Flip This Wholesaler

6/5/2008

Well, I met my buyer today to get the contract signed and get the deposit check for the house that he is buying from my wholesaler friend. We met for lunch, and sat and talked for an hour or so. I wish I could find a few more buyers like this guy, because he is the best. Easy to deal with, no bs, and the nicest person in the world. He's been in the game for 20 years, and told me he has never seen such a great buying opportunity, and said he hopes it stays this way for at least another year. He told me he would be ready for another one in about a month, so I'll be scoping the area like a hawk. Not that I don't do that anyway.

I may have a buyer for the REO I have under contract. Will find out tomorrow. The buyers are coming in from South FL to look at my property and a few others. I think they will take it, but don't want to put all my eggs in one basket, so I am still calling everyone I can think of to market it. I'm not used to not having a buyer already lined up, so I'm kinda stressed about it, but it will be a good learning experience for me, and I will probably turn up some new buyers while I'm advertising this deal.

I've been doing a lot of marketing to out of state buyers (NY, CA), as well as to out of state wholesalers who may have investors looking to invest in this market. I already know of a few guys who have buyers from outside of FL, and I'm pretty sure more will follow. Good deals are all over the place if you know where to look, and I think this market will be one of the first to bounce back when this downturn ends. Lots of millionaires are going to be made in this market. Might as well be one of them, no?

I've got another possible deal where I brought a buyer to another wholesaler, but not sure if that's going to work out or not, so I won't get into the details. I have a meeting with them (buyer, wholesaler) on Monday, so should find out then if it's a deal.

And that's all I've got for today.

Over and out.......

P.S.
If anyone is looking for a 3/1, 1000sf block house that needs no repairs, with an ARV of $135k-ish (prob would appraise higher, but I like to be conservative), let me know- I'll email you the details. It's not in the greatest neighborhood, but definitely not the hood, either. Asking price is 75k. I'll be your best friend forever and ever....