Flip This Wholesaler

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!

11/27/2007

Geeze, I have so much going on right now, my head is spinning. I seriously have been running around like a crazy person since yesterday morning. Nonstop. I'm exhausted.

Well, hold on to your seats cause I've got good news!!

The listing agent of one of the properties I've made 2 offers on over the last few months called me yesterday to tell me the sellers were ready to dump the place, and told me to submit another offer if I was still interested. My last offer was for $100,000 and it was rejected. She didn't come right out and say so, but she alluded to the fact that the sellers would probably take that amount now. Learning from one of the mistakes I made on the deal I lost last week, I decided that before I put my offer in, it would be wise to seek the advice of one of my investor friends who happens to be a cash buyer and is looking for a home to rehab in this particular area. He told me if I can get it for 95k, he could pay me a $2,500 assignment fee. So, I offered 90k with a 24 hour inspection period and a 14 day close. We ended up getting it for 95k!
Niiiiiiice.

On top of that, I think I have a buyer for one of the properties I am marketing for my wholesaler friend. We already agreed on a price, but are waiting for the owner to move out (she should be out tomorrow or Friday), so he can see the inside. If this one works out, I will make 2k.

All I have to say is IT'S ABOUT DAMN TIME!!!!!

11/7/2007

I called at noon to put in my counter of 125k net. The listing agent called me back around 3:30 to tell me they accepted. Now, just waiting on a signed contract back.

Someone mentioned on the flippinghomes.com forum that I should lock the property up first, and then deal with the judgement/lien situation (if there is one), and that's what I decided to do. Hopefully it won't be an issue, and I can get this closed quickly and smoothly. I kind of have this feeling the whole thing is going to blow up when they find out about the liens, but I guess I will just have to wait and see.

I'll put some pictures of the property up tomorrow. I'm still really sick, and need to get some zzzz's.

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.

Went to view the property I saw on Craigslist today @ 10am. Waited 20 minutes in the driveway for the realtor to show up (being late is a huge pet peeve of mine). Everything looked ok, except updating in the bathrooms is needed. House has been on the market for 5 months, vacant for 3. I put in an offer this afternoon for $160,250.

I have had my eye on a townhome for sale near where I live that has been vacant and listed since June. The owner bought another, bigger townhome in the same neighborhood and is now paying two mortgages. The listing says the seller is extremely motivated, make an offer. So, I did. List price is 160k, ARV 175k. My offer was $121k. My realtor called the listing agent and told her he had an investor interested and told her the price I was offering. My realtor said the listing agent laughed at him. She said the owner would maybe take 10k less than the list price, but only if we could close in one week. What a bargain.

I can sense that my realtor is already getting annoyed with me, and think that down the road I will just go directly to the listing agents and make my offers to them. I used to be intimidated by making low offers to agents, but now I don't really care.

This evening I got the first call from the postcards I have been sending out. The sellers moved out of town in March and have had the home for sale since then. I had a rental/lease option/rehab disaster in the same neighborhood, so I know it well. I had a long talk w/ the seller about different options (subject to, cash offer, lease option). I asked her what was the lowest amount she would take in cash if I could close tomorrow . She said 215k, but I think she will go lower. Mortgage balance is 180k. ARV 260. She is going to call me back tomorrow.

I'm going to sift through some listings tonight and pick 3 to go look at and make offers on tomorrow. I also sent out about 45 more postcards today (the postcards I'm sending out are targeted to motivated sellers that I find on Craigslist, the newspaper, FSBO websites, and listings that my realtor sends to me).

I am amazed at how many people (realtors and sellers) still do not realize that the market has changed drastically in the last 6 months. Some realtors are still using appraisals and comps from the beginning of the year to assess value. Maybe they know better but just think I'm stupid.