Flip This Wholesaler

3/17/2009

Well, I'm off to Baltimore tomorrow.

I was going to make some more offers today, but got caught up doing some other stuff, and never got around to it.

Of the 10 offers I made yesterday, 3 already had accepted offers, 1 was rejected without a counter (love those), one wasn't looking at offers below 50k (my offer was 40k), and then I got one seemingly good counter. This property just came back on the market after being under contract for 40 days. It's listed at 65.9k. I offered 40k, and they came back with a counter of 45k. This is one that I did not look at before I made the offer because I thought it would be a slam dunk deal at 40k. It's a 3/2, concrete block house, that, from the pictures and the description, appears to be in move-in condition. So, I got all excited when I got the counter, and flew over to the house to check it out, thinking that I had a great deal on my hands...... And, this place would be a FANTASTIC deal, if only I could pick it up and move it one block to the East or the West, or North or South. Unfortunately, it is the only single family house on this particular street, and is swimming in a sea of duplexes and multi families. Long story short..... not a good deal at 40k. This is why I don't like to make blind offers anymore...

I have a few other deals that I'm working on with wholesaler friends, but nothing in writing yet. I've got investors hounding me for properties, so I'm going to keep making offers like a lunatic..

The other deal that I'm working with Lee is actually going to close early. SHOCKING! It was scheduled to close on the 31st of this month, but is now going to close a week from today. So that's good news.

That's about all I've got for today. Heading out to Baltimore early tomorrow, and will be back in action Friday afternoon.

Later alligators.

P.S.
Happy St. Patrick's Day!!



P.P.S.
Congrats to Nate for paying off 110k in debt- you rock, Nate!

8/7/2008

I know I already posted once today, but I wanted to give you an update....

Shortly after I wrote my last post, I got a call letting me know that the pink house deal is FINALLY ready to close. This time for real- everything is ready to go. We should get the HUD tomorrow and be able to close tomorrow, if not, Monday for sure. Then, about 2 hours after I got that call, I got a call from the listing agent on one of the deals I offered on yesterday. Out of all the offers I made, I had a feeling I was going to get this one. The bank took my offer without countering! I was a little scared at first, because I put the closing date in the contract for tomorrow, but the bank is not going to be able to close that fast (shocking), and after making calls to every wholesaler and investor I know, it looks like I have two people (both cash buyers) who want it. I haven't gotten a contract yet (I didn't find out I got the deal until about 3pm), but I'm pretty confident I can sell it fast. I'm probably not getting as much as I could if I had more time to close, but I didn't really give myself any breathing room, so I'll take what I can get....

I will be able to enjoy my vacation a lot more knowing this pink house deal is closing, my buyer is happy, and I got another deal out of the whole mess.

OK, gotta run- still haven't started packing...