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....

12/09/2007

I've got 5 offers to fax in first thing in the morning. All of the properties are vacant, need work, and have been sitting on the mls for several months. My offers are embarrassingly low (less than 50 cents on the dollar, minus repairs) but hey, the market sucks, and what else are we to do?

I don't know about you guys, but I plan on taking full advantage of this doom and gloom picture that the media is painting. They are doing such a fantastic job of scaring the ever-loving-shit out of every homeowner in America, and it is creating a fantastic buying opportunity for those who are still in the game. People can spew negativity at me all day long about how bad the market is, how bad it's going to get, and on and on, but I know from my own experience that PEOPLE ARE STILL BUYING GOOD DEALS RIGHT NOW!!

There is a ginormous amount of potential in this market to make some serious cashola, and I'm damn fired up about it. You should be too.

If Bob Norton can make 6 figures A MONTH wholesaling REOs in one of the most depressed real estate markets in the country (Detroit), then there is no excuse whatsoever for me not to be successful in Tampa. Not a single one.

11/20/2007

So, I went to meet my new favorite cash buyer at Starbucks yesterday. From the few times we spoke on the phone before meeting, I could tell we were going to hit it off. What a nice guy. We sat and talked on the patio for a half hour or so. He's been in the business since the 80's, and is doing quite well for himself. I tried to ask as many questions as I could without being too annoying. Man, I can't tell you how nice it is to sit and talk to someone about real estate without them going off about how the market sucks, how real estate sucks, how the guy on CNN or Oprah, or whoever told them that real estate is now a bad investment. It gets old after awhile. This guy is going to town right now- snapping up bargains, pulling some cash out, and holding on for the long haul. I've only been in this business full time for a year, and even I can see what a great buying opportunity this market is presenting for those who can pull their heads out of the media's ass, grow some balls, and think for themselves.

Anywho, I got the contract signed, got a 2k deposit, and we are closing tomorrow! How do you like that? I've got roughly 15 minutes of work into this deal, if that. It pays to network. I'm not sure if I mentioned it in a prior post, but I found this buyer by driving around my farm area and calling all of the "for rent" signs, talking to the landlords, and asking if they were looking to buy more properties in the neighborhood. Here's a link to the post I made on Flippinghomes.com yesterday that explains the deal in a little more detail.

I guess the other deal I was working on is dead. Unless, maybe, the listing agent died, or has been kidnapped or something, and that's why he does not answer his phone or return voicemails. He's also not returning calls from the title company, which is pissing me off, because they have my 1k deposit and I can't get it back until they talk to him and find out if I submitted the required documentation within the 7 day inspection period (which I did).

Remember that deal that I lost out on to the other investor a few weeks ago? Well, apparently he did not close on it, because I looked it up on the mls last week, and the listing is expired. So, I sent the out of state owners one of my generic "I'm looking for a home in Hillsborough County" letters, and they called yesterday. We talked for a few minutes on the phone, and I told him I would get back with him today with an offer. This could be a good one. We'll see.

I told my friend John last night that if I don't get a deal wholesaled off of the mls by the end of the year, I am going to gouge my eyes out with a spoon. I guess I better get moving.

11/9/07

Still waiting on the signed contract back from the realtor. I don't like waiting. He called yesterday and said he was meeting with the sellers first thing this morning and will fax it right over. So, I decided to not get too crazy trying to find a buyer until I have that in my hands. I had a guy who called on my Craigslist ad yesterday, and was ready to buy it (the house, not the ad), until he found out it was on mls. I guess he had a bad experience last time with an appraisal due to the property being listed for so long at a certain price. Or something like that. Oh well. Good thing is, he is a CASH buyer, and actively looking for properties to rehab, so that's a bonus. I love finding new buyers. Cash buyers, especially. If any of you guys/girls reading this think that there are no buyers out there anymore, I can tell you for a fact that that is a bunch of bs. Do not listen to all of the naysayers, please. The people who tell you the market sucks, and you can't make any money right now are the people who are either (1) stupid, (2) chicken shit, or (3) both. I'm in a declining market right now, and there are still people buying good deals left and right. The smart investors are buying right now, and I can see why. Remember back about 2 years ago when everyone was saying, "Man, if only I would have bought some homes a few years ago, I'd be sitting pretty right now." Remember? Well, guess what? Now's your second chance!!! I suspect, though, that the same people who were saying "Shoulda, coulda, woulda" 2 years ago, will also be saying it 2 years from now, and so on and so forth.

Get out there and get some deals guys!! Quit procrastinating, and start today!!! I mean it. Don't come back here until you have done something (even something little) that will get you a little closer to your goals (whatever they may be). Do something BOLD today.