Flip This Wholesaler

3/20/2008

I've been a busy little bee this week.

I'm STILL waiting to get an OK from this stupid hard money lender (it's Omni, I think). This will be the last time I lose control of a deal like this. Like Steve Cook has told me a million times, I need to get my own hard money lenders lined up so I have total control of the deal. This waiting shit is for the birds. Eventually, my plan is to become a hard money lender myself, so I can loan money on my own deals. Basically, I'm just copy-catting what Bob Norton has done. No sense in reinventing the wheel. I've pretty much been trying to model my business after his. I've still got a loooong way to go, but watching what he has done has made me realize what is possible. In case you're interested, here's a post he made over at Flippinghomes.com last year that I found to be very inspiring. Lit a fire under my ass, actually.

The listing agent of the 8k deal that just closed called me earlier in the week to thank me for getting the deal closed so fast (it wasn't fast to me, but I guess he's used to things taking FOREVER). Anyway, I told him I am looking for more deals like that one (read: CHEAP), and to keep me in the loop. Well, it just so happens that one of the banks was about to make a ginormous price drop (like 30k) on one of his properties. It's a 3/2 that has been totally rehabbed. No kidding- everything is new. I called one of the cash buyers I picked up over the weekend (he called on one of my handwritten signs) and told him about the property. He is looking for rentals that don't need a whole lot of work, so I thought this would be perfect. He was out to look at the house within the hour (God, I love when people act fast), and he told me he would have a number for me by today at noon. My phone rang at 7:30 this morning, and it was him telling me he'll take it @ 75k-ish. I kind of took a gamble on this, because I don't have it under contract yet, but I got a good feeling about him, and didn't think he would go around me. And I was right. So, I'm waiting to hear back from the bank and see how low they'll go. It won't be a huge payday (hopefully 5k), but I don't care. Right now, I'm just trying to stockpile as much cash as I can, little by little, deal by deal. More important to me is the fact that I am starting to build relationships with some of the REO agents, and show them that I am not some Slim Shady jackass who runs around backing out of deals. I'm thinking long term here.

Yesterday I went to two REIA meetings, one during the day, and one at night. I made some really good contacts at both of them. One guy has some out of state cash buyers (California, I think) that are looking to pick up some cheap rentals (my specialty). Another investor is looking to pick some rentals up for herself.

Oh, and I think I might have found a buyer for that REO that the investor I met for coffee the other day just got under contract.

AND, remember Crazy Caroline? Well, I just hooked her up with a property that my short sale friend just got an acceptance on. I had him call her, though, because she hates me for some reason. Hehehe. Sneaky, sneaky. Hope she's not reading this. Just kidding Caroline- you aren't crazy. Or possessed by the devil. That was all a joke...

None of these deals are locked up yet, of course, but I figure if you throw a bunch of shit at the wall, some of it is going to stick. And if not, I'll just throw some more.

P.S.

Skypoint countdown: T-minus 7 days....

(Picture courtesy of my buddy Bruce) :)