Flip This Wholesaler

5/20/2008

I've been feeling kind of "out of the loop" lately, so today I pretty much sat on the phone all day and did a whole lot of networking. I literally had the phone glued to my ear for at least 8 hours. It's amazing what you can learn by just going up and down your buyers/investor list and calling people to see what they are up to and what they are looking for (if anything). So, anyway, I spent all day on the phone, calling buyers and also several other wholesalers that I have lost touch with over the last month or so. I also just got off the phone with a commercial broker who has 2 buddies in California who are looking to invest 500k in this market. Apparently they don't really know what they are doing, and are looking for someone to find them deals. I think I may know someone who might be able to help. Hehe. I'm definitely following up with this guy in a few days if I don't hear from him...

I'm meeting the guy with the NY buyers for lunch tomorrow, and keeping my fingers crossed that it isn't a big fat waste of my time. We shall see..

What else. I've got a whole shit load of offers out there right now, so I should be hearing something back by the weekend.

I'm trying to focus on quality as opposed to quantity when it comes to my wholesale deals, so my offers have been getting lower and lower. I know I will get less accepted this way, but I would rather do one really nice deal a month as opposed to 3 little ones. It will require me to make more offers, probably, but I can live with that...

Over and out.

5/1/2008

One of the wholesalers I work with quite often sent me a text yesterday telling me he just got 6 REOs under contract (yes, 6), and asked if I wanted to help him sell them. They are all good deals, and I need to pick up some new buyers (advertising good deals=finding new buyers), so I have been busy trying to get some of them sold. It's funny (actually, not really), that, of the 6 properties he has under contract, 3 of them were on my "to do" list of houses I was going to make offers on. You snooze, you lose....

One of the guys who responded to a Craigslist ad I posted today, is supposedly working with an investor (from California, of course), who has 5 mil that he wants to dump into good deals in the Tampa market. I say supposedly, because this is probably the 5th guy who has told me the same story, and then turns out to be a complete waste of my time. Lately, everybody and their Mom claims to have this phantom investor from either NY or California with "deep pockets" who wants to buy ten billion dollars of real estate. Blah, blah, blah, blah. Put your money where your mouth is, pal. I sent him over a list of properties earlier today, and I bet you ten billion dollars that I never hear back from him. Just a hunch.

A few of the wholesalers who are my direct competition in the REO arena are starting to get black-listed with some of the REO agents because they are backing out of so many deals. I heard this straight from the horse's mouth today. Not a good thing for them..