Flip This Wholesaler

9/10/2008

Well, it's official- I'm on vacation! I'm not technically leaving until tomorrow morning (not too excited about flying on September 11th), but I decided I wasn't going to make any more offers until I get back on Monday. It's tempting, though, as there are a few houses I have my eye on, but I don't want to be working while I'm back home, so I'll just wait until next week.

The two deals that I thought I was going to get, I ended up not getting. The one where the bank initially came down to 63k from 90k and then told me I had to resubmit my offer....well, when I resubmitted my offer, they only came down to 87k and wouldn't budge. WTF? And I even raised the earnest money from 1k to 2.5k! This is what I mean when I say that there is no rhyme or reason to what the banks do, and also why I LOVE low balling the shit out of them and taking them to the cleaners. They deserve it, as far as I'm concerned...... The other deal where I was in a bidding war with 3 other people, ended up turning into a bidding war with every wholesaler in Tampa, so I highly doubt I'm going to get it now. Can't wait to see how high it goes, though.

I've got one deal that is supposed to close on Tuesday, but I don't think the title company is going to be ready to close on time, and for once, I hope they aren't. In a nutshell, the hard money lender who is supposed to fund this deal, dropped the ball, and as a result, the inspection/appraisal has not even been done yet (should have been done last week), and I don't think there is a chance in hell that they will be able to fund it on Tuesday. This is partially my fault for not following up/babysitting like I should have been. Sometimes I forget that part of my job is to make sure other people are doing theirs.

Well, gotta run. I'll try to update at least once while I'm in beautiful, Middle of Nowhere Illinois...



It's not snowing there yet, is it?

8/18/2008

I've been keeping an eye on Fay all day, and it now looks like it (she?) is going to make landfall quite a bit South of Tampa. You just never know, though, they've been known to change direction at the last minute- hurricanes are sneaky like that. You should have seen the grocery store today- geeze Louise, what a friggin ZOO. I left and went back 3 times because I am just not good at waiting in line (to be honest, I don't think there is a person on Earth who hates waiting in line as much as I do), but finally realized the place was going to be mobbed all day and night, so I braved the crowds and went in to get Jim some dog food. I'm pretty sure I saw more people buying beer and wine than buying water, but that's generally how it goes the day before a hurricane hits- lots of hurricane parties going on.....

I met with a local hard money lender today that I found by snooping around on the county clerk's website. I spend A LOT of time on that website.... You can find out lots, and lots, and lots, of good info on there. Anyway, so I found this hard money lender who does not run credit or verify income, and they loan up to 80% of appraised value. What's the catch? Well, they charge 10 points upfront (yikes), and want 20% down and 10.65% interest. No pre-payment penalty, though. They also do refis with the same terms (minus the 20% down). I asked the lady how business was (although, I already knew the answer to that question, due to my private investigative work... hehe), and she said they were crazy busy because lending has tightened up so much recently, and they are pretty much the only game in town. I think it's great that they are capitalizing on the market conditions and making a killing in the process... God bless 'em- that's what I say.

This week I am doing nothing but seeking out new lenders (small local banks, and hard money), and finding new buyers - those are the keys to success in this market.....as far as I can tell, anyway.

Buenas nachos!