Flip This Wholesaler

5/10/2008

I guess I should have kept my big mouth shut.....The buyer who was supposed to drop off the deposit is STILL giving us the run-around. My friend who has the property under contract called me yesterday evening to tell me what was going on. Apparently the buyer's partner (it's always a red flag when there is a "partner" involved- always.) keeps saying he's on his way over to drop off the check, and then, for one reason or another, never makes it. I guess this happened 4 or 5 times, and so my friend called and said he can't figure out what's going on. This is a guy, by the way, who is the craftiest, smartest, cleverest (I know that's not a word, but it sounds better), investor that I have met thus far, and who I would venture to guess, is doing more business than any wholesaler in Tampa right now, so when he says he can't get a read on a situation, I'm genuinely surprised. We have done 5 or 6 deals together, and usually he just takes control of the deal, and I don't hear anything from him until it's time to pick up my check. So he tells me that he really thinks these clowns are going to buy the house-they actually contacted the title company AND the listing agent (without telling us first), to see if they could close it yesterday. This created (another) big fat mess, since neither the title company nor the listing agent had any idea who the hell these guys were. ANYWAY, my friend called me and said he needs a second opinion, and asked if I would call the "partner" and see what I thought. He also said that as furious as he was that this guy kept giving him the run-around, that he just couldn't be a dick to him because it would be like getting mad at Ned Flanders. I didn't understand what the hell he was talking about until I got off the phone with the guy. I got the same impression from him- that he has every intention of buying the property. Nice guy too, and if he is full of shit, then he's the best hustler in town, because he has us both fooled. And this ain't our first rodeo, either.

OK, so, long story short, last I heard from him, he was driving out to Odessa (this was yesterday at around 8pm) to get the contract signed by his "partner" and he would have the contract and the deposit to my friend's office by early today. And that's where we are at with this deal. There's some more drama involved, but it's too convoluted to explain, so I won't.

Oh, do you want to hear the funniest part about this whole mess? Anybody wanna take a crack at what the "partner's" name is? Anyone?

SHADY.

I swear. May God strike me dead with a random bolt of lightning next time I go outside, this guy's name is SHADY. It's in the tax records and everything.

Apparently his Mom was a psychic.

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.

11/19/2007

I'm headed to Starbucks to sign a contract with the buyer I was talking about yesterday!

The easiest 2 grand I've ever made!! WoooHooo!!

I'll post details later.

Still haven't heard back from the realtor about the other deal. I left him a msg at 10am. Guess they are still thinking it over? Shit, this could be a very profitable day if they accept the offer.

Keep fingers crossed!!

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.