Flip This Wholesaler

7/8/2009

So, I ended up finding another buyer for the property that I just got under contract. Actually, I found 3 buyers, but this guy was the first one to cough up a deposit and sign a contract. We met at my title company earlier today to get everything squared away.

This guy called me a few months ago when he saw one of my signs advertising a deal I had at the time. It took him a few days to go out and look at the property, and when he called to tell me he wanted it, it was already gone. I hadn't heard from him in awhile, and he just happened to call me on Monday to see if I had anything available. I told him about my current deal and he went out to look at it immediately (apparently, he learned his lesson about lolly-gagging) and called back within a half hour with an offer of 19k (I was asking 29k). I told him that was too low, and he said he would think about it and get back to me. Long story short, he ended up calling me back 3 times with higher offers (this is always a good sign), and yesterday we agreed on a price of 25k net (meaning he pays all closing costs).

It's 1k lower than the previous offer, which sucks, but I'll take it. I've got a lot of other stuff on my plate at the moment, and I just want to get this one squared away so I can focus on the other stuff... Also, this buyer is what I like to call a "Jackpot Buyer," so I'm willing to take a little less just to start building a relationship with him. He's got deeeeeep pockets, lots of properties, and best of all, he's not a douche bag. These are all qualities I look for in a buyer. My guess is that I will make a lot of money with this guy in the long run. Just a hunch.

Now I just have to get the bank and their title company to actually do their job. I'm a leetle bit scared that I haven't even received the executed docs back from the bank yet. Usually when it takes them several days to sign the contracts, it's a sign of what's to come. Also, this is the same freaking asset management company that was in charge of the last deal I was working on, that I ended up losing. This time, though, I have the asset manager's contact info (the listing agent accidentally sent it to me when she sent the bank's addendum), so I can personally harass the shit out of him if he doesn't get things signed in a timely fashion. Also, they are using a local title company, so if they suck (and chances are, they will), I can actually go into their office and harass them in person. Definitely a bonus.

That's all I've got for now.

Later Alligators.

P.S.
A big congratulations to Shae, who just closed on her first rehab, and also to Craig, who just closed on his first short sale! Both are shining examples of where PERSISTENCE and MASSIVE ACTION will get you!

11/11/2008

Sorry for not posting much lately........ things have really picked up for me in the last month, and I have have been swamped. I've been going at it full speed ahead, and the results I am getting are well worth the hard work I'm putting in...... I've closed 2 deals in the last 2 weeks, and have 4 more scheduled to close in the next 30 days!

I've been making offers like crazy, and also marketing like crazy for new buyers. I put out 25 signs on Saturday and 25 more today. My phone has been ringing off the hook, and I have found several new buyers as a result.

Today I went and looked at 7 houses while I was putting signs out. I also compiled a list of 23 numbers to call from "for rent" signs I passed while I was en route to the 7 houses (see how I killed 3 birds with one stone?). I will make those calls first thing tomorrow morning.

I have seriously struck gold with the new buyers I've found over the last few weeks. I have 3 cash investors who call me every day to see if I have any new deals, and these guys are serious investors who are buying right now, and want to buy lots and lots o' houses, and they have the money to do so. I know that there are many more buyers out there like these guys, so I am marketing my ass off to find them.

There is no stopping me at this point.

I am going to kick this market's ass and take lots of names while I'm at it...

Gute Nacht!

P.S.
Happy Veterans Day!

8/28/2008

I had intentions of going to look at 5 houses today that I wanted to offer on, but I got a call from my friend Jeff just as I was heading out the door, asking if I wanted to go to Frenchy's for lunch...

I just can't say no to Frenchy's- it's my very favorite beach restaurant. They have this amazing She Crab Soup that I could eat by the bucket(s) full, and the views are amazing, and they have lots of beer. That's a combination I just couldn't refuse. Also, it was gorgeous out today, and I've had a very productive week, soooo....off to Clearwater beach I went....

Meet Jeff


Beer #3


2 of the 15 pigeons that got to have a taste of my delicious Cajun
grouper sandwich (yes, I'm that person who feeds the birds and pisses everyone off :)


The view


I did manage to get some work done while I was there, and should be locking up that house I was talking about in my last post. The buyer I originally thought was going to take it (the guy I hunted down last week), was not interested, but another wholesaler who I do a lot of business with, put me in contact with one of her buyers, and she's "supposedly" going to bring me a deposit tomorrow. I have never had much luck with female buyers (except Crazy Caroline, but I'm pretty sure she is possessed by Satan, so she doesn't count), so I am not holding my breath. I don't know what the deal is, but every single female buyer I have ever come into contact with has been a complete waste of my time. Perhaps this one will be different, but, like I said, I'm not holding my breath. We shall see.....

8/20/2008

You know it's not gonna be a good day when your cell phone breaks for no apparent reason AND you get one of these put on your car. All before I even had my coffee, too. Good times. Guess that'll learn me to pay my parking tickets on time, eh? I managed to rack up $233.00 in fines since I moved downtown 4 months ago. Dang.

So then, I had to walk a mile or so back to Skypoint from the park (I take Jim to the park in the mornings, and always forget to bring a quarter with me to feed the stupid meter- hence the $233 in tickets). I even made a trip back to my condo before I left to get a quarter so this very thing wouldn't happen, but then I got to talking on the phone, and, because I am an idiot, I totally forgot to put the stupid quarter in the stupid meter. Then I had to walk to the bank to get $233 cash (they don't take any other form of payment), then walk to the stupid City of Tampa Parking Divison and give them my money. Then back to my car. By that time it was almost 2pm, and I was PISSED. Also, it was about seven thousand degrees out, and the humidity was 185%, which made the journey that much more enjoyable.

