Flip This Wholesaler

1/23/2008

Still waiting to hear what the verdict is on the REO I was talking about yesterday. The banks like to take their sweet old time. I'd rip my hair out of my head if I was doing short sales.

Tomorrow, I am having lunch with one of the investors that I have been working with over the last year. He's the guy I wholesaled my first deal to, and we have done 2 other deals together since then. I call him all the time with stupid questions that I should probably already know the answers to, but don't- questions such as "How do you tell if the electric has been upgraded?" or, "What the hell is a gravel roof?" He's also saved my ass (more times than I'd like to admit) from putting shitty deals under contract. In one instance, I was about to pull the trigger on an REO for 75k, but decided to give him a call and get his opinion first. He went out and looked at it and told me it needed to be torn down and was only worth the lot value (like 30k or so). Anyway, I took his advice, but I remember wondering if he really knew what he was talking about. Didn't seem like a tear down to me (in all of my infinite rehabbing wisdom). Last time I checked the property was still on the market (5 months later) with a list price of $51,500. Good thing I listened.

I've decided that I need to find some more active cash buyers, so I am going to hit up the auctions on the courthouse steps starting next week. I always say that I'm going to, but then I never do. This time I'm doing it.