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!

5/20/2008

I've been feeling kind of "out of the loop" lately, so today I pretty much sat on the phone all day and did a whole lot of networking. I literally had the phone glued to my ear for at least 8 hours. It's amazing what you can learn by just going up and down your buyers/investor list and calling people to see what they are up to and what they are looking for (if anything). So, anyway, I spent all day on the phone, calling buyers and also several other wholesalers that I have lost touch with over the last month or so. I also just got off the phone with a commercial broker who has 2 buddies in California who are looking to invest 500k in this market. Apparently they don't really know what they are doing, and are looking for someone to find them deals. I think I may know someone who might be able to help. Hehe. I'm definitely following up with this guy in a few days if I don't hear from him...

I'm meeting the guy with the NY buyers for lunch tomorrow, and keeping my fingers crossed that it isn't a big fat waste of my time. We shall see..

What else. I've got a whole shit load of offers out there right now, so I should be hearing something back by the weekend.

I'm trying to focus on quality as opposed to quantity when it comes to my wholesale deals, so my offers have been getting lower and lower. I know I will get less accepted this way, but I would rather do one really nice deal a month as opposed to 3 little ones. It will require me to make more offers, probably, but I can live with that...

Over and out.

5/18/2008

Well, Friday night I went out with some friends to celebrate the crashing and burning of the Slim Shady deal. We started off at the Hub, then walked down to The Fly, and then back to the Hub where the crowd is a lot less plastic-y, if you know what I mean. Good thing both places are within walking distance of Skypoint, because believe you me, we were in no condition to drive. We did, however, manage to crash the pool at 4am (it closes at midnight, supposedly). Hehe.

Remember that guy I was talking about who supposedly has an investor looking to spend ten zillion dollars on Tampa real estate? Well, I kept harassing him with calls and emails because I had a gut feeling that he might possibly be a worthwhile contact to have. He ended up calling me Friday after seeing one of the properties I'm marketing on Craigslist. He's still sticking to his story that he has investors (cash investors) from NY that are looking to dump a lot of cashola into this market. Nice. We talked for awhile, and then set up a lunch for this week. I guess I'll find out soon enough if he's full of it or not. I sure hope not. $$$$$$$.

One of my buyers who is ready for another property called me last week to ask about an REO that just came back on the market. He told me what he would pay for it (not sure why he didn't just make the offer himself, but who am I to argue?), and asked me to try and get it at that price. I put the offer in (leaving enough room for a tidy little profit for myself), and got a counter back from the bank Friday afternoon. They came down 15k off of list price, which still isn't good enough, but we're getting close. We'll see what happens.

I also picked up another cash buyer from the signs I put out a few weeks ago. This guy's been investing for a long time, but hasn't bought anything in several years . He says he's in buying mode again, and asked me to send him whatever I get. Nice. I tell you, as much as I hate putting those stupid signs out, I always seem to pick up a buyer or two. So, I will keep putting them out.

And that's all she wrote.

10-4, over and out...

P.S.
There is a very interesting thread going on over at the Flippinghomes forum regarding the foreclosure mess that our country is in. Check it out if you have a spare moment...

5/7/2008

Holy crap I'm beat. This getting up with the sun and swimming laps thing is kicking my ass. In a good way, though. I'll be back for more tomorrow.

I decided yesterday that I was going to bake cookies for my Mom and my sister (who is now a Mom herself), for Mother's Day. I always send things late (I'm horrible at procrastinating about stuff like that), so I promised myself that I would get them in the mail by this afternoon. I headed out to the grocery store early, and bought all of the ingredients for chocolate chip and sugar cookies. As you know, I SUCK at cooking, and shouldn't be allowed in the kitchen ever, unless it's to open a bottle of wine or a beer or something. Anyway, the whole process took about 3 hours, and my kitchen was a complete disaster when I finished. I resisted temptation the whole time I was making them, but decided to try one when I was all done. You know, just to make sure they didn't taste like crap. Well, long story short (too late, I know), once I took a bite I quickly realized something was horribly wrong. Horribly. They tasted very un-sweet, if you know what I mean...

Turns out, I forgot to add the effing sugar. HAHAHAHAHAHAHA.

What an IDIOT.

Well, at least Jim liked them.