I decided I wasn't going to let my irresponsibilty get the best of me, and instead of heading to the pool with a beer or 6, I decided to run 4 miles, then go stalk some buyers that I have been looking for. I ended up finding 2 of them (One was doing some work at a house he just bought, and the other had a "for rent" sign in front of one of his properties). Hehehe. They're both mine now. Mine all mine....

8/7/2008

I put a few more offers in yesterday on houses in the same neighborhood as the pink house. I've pretty much got an offer on every single concrete block house in this zip code that's priced under 80k. So far, I've received 2 counters, one of which was $1500 below list price with a closing date of September 22nd. That obviously is not going to work. The other one I may be able to turn into a deal. I gave the address to my buyer this morning and he is going to go by this afternoon. The bank is "supposedly" ready to close on it any day, as it has been under contract twice already, and both times the buyers/wholesalers bailed at the last minute. It just came back on the market in the 50's, and I'm trying to get it for 35-38k and sell somewhere in the 40s. We'll see what happens.

Last night I discovered my new favorite restaurant in Tampa- Vino E Pasta. I'm not sure what I like best about this place- the food, the service, the atmosphere, or the fact that you get a complimentary bruschetta for an appetizer, and these delicious little cream puff things for dessert. I think I will start treating myself to dinner there every time I close a deal. :)

Gotta run- I'm going to St. Louis this weekend to visit my sister and my nephew, and I've got a million and one things to do before I go...

7/30/2008

The pink house deal FINALLY got assigned to a closer at the title company, so there should be no reason for it not to close this Friday (famous last words). We also told the listing agent as well as the title company that if it doesn't close by Friday, we are pulling the plug and walking away. So, we'll see what happens. We decided that we are going to have a party when/if this stupid thing finally closes.

I'm still 2k away from the bank on the other deal that I have been working on. They're at 44k, and I want it at 42k. I'm pretty sure I can wholesale it for 49k, but the buyer I had in mind for it can't commit 100%, so I'm just going to ignore the bank for a little bit and see if they will come down to 42k. I think they will. They've already come down 12k, why not 2 more?

I almost had another deal sold to McHotterson, but the wholesalers who have it under contract are holding out for more (which, I don't think they're gonna get). Oh well. I would have taken his offer all day long (and twice on Sunday) if it were me. I'm all about the quick nickel...

Happy Wednesday!

6/23/2008

Holy crap, this year is almost half over. How did that happen?

I've got all kinds of stuff in the works at the moment. I had 3 (yes, 3) buyers call me today asking me to find them more deals. That's a good thing. I think I've got 2 of them lined up with deals, but haven't heard for sure yet. More waiting... I sent one of them out to a house that a friend of mine is about to get under contract, and the stupid lockbox was jammed, so, being the hustler that I am, I went out to the house myself and after realizing that the lockbox was, indeed, jammed, I crawled in through a (very small) window in the back of the house and almost killed myself. No idea how I actually made it through, but I did. Also, I sliced my elbow open on some glass on the way in. Good times. I'm still waiting to hear back from my buyer about that one, but he seemed to like it, and the numbers are good, so we'll see.

I'm back in offer making mode, and have a goal to get another one by the end of the month. I'm going on 3 trips over the next 3 months, so I need to make me some cashola.

Over and out.


Hehehe.

6/17/2008

I think I'm going to change the name of my blog to "Days of Our Wholesaling Lives," because I've got so much deal drama going on right now.

To sum up, my buyer ended up not being able to come through with his financing, which I didn't find out until this morning because he did not return my phone calls yesterday evening. So I got to spend last night staring at my ceiling wondering what was going to happen. That always makes for a good night's sleep. I had to call the bank's title company yesterday and come up with an excuse for why the wire was not going to be there. They were not too happy about it, but I bought another day for myself.

I called my short sale friend, Nathan, last night (who, by the way is closing on 8 deals this month), to vent to him about how frustrated I was that I had another buyer for this deal for more money, but I went with what I thought was the sure thing, and now I pretty much screwed myself. He asked me if I thought I could still sell it and make money, and offered to put up the cash for it if my buyer couldn't close, and offered to split the deal 50/50. So, that's what I did. I just got back from dropping the cashier's check off at my title company, and they sent the wire to the bank just in the nick of time. I have to admit I'm scared shitless right now of not being able to sell this house when my friend's money is on the line, but I'm pretty sure I will be getting a contract on it this evening from the same buyer that I turned down a week ago. Also, I have another wholesaler friend who told me he would close on it himself and keep it as a rental if I can't find another buyer. So, I should be OK, and still make money on it. Oh, also, the listing agent called me a little bit ago to make sure everything got closed OK, and mentioned to me that she would have "plenty more deals like that" coming up. Nice. That in itself is worth the headache. Plus, it's always nice to know that you've got someone with access to fast cash if you get in a pinch.

I sold another deal to my buyer who is waiting on that deal that was supposed to close last week. He told me he is willing to wait for them to get their shit together, and he will take this one, too. Only problem is, this is a short sale that was just approved, but the bank is requiring the seller to sign a promissory note for the amount they are discounting the house (or something like that- I don't do short sales), and the seller is on the fence about signing it. It has to close by Friday, so she better make up her mind. This is a deal that another wholesaler friend of mine has under contract, so we will be splitting the profits on this one.

I'm tired. I seriously was up at 4am worrying about this stupid deal closing.

So, that's it in a very small nutshell. There's some more to the story, but I won't get into it here. Let's just say I've learned some valuable lessons on this one. Hopefully there won't be more to follow.

Over and out to get a much needed cocktail...

P.S.
Peer Title in Tampa rocks.

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....