Flip This Wholesaler

5/1/2008

One of the wholesalers I work with quite often sent me a text yesterday telling me he just got 6 REOs under contract (yes, 6), and asked if I wanted to help him sell them. They are all good deals, and I need to pick up some new buyers (advertising good deals=finding new buyers), so I have been busy trying to get some of them sold. It's funny (actually, not really), that, of the 6 properties he has under contract, 3 of them were on my "to do" list of houses I was going to make offers on. You snooze, you lose....

One of the guys who responded to a Craigslist ad I posted today, is supposedly working with an investor (from California, of course), who has 5 mil that he wants to dump into good deals in the Tampa market. I say supposedly, because this is probably the 5th guy who has told me the same story, and then turns out to be a complete waste of my time. Lately, everybody and their Mom claims to have this phantom investor from either NY or California with "deep pockets" who wants to buy ten billion dollars of real estate. Blah, blah, blah, blah. Put your money where your mouth is, pal. I sent him over a list of properties earlier today, and I bet you ten billion dollars that I never hear back from him. Just a hunch.

A few of the wholesalers who are my direct competition in the REO arena are starting to get black-listed with some of the REO agents because they are backing out of so many deals. I heard this straight from the horse's mouth today. Not a good thing for them..