Flip This Wholesaler

6/17/09

Well, I wasn't able to save the deal, and it is now officially dead. I'm pretty sure that DB was just waiting for my time to run out, and I bet he'll have an offer in on it today. With a little luck, maybe he'll buy the property and the rest of the roof will cave in on his head. Just kidding. Kind of.

I got a counter back yesterday afternoon from one of the houses I offered on yesterday morning. This is shocking, as it usually takes them five years (give or take a year), to get a response from the bank. The bank countered @ 13k and I am trying to get it @ 10k. The house is in the hood, but it's not in horrible shape, and I have a few guys who like this area, so I'm going to send both of them by today to see if they'll bite. One of these guys bought a house from me on the same street last year for 27k. It needed a lot less work, though, and had 1 extra bedroom. We'll see.

I've been trying to make at least 3 offers/day every day, but there really isn't that much to choose from right now, so I'm continuing to work deals with a few of my wholesaler friends. I usually get at least one call/day from other wholesalers asking if I want to JV on deals with them. This is a good thing for me, especially when there isn't much available on the mls...

Anyhoodle, that's about all I've got for now. I've been a busy little bee working on stuff for the new blog (which should be ready to go by mid-July)...

Gotta run- I'm off to the gym. No excuses for me today..



P.S.
I found this video on the Zen Habits blog, which is my new favorite blog. Lots and lots of good stuff over there..

4/14/09

Well, I found another upside to the dwindling supply of REOs on the market: the bank's crappy title companies are actually getting deals closed ON TIME (Gasp)!

I feel like I'm in the Twilight Zone or something...... one of the deals that I'm working on has a closing date of 5/1, and the bank is actually ready to close NOW! I kind of want to ignore them until April 30th, just to give them a taste of their own medicine.

Right now I have 3 deals locked up (2 are JV deals with friends of mine), and am working on 2 others (also JV deals). I'm seriously considering giving the middle finger to the mls, and strictly doing joint venture deals with a few of my buddies. The profit margins are usually smaller on my JV deals, but on the flip side of the coin (no pun intended)- there is no risk involved, no 6,000 page addenda to deal with, no earnest money to cough up, no title companies to babysit, etc. All I have to do is make a few phone calls and then sit and wait for my check. Easy, Peasey, Japanesey.

That's about all I've got for now.

Over and Out.

P.S.
Someone found my blog today by googling "gruesome murder photos".

P.P.S.
If you're looking for new and exciting ways to waste your time on the internet, head on over to Twitter.