Flip This Wholesaler

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...

8/4/2008

Since it looks like the pink house deal is just not going to close-EVER, and because my buyer is coming back from the Bahamas Thursday thinking that we are going to close on Friday, I decided to take matters into my own hands, and made 5 offers on other properties in the same neighborhood. I offered 5k earnest money on all of them, and to close by the end of the week. If I get any of these at the prices I offered, they will all be better deals then the pink house (It was a good deal a month and a half ago, but now, not so much), and I know my buyer will be pleased. In case you're wondering what will happen if they all get accepted, I can pretty much guarantee that isn't going to happen as these offers are LOW, LOW, LOW. If it does happen, well, I'm sure I'll figure something out. No risk, no reward.

The other deal I just got under contract has had a lot of interest, but no contract yet. I've got no worries whatsoever about selling this thing, and I have until Sept. 9th to find a buyer, which is an ETERNITY. I'm holding out for a big payday on this one since I have the extra time.

I spent all day yesterday looking at houses and looking for new buyers. I found 2 more cash buyers (landlords), by calling "for rent" signs. I'm telling you- this is a FANTASTIC way to find new buyers. Every time you go to look at a house, if you just take a few extra minutes to drive around the neighborhood and call some signs, you will have a whole bunch of new buyers before you know it. Trust me- it works.

I'm off to bed.

Over and out.