Flip This Wholesaler

6/9/2008

Sorry for being a bad blogger- I've been out in the streets trying to get some deals sold.

Finally found a buyer (today) for the REO I have under contract. Have to close it on Friday of this week, so I was starting to get a little worried. I actually ended up having a few people who wanted it, but went with the buyer who I know will close. One guy came back and offered 2k more, but I don't trust him, and he only wanted to put a $500 deposit down, so I went with the guys who I know will close. The realtor forgot to send the contract to the title company again (shocking), so the title co just got it today, but said they will be able to get it done Friday, which is also shocking (for real shocking).

I don't know if I mentioned it in my last post, and I'm too tired/lazy to look, but when I made my offer on this house, I thought it was in a totally different part of town (a much, much nicer part). I called another wholesaler to see if he had been inside, and he said it was really clean, and rent ready (that's what the listing said, too, and the pics looked good), so I just made the offer without looking at it, thinking that if they accepted it at 70k, I would have a slam dunk. I made the offer with no inspection contingency, and offered to close in 10 days, because I knew I could sell it with my eyes closed for at least 80k (if it was in the neighborhood I thought it was). It was listed at 90k, and they ended up accepting my offer right off the bat, without even countering. It wasn't until I MapQuested the directions so I could go get some more pictures, that I realized it was in another part of town. OOPS. It's still a great deal, but I would have never, ever made that offer and only allowed myself 10 days to close with no contingencies if I knew where it was. So, anyway, long story long, I learned another lesson on this one. Also, I kind of feel like a rock star for getting it sold in time without having had a buyer lined up. Hehe. It's not closed yet, though, so I probably should keep my trap shut.

I spent most of the weekend marketing this deal, putting signs out and pestering everyone I could think of to help me find a buyer for it. As I suspected, through my marketing efforts (a handwritten sign), I got a call Friday night from a really, really, solid cash buyer who is looking to buy more houses asap, which makes all of the time I spent putting out signs well worth the effort. Also, I drove around this entire neighborhood checking out what was for sale, calling for rent signs, and just learning what was going on. So, now I know another neighborhood, which is always good.... There was a rehab going on a few blocks away from the one I was trying to get rid of, so, Sunday afternoon, I stopped and asked the crew if the owner was looking for anything else in the area. They said yes, so I wrote the address and price on the back of my card and asked them to please give it to him. A few hours later, I get a call, and I'll be damned if it wasn't the same guy I talked to on Friday who called on my sign. He said he was pretty impressed that I actually stopped and left a card, and we proceeded to yap on the phone for another 30 minutes. This guy is a good contact to have.

I still have one more deal (long shot), that may pan out. Supposed to meet up with the buyer tomorrow (he backed out of a meeting today), to see if he is going to take the house or not.

Tomorrow is the closing for the other deal I sold, and everything is on track for that. Talked to my buyer earlier and he is ready, and title co is ready, too, so that's looking good.

I'm off to a good start this month...