Other than my cookie disaster, the day went pretty well. I got two really good counters on offers I made Monday. I went to take another look at one of them, and, of course got lost in the hood for a half hour or so, looking for one of the comps. The house I was looking for was just bought by an investor whose name I keep seeing in the tax records, and who I have been trying to hunt down for the last couple of weeks. When I finally found the house, I was delighted to see this in the front yard:



That would be a for rent sign with his phone number on it. If he's buying cheap rental properties, he might as well be buying mine....

I gotta go to bed. I'm beat.

4/6/2008

Nothing much exciting going on. I've been doing a lot of marketing for buyers, and making a lot of offers the last few days. Got a few counters back today, but nothing to write home about. I found a new cash buyer from one of my Craigslist ads. That's the thing about Craigslist (or any other type of marketing for that matter), you can go days without any serious hits, and then, along comes a cash buyer. Same thing with the signs- I only got 3 calls from the signs I put out over the weekend, but I will continue to put them out, because I know they work. You just have to be consistent, and persistent, and you will get calls. Last time I put them out, I found the buyer who bought my last deal, and who wants to buy 10 more this year. Not sure how much money that will translate into for me, but I can tell you it will pay for the cost of the signs, gas, and my time- many times over. Speaking of that buyer- he sent me an email last night telling me he is ready for another house already. Nice. Hopefully he won't cheat on me with another wholesaler. Hehe. My other consistent cash buyer should be ready for another pretty soon, too. He's in the middle of a refi as we speak, and will be ready to go once it's closed. Gotta love those landlord buyers....

Since my back is trashed and I haven't been able to run for the last month, and I'm starting to get a double chin, I decided to take up swimming laps. LOVE it! I get down to the pool (which is heated-woohoo!) while the sun is rising, and I have the entire deck to myself. It's very peaceful. I'm hooked.

Over and out...

4/15/2007

Well, I'm supposed to have a closing this Friday, one Monday, and one the following Monday.

The one that's supposed to close this Friday (that was originally supposed to close last Thursday), the stupid, worthless, title company STILL does not have the title work done yet. Also, they lost my effing escrow check. HAHAHAHAHA. This deal is turning into a freaking fiasco, and let me tell you, if it doesn't close, I'm heading down to Ft. Lauderdale (that's where the title co is) with a bat.

The one that is supposed to close on Monday (originally supposed to close last Friday), may have a small chance of happening. At least the title work is started, and the lady working the file isn't ignoring my emails. Yet.

Up until now, I've been running all of my deals through a friend who is a realtor, and acting as his assistant. I've been handling all of the paperwork, dealing with the title companies, etc. and getting part of the commission. I'm over this crap, though. I'd rather give the full commission to a realtor who handles all of this bs for me. I can't take it anymore. I just want to make offers, find buyers, and collect my check. I need to find someone, though, who isn't an incompetent lazy ass, and, quite frankly, I haven't run across many realtors who fit that bill.

I got a call a few hours ago from the listing agent of one of the REOs I made an offer on a few weeks ago. She wanted to know if I was still interested in the property, as it has been under contract twice (both times, by wholesalers I know), and both times, it has fallen apart. Anyway, I think I may be getting this place under contract for 51k, and think I can sell it in the high 50's. We'll see.

I'm finally back in the swing of things with my business, and started sending offers out again today.

I'm ready to kick some ass. REO ass, that is.

2/22/2008

So, I went to look at that Skypoint unit that I saw on Craigslist last week, and I LOVE IT!!! Love, love, love it. The owner and his girlfriend are super cool people, too. It would pretty much work out perfectly for all of us, because they only want to rent it for a year or two, and then move in, and I only plan on being down there for a year or two, and then moving elsewhere (Costa Rica?). They even offered to throw in their new furniture if I decide to rent it (sweet). I would have given them a deposit today, except, there's a little problem.....

There USED to be a park right across the street (up until a few weeks ago), but now it is a construction site. I guess they are re-doing it or something. So, I asked the guy at the concierge desk where people walk their dogs, and he said, "Well, that's kind of a sore subject around here." I guess a lot of people with dogs bought condos here because the park was right across the street, and now the park is gone, and people are PISSED. So, I need to figure out where I'm gonna walk Jim. There's a dog park about 2 miles away, which is fine during the day, but I'm not gonna be walking 2 miles at night through downtown. So, I'm going down there tomorrow to scope out the area and see if it's gonna work out or not. I talked to my Mom and my friend Brett, and they both said, "Well, what do you think people in New York do?" I don't know. I guess I could always just put Jim to sleep. Just kidding. So, anyway, I'll go check it out tomorrow, and then make a decision. I really, really, really, want this place, though. I told the owners I would call them Sunday and let them know either way.

