Flip This Wholesaler

11/26/2008

Well, it looks like out of the 4 deals that are supposed to close this week, not a single one is going to close on time. Dang. Should have kept my big mouth shut, huh? All four are being held up by the banks and/or their title companies. I have a feeling that one of them is not going to close at all. This is a deal that I am working with another wholesaler, and together, we are cursed. Every single deal we work on together ends up falling apart for one reason or another. It's the strangest thing. He was involved in the Shady deal, and we have worked on 4 or 5 deals since then, and none of them have panned out. This one was supposed to close Monday, but we do not have clear title yet, and I have a sneaking suspicion that there is going to be some sort of title problem that can't be resolved easily/quickly. Just a hunch I have, and have had it since the day we signed the contract. The buyer is a cash buyer and really wants the house, so there are no worries on that end. Which is good, provided we can get clear title.

Apparently everyone in the industry is taking this week off except me......I can't get a phone call returned to save my life. I called 4 realtors yesterday for lock box codes, and as of this morning, have not heard back from any of them. I got in the houses anyway, but that's beside the point. Hehe.

That's all I've got for today.

Happy Turkey Eve!

11/4/2008

Well, people, I am on a serious roll here!

The closing I had on Friday went off without a hitch, and then I closed another yesterday. I sent the listing agent an email yesterday after the closing to let him know everything was signed and funded, and he sent an email back saying, "Let's do more!" Yay! Music to my ears. This is deal #5 that I've closed with this particular agent, and I think it's safe to say he likes me. Can't say I blame him. Teeheehee.

I got another one under contract today. Well, actually it's a deal a friend of mine has, and one of my buyers is going to buy it, so we're splitting the deal 50/50. I have another one like this that is supposed to close later this month. I also have the two that I sold to California Guy that are supposed to close this month. That makes 4, but I'm just going to go ahead and assume that all of them will blow up, and I'm just going to continue to make offers and do deals and make more offers and do more deals....

I put out 25 signs over the weekend and found a new cash buyer. I'm telling you guys, there are buyers coming out of the woodwork looking to buy cheap houses in this market. I'm getting deals in the teens and twenties, and they cash flow all day long. One of the buyers I just found who called on one of my signs (the guy who is buying the house from my friend), said that he has been waiting on a buying opportunity like this since 1992, which is when he went on his last spending spree, and was able to pick up homes in the teens and twenties. He has called me once a day, every day since I first spoke with him (2 weekends ago), and he is chomping at the bit to buy up some bargains.

This market is like a dream come true for me. I'm not kidding. My competition is thinning as the days go by, and the deals just keep getting better and better. I hope it stays this way for the next two years, because I am going to go full speed ahead and make some serious cashola. Once I do that, if the market is still in the dumpster (which I hope it is), I'd like to buy a few dirt cheap homes for cash, and then rent them out. It wouldn't take me too many free and clear homes to be able to pay my monthly expenses. I never thought I'd hear myself say that I wanted to own a rental again, but if I can pick them up for 10-15k (or less), and I have the cash to do it, I think I would be stupid not to.

So, that's the plan for now, anyway.

Adios, Amigos!



P.S.

I'd really like to throw in a political jab or two, but I've decided to spare you. I think we've all had enough.

You're welcome. ;o)

10/7/2008

Well, apparently, sending an addendum to the bank telling them you want 5k off the purchase price because you are tired of waiting on their slow-ass title company...is quite effective. Not so much effective in the way of actually getting a 5k discount, but effective in the way of getting the title company to FINALLY get everything wrapped up and ready to go. Amazing, isn't it? Also amazing, is the fact that I sent the addendum over to the listing agent on Friday afternoon, and then, like magic, they had the deed package at the title company on Monday morning. No joke. Usually it takes Litton at least five and a half years to get the deed signed and back to the title company once they get clear title. Seriously- it's like pulling teeth. So, anyway, after close to 3 months, I got the call from "Stacy" this afternoon telling me she finally got all of the documentation she needed, and we are now clear to close. I have not heard back yet as to whether the buyer will be ready to go Friday (that's when the bank wants to close), but he should be. I will worry about that tomorrow. For now, I'm just happy we have clear title and don't have to wait on "Stacy" any longer. Also, if the buyer's lender is not ready, I have access to the cash (not mine) to close this, so I am not really that worried about it. Well, I kind of am, but then I worry about pretty much everything.

I am still waiting to hear back about one of the offers I made last week and got a counter on. The bank is at 36k and I'm at 32k, and I'm not going any higher. At this point, I'm pretty sure that the agent is playing games with me and is just waiting around for more offers, but I'm not positive of that. I think I already have a buyer at 39k (maybe), so it would be nice to get this locked up tomorrow.

That's about all for now.

Peace out, homeys.

P.S.
"Stacy" is actually a really nice lady, and I take back calling her an asshole last week.

P.P.S.
Leigh, if you're reading this, thanks for listening to me vent. I appreciate it, and I took your advice, and you were right- things are looking up. Knock on wood...