Flip This Wholesaler

11/14/2008

Well, I closed deal #1 today with California Guy (yay!). We have another one that should be closing in 2 weeks. He was flying out to CA right after the closing to meet with his financial backer, and as he was leaving he asked me to have 10 properties lined up for him when he gets back next week. Sweeeeeet. Once he gets these first two houses rehabbed (shouldn't take too long), the money guy is going to fly in from CA for a grand tour. I can't wait to meet this guy. We spoke twice on the phone and hit it off quite well, so I'm looking forward to sitting down with him in person when he gets here. Also, I'm looking forward to putting his million dollars to work. Hehehe.

In other, non-real estate related news......I got a new haircut yesterday. I spent about 4 hours online looking for the perfect haircut, and then I finally found it and printed it out. And then I forgot the picture at home so I had to try and explain it to my hair dresser, and as it turns out, I am not that good at explaining. So, instead of looking like Katie Holmes in this picture:

I ended up looking like George Washington in this picture:

No kidding- my head looks like a giant mushroom. Sweet.

Ahh well... it will grow back eventually...

Have a fantastic weekend, y'all!


P.S.
Check out my interview over at Clifford's new site..

P.P.S.
If any of you guys ever have questions about wholesaling REOs, please feel free to post them in the comments section, and I will be happy to answer them. I am getting a ton of emails, and am having a hard time keeping up..... many of you guys have similar questions, so I think it would benefit everyone if they were posted here as opposed to private emails. I will still answer your emails, but it may take me awhile.... I am working on a new website that will have a FAQ section, and am tossing around the idea of an REO discussion forum. It's still a work in progress, but I'm getting there...

11/4/2008

Well, people, I am on a serious roll here!

The closing I had on Friday went off without a hitch, and then I closed another yesterday. I sent the listing agent an email yesterday after the closing to let him know everything was signed and funded, and he sent an email back saying, "Let's do more!" Yay! Music to my ears. This is deal #5 that I've closed with this particular agent, and I think it's safe to say he likes me. Can't say I blame him. Teeheehee.

I got another one under contract today. Well, actually it's a deal a friend of mine has, and one of my buyers is going to buy it, so we're splitting the deal 50/50. I have another one like this that is supposed to close later this month. I also have the two that I sold to California Guy that are supposed to close this month. That makes 4, but I'm just going to go ahead and assume that all of them will blow up, and I'm just going to continue to make offers and do deals and make more offers and do more deals....

I put out 25 signs over the weekend and found a new cash buyer. I'm telling you guys, there are buyers coming out of the woodwork looking to buy cheap houses in this market. I'm getting deals in the teens and twenties, and they cash flow all day long. One of the buyers I just found who called on one of my signs (the guy who is buying the house from my friend), said that he has been waiting on a buying opportunity like this since 1992, which is when he went on his last spending spree, and was able to pick up homes in the teens and twenties. He has called me once a day, every day since I first spoke with him (2 weekends ago), and he is chomping at the bit to buy up some bargains.

This market is like a dream come true for me. I'm not kidding. My competition is thinning as the days go by, and the deals just keep getting better and better. I hope it stays this way for the next two years, because I am going to go full speed ahead and make some serious cashola. Once I do that, if the market is still in the dumpster (which I hope it is), I'd like to buy a few dirt cheap homes for cash, and then rent them out. It wouldn't take me too many free and clear homes to be able to pay my monthly expenses. I never thought I'd hear myself say that I wanted to own a rental again, but if I can pick them up for 10-15k (or less), and I have the cash to do it, I think I would be stupid not to.

So, that's the plan for now, anyway.

Adios, Amigos!



P.S.

I'd really like to throw in a political jab or two, but I've decided to spare you. I think we've all had enough.

You're welcome. ;o)