Oh, here's a funny story for you..... Remember the Ronald McDonald House that I made an offer on a few months back? Well, it's still on the market, and I have been putting in offers every 3 weeks or so for the last few months. Each offer I make is less than the previous. My objective was to just keep offering on it until I got it, or someone else did. Well, yesterday morning I put in another offer, and when I got back from the gym, I had a missed call/voicemail from the listing agent, and I just KNEW that he was calling to tell me they accepted my offer. Hehehehe. Here's what the voicemail said, loosely:

"Hi Stephani, this is Randy Realtor calling you back about the offer you made on the Ronald McDonald House. The bank has rejected your offer, and the asset manager has advised me that she does not want to see any more offers from you on this house. Ever. If you have any questions, feel free to call me at 123-4567......."

Hahahahahaha. Guess my plan backfired, huh? Oh, well, a little bit of rejection never killed anyone, as far as I know. I should put in another offer next week, just for kicks. Just kidding.

Have a great weekend, y'all.

2/13/2008

I FINALLY got the signed contract back from the bank yesterday. They just seem to have no sense of urgency whatsoever. Meanwhile, the listing was still on the mls as active, and I was freaking out thinking another offer was going to come in for higher than mine, and I would be screwed. I think I called the listing agent 50 times asking what the hell the hold up was. Seriously. Get your shit together, and get me the damn contract already. Sheesh.

I'm meeting my buyer this afternoon to get a deposit, and to have him sign an addendum adding him on to the contract. For some reason (because they are slow as molasses, probably), the bank wants the closing date on the contract to be March 18th. The listing agent said they will be able to close sooner, though. Not really sure what the deal is with that- I certainly hope it doesn't take them over a month to get the title work done. Wouldn't surprise me, though.

I just got an email today from JP over at Flippinghomes.com about Steve Cook's upcoming bootcamp. If any of you guys are looking for a fantastic opportunity to learn how to wholesale houses, I would highly recommend attending. I went last year to the 5 day event, and am most likely going again this year. Not only is the information top notch (and they don't harass you to buy more courses- AT ALL), but it is also a great networking opportunity. If you can swing it- go. You won't be disappointed.

Well, I'm off to make some more offers....

1/27/2008

I've been having some technical difficulties (shocking) with my blog lately. Not sure what the problem is, but I hope it doesn't persist. Not sure if it's my computer, or Blogger, or just my horrible luck with all things electronic....

So, the REO that was supposed to close Friday SHOULD be closing tomorrow. That is, if the bank's stupid, worthless, title company can get their shit together. I'm not holding my breath. Here's the last email we received from them Friday at 4:14 pm (this came after trying to get in touch with them on the phone all day to no avail)....

Lee- (Lee is my buyer)

I added the proration for taxes- gives you a credit of $144

The only other thing I need to run by you . . . you remember yesterday I was waiting on completed lien search, which I do have back. . . the only issue is that the city placed a code violation against the property for “trash, debris, and vegetation overgrowth on the property”. Good news is that as of now it stands as a warning and no liens/fines have been assessed. I called the city earlier and according to the code enforcement dept. the city will complete a final inspection of February 11th- if at that time the violations have not been brought up to code then the city will attach a fine to the outstanding violations. . . its fairly standard and the violations are probably due to the fact that the property has been vacant. Just so you have it, here are a few contact #’s-

City of Tampa- Code Enforcement- 813.274.5545

Ryan Shepard is the city inspector who will be completing the final inspection on the 11th- his direct line is 813.426.6026 (I called him earlier and left a message)

I’m forwarding everything to Kristina now- should be okay for closing later on tonight. . . Let me or Kristina know if you have any questions. . . Thanks!!
..................................................................................................................

And that's the last we heard from Nate.

I tried to call the office shortly after we got this email to find out what time the closer (they are using a mobile closer because their office is a few hours away) was coming, and also to give him the address of where we wanted to close (my buyer's house). No answer.

So now, we are out of contract, and have to get an addendum signed by the bank and to the title company, and since both parties take FOREVER to get shit done, I'm guessing we are looking at another 2 days or so. If we were using my title company, this would have been closed at the beginning of last week.

Stupid banks.

Still haven't heard back from the other REO, which I'm guessing means that someone else bid higher. I'm sure I'll see it in my inbox in the next day or so from another wholesaler.

I just got done faxing out 4 offers, and should have 5 more to make tomorrow. Still time to get in one more before the month is over......

