Flip This Wholesaler

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!

11/20/2007

So, I went to meet my