), but only if I could close sooner than the 29th, which was the original closing date on the contract. I called my wholesaler friend who I should have consulted with before I ever signed this contract and asked him what he thought. He told me to offer 100k, with a 10k non-refundable deposit, and a 7 day close. If they accept the offer, he will pay cash and we will go in on it as partners and split whatever we can sell it for. So, my choices were to take the 115k, and try to find a buyer within about 10 days, and if not, have to close on it myself with my hard money lender, or, make the offer for 100k, and hope they take it. I chose the latter. They are taking the weekend to think about it, and I should find out tomorrow morning if the deal is still on.

The bottom line with this deal is that I offered TOO MUCH. I should have asked someone's advice before I put this under contract, but I was so sure of the numbers I thought it was a no-brainer. Not so much.

I saw an ad for a property on Craigslist on Friday that was one of the REOs I offered on and got beat out by another wholesaler. I called him up and told him I might have a buyer for it (I got an email from one of my buyers earlier that day asking if I had anything in the area). So I sent the info to my buyer, and I think he might be putting a contract on it. Hopefully. I will make 2k on it if so.

So, that's the scoop.

Oh, here's a funny story for you.......

I think I might have mentioned that my ipod has it out for me, and will just randomly stop playing/shut itself off/shuffle songs for no apparent reason. So, I was at the fitness center this morning running my ass off, and the p.o.s. starts acting up, as per usual. It's particularly annoying when I'm about 30 minutes into it, and in "the zone" as I like to call it. I usually run early in the morning, and there is rarely anyone else there besides me. So, thinking I'm the only one there, I take the ipod, chuck it at the wall as hard as I can and yell, "Fucking piece of SHIT!!!!" Then I proceed to get off the treadmill, walk over to the p.o.s. ipod, and stomp on it. Hehehehehe. I'm pretty sure I ruined my chances with the hot guy who was doing squats in the corner. He just kind of looked at me with this stunned expression on his face.

And that was the end of my workout.