1/13/2008

Nothing much going on. I spent most of the weekend in bed, reading. I did manage to scan the mls yesterday for new listings, and found a gem of an REO that just came on the market at a REALLY GOOD price. I called the listing agent to ask if it was under contract already, and she told me she had recieved 1 offer, but it was really low. I went to check the place out yesterday (all sick and feverish), and put an offer in for 1k above list price. I'll be shocked if there aren't at least 10 other offers on the table by tomorrow morning. You never know, sometimes you get lucky.

If you haven't decided yet who you are going to be voting for, this website might help you with your decision. I answered all of the questions, and it chose the candidate that I am planning on voting for. Check it out if you have a second.

1/3/2008

Well, I got my buyer added to my contract with no problem. I met him at Starbucks this morning to sign everything and get his deposit. I was all worried that the listing agent was going to pitch a fit about me adding another buyer to the contract, but he didn't even care. Sweet. Also, my buyer told me that he will be ready to buy another property in about a month, and then another, and then another, etc. He's been doing this for 20 years (up until now, he was buying at auction), but if I can keep delivering him good deals, he will keep buying them from me. SWEET. I need about 5 more buyers like this, and I will be sitting pretty. By the way, I found this guy by driving around the neighborhood where I had a deal I was trying to sell and calling all of the for rent signs to see if the landlords were looking for more properties. It took me a few hours to do, but it was definitely worth it.

Tomorrow I'll be back to making offers. My goal is 100 offers a month, which is very doable if I stay focused.

12/15/2007

Well, the deal closed yesterday without a hitch, which means that the number of deals I have done is officially in the double digits!! Woo hoo! I can still name them in order by street off the top of my head (because I am a dork): Northdale, Morning, Flora, Altman, Bowl, Sunrise (or Sunset, I forget), Jean, Kingston, Temple, Windsor, Trilby. I look forward to the day when I can't do that any longer.

We were unable to find a buyer for the other deal I was working on, so my friend is going to close on it himself and rehab it, which means I won't make any money, but it wasn't my lead to begin with, so I don't really care all that much. Win some, lose some.

Yesterday I had grandiose (did I spell that right?) plans of shooting off a bunch of offers, but the book I ordered from Amazon to take home and read over my Christmas vacation arrived, and I ended up reading the whole thing from cover to cover in one sitting. I started out saying I would just read the first couple of pages, and then, next thing I know it's 11pm, I'm finished with the book, and it's time for bed. Now I need a new book to read. Any suggestions? Something inspirational would be nice. Anyway, the book was very inspiring, even if you aren't into tennis, or dating Roger Federer like I am. I highly recommend it.

So, guess what I'm doing tonight? Anyone? I'm bartending! That's right, I'm dusting off the old bartending tins and going back in time. A friend of mine (who is the most phenomenal chef on the planet) is catering 3 parties tonight and needed an extra bartender. So, I'll be pouring martinis all evening (and most likely drinking them, too) at some mansion on Bayshore Blvd. $200 plus tips. Nice. Two of my other friends will be working there as well (we all used to be bartenders and/or servers in a past life), so it should be a good time. I'll try to take some pictures.

Speaking of pictures, here are some of the Busch Gardens outing......









¡Adios Amigos!

12/14/2007

Of the ten offers I made Monday and Tuesday, here are what the results look like:

4 rejections without counters (this includes the "NO" offer that you all had the pleasure of viewing)

2 already had contracts on them but weren't updated in the mls (drives me nuts)

2 I haven't heard back from (both are REOs, which usually take a couple days to respond)

2 counters- one came down 15k, the other 7k. The one that came down 15k is another that I have made several offers on over the past 6 months. I need to get it in the 50's or low 60's, and her counter was 90k (down from 135k originally). I'll keep after this one until I get it, or someone else does.

Today is my last day to make offers until after Christmas, as I do not want to get one accepted while I am up North in the freezing tundra of Illinois and have to be scrambling around trying to find a buyer when I am supposed to be enjoying time with my family. So, I plan on making 5 more offers today, and will spent the next week marketing properties for 2 of my wholesaler friends. Would be nice to squeeze 1 more deal in before the end of the year!

Speaking of deals, the one I wholesaled to my friend is closing today- he called yesterday to let me know he'll have a check for me this afternoon-Sweet!

12/12/2007

I sent out 5 more offers yesterday. 3 were REOs, 1 was an estate, and 1 an out of state owner. The out of state one has been on the market for about a year and a half now, and this is my 3rd offer on it- it gets lower every time. I'll just keep offering until he caves. The place is a complete dump in the hood, but at 35k, I could make a nice wholesale profit on it. It's all good in the hood....

Today my friend John and I are heading out to Busch Gardens for some fun in the sun (yes, it's still in the 80's here).

I love Florida!

12/09/2007

I've got 5 offers to fax in first thing in the morning. All of the properties are vacant, need work, and have been sitting on the mls for several months. My offers are embarrassingly low (less than 50 cents on the dollar, minus repairs) but hey, the market sucks, and what else are we to do?

I don't know about you guys, but I plan on taking full advantage of this doom and gloom picture that the media is painting. They are doing such a fantastic job of scaring the ever-loving-shit out of every homeowner in America, and it is creating a fantastic buying opportunity for those who are still in the game. People can spew negativity at me all day long about how bad the market is, how bad it's going to get, and on and on, but I know from my own experience that PEOPLE ARE STILL BUYING GOOD DEALS RIGHT NOW!!

There is a ginormous amount of potential in this market to make some serious cashola, and I'm damn fired up about it. You should be too.

If Bob Norton can make 6 figures A MONTH wholesaling REOs in one of the most depressed real estate markets in the country (Detroit), then there is no excuse whatsoever for me not to be successful in Tampa. Not a single one.

11/26/2007

I just got done booking my flight home for Christmas. My Mom insisted on sending me money for the ticket, and started crying when I tried to refuse it. Bless her heart. I'm sure I've mentioned it before, but I really lucked out in the parent department. I haven't seen my Mom or Dad since my sister's wedding, and haven't been back home since I don't even know when. Long time. I usually try to visit in the summer, because even just thinking about the bitter cold, gray skies, and frozen, dead, everything, kind of makes we want to commit suicide just a little bit. Also, like I mentioned before, I have a touch of the SAD.


Anywho, I've decided that I need to make 100 offers before I go home for Christmas. I'm leaving on Dec. 22nd, so I figure if I make 5 offers a day (including today), that will put me at 100 offers 1 week before I have to leave, which will give me 1 week to find a buyer and get things wrapped up before I head out to Illinois to freeze my ass off for 7 days. Ultimately, I'd like to have a deal closed before I leave so that I will have nothing to worry about while I'm there, but I'll settle for having something in the works.

My wholesaler friend has 2 new properties for me to market, so I started doing that today. My intentions were to start marketing them over the weekend, but the turkey and breggnog (brandy and eggnog- also known as eggnandy) talked me out of it.

I'm also working on another deal that another one of my wholesaler friends called me about on Friday. It's kind of a long, tangled, messy story, that involves another wholesaler going behind his back and cutting him out of the deal, but in a nutshell, he's going to pay me a grand if I can get the property under contract for a certain price. There are about 5 other parties involved in this ginormous mess, so I'm really curious as to how it will turn out. I'm meeting with the seller either tomorrow or Wednesday, so I'll let you know what happens.

I also have news about Costa Rica, but it's an hour past my bedtime, and I need some zzzs.

11/07/2007

So, after I posted yesterday, I hopped in my car and headed over to the property I got the counter(s) on to get a bunch of pictures. I was busy running numbers in my head on the way there, and missed my exit by about 3 miles or so, which wouldn't be that bad if it weren't the beginning of rush hour traffic. By the time I finally got there, I felt like passing out, because the cold medication I took was finally starting to kick in (it was the knock-you-on-your-ass kind that makes you sleep for 12 or so hours).

Anyway, I got all of my pictures, locked the place up (it is on a combo lockbox), and got in my car. I figured, since it was still light out, and traffic was going to suck anyway, that I would drive by the comps again just to make sure I wasn't missing something. Then I realized that the sheet with all of the property information on it was not in my car. Shit, I left it inside. And I can't remember the lockbox code. No worries, I will just call the realtor and ask him. Wait, where's my phone?? SHIT!! I left that inside the house, too. Now what? I tried to remember the lockbox code, and tried a bunch of different combinations- jmb, jmy, jry (I knew it started with a j). None of them worked. Luckily the realtor sign was in the front yard with his office number (no cell number) on it. So, I drove up to the gas station and used the pay phone. Voice mail. SHIT. I could call any one of my realtor friends and ask them to look the guy's number up on mls, but I don't have any of their numbers memorized. Son of a nutcracker. So........I ended up driving ALL THE WAY BACK HOME, sick as a dog that is sick, sweating, and ready to pass out. In rush hour traffic. Finally, I got home, got the realtor's cell # from the listing, called him and got the combo. R-M-B. I knew it started with a "j." Then I got to drive all the way to and fro (again) to go fetch my BlackBerry. I can turn a one hour trip into a 3-4 hour fiasco like no one else.

OK, back to the deal......

As it stands, their last counter was $132k, and now the ball is in my court. My feeling is that I need to sell this for under $130k to make it go fast. My last counter was for $123k, so I'm thinking I will counter $125k as my highest and best. I have another hour or so to think it over. I'm OK even making as little as 2k on this deal. I just want to keep the momentum going.

Oh, also, I ran the owner's names on the county clerk's website last night, and out popped about 12-15 judgements and liens. Some of them have been satisfied, and some of them are around 30 years old, so I'm not sure if this is going to effect the seller's ability to close at the agreed upon price. As usual, I got some great advice about this situation over at my home away from home . I'd be lost without that place.

So, that's it for now. Hopefully I'll have good news to post about later in the day.

11/6/2007

I am sick as a dog right now (a sick dog, anyway), but am being a trooper because I got some rather good counter offers in yesterday and need to do homework. You know when you're so sick that your whole body aches, and you kind of feel like you are wandering around in a fog? Well, that was me yesterday when the phone calls started coming in. All I wanted to do was stay in bed, but, from what I've learned so far, you can't steal in slow motion, so I forced myself to go out and look at 3 houses yesterday (I did not get lost, though, which is always a bonus).

One of the properties I already made an offer on about 3 months ago for $108k. I made my second offer for $100k. The realtor called yesterday and told me they already had a cash offer for 120k a few months ago (right around when I made my first offer), and that she was trying to get in touch with that investor to see if he is still interested at that price, and asked if I would come up to 120k. The property is listed right now at $140,000, and has an ARV of around 185k. This area is kind of tricky, though. During the boom, prices went nuts in this particular part of Tampa, and now they are dropping just as fast. I don't really have any buyers in this area, so I am a little leery (did I spell that write?) hehe. I'm a little delirious, sorry. Anyway, I'm still doing some research, talking to other wholesalers, and trying to find out what price I need to be at. This property is an estate, btw.

The second property is an REO, which I don't think I'm going to get. I don't think they will come down to my price, but you never know.

The third property is another estate that has been listed 3 months or so. I am most excited about this one. The comps are a solid 200-210k, in a great neighborhood, and the house only needs minor work to rent, but updating throughout to retail. It was listed at $163k, I offered $115k, and they countered at 145k.

OK, gotta run. I'll keep you all posted, unless I drop dead first. hehe.

While I was purusing Craigslist this morning, I came across this ad. That just happens to be the property that I thought I was going to get under contract yesterday. Dang it. If I would have put in my offer a few days earlier, I would have had it. I've looked at that listing a million times, too, and thought about putting in an offer, but figured they would never come down to my price since the home is in such good condition. Lesson learned. Again. And for those who think you can't get deals off of the mls, let this be a lesson for you, too. This property is easily worth 150k, and needs very, very little work (flooring if you want to retail it, and that's it). The sellers came down almost 30k off of their already discounted list price.

I made 3 offers on mls properties today, and plan to make 3 more tomorrow. Not sure if I have mentioned it yet, but my goal is to wholesale 2 deals off of the mls by the end of the year. I can do it if I set my stubborn mind to it.

In case anyone is wondering why I am not on that cruise I was talking about......well, I got Blown off!!! (with a capital B).

It's good to be me.

10/26/2007

I put in three offers on mls properties today. 1 was an REO, one an estate, and one an out of state owner. I've lowered my offer formula a bit (like everyone else), for obvious reasons. I'm sticking with the mls as my main source of marketing for now because #1) it's free, #2) I can make a large quantity of offers in a small amount of time, and #3) I don't like talking to sellers. I think working in the hospitality industry for so long, and having had to make mindless small talk with people I didn't know and otherwise wouldn't associate with has kind of made me not want to make mindless small talk with people I don't know and otherwise wouldn't associate with. In short, the bar has ruined me for small talk. I much prefer shooting off an offer and getting either an acceptance, a counter, or an angry call from a pissed-off realtor. I just like it that way. And in case anyone didn't get the memo, I WILL KEEP GOING UNTIL I ACHIEVE WHAT I WANT TO ACHIEVE THE WAY I WANT TO ACHIEVE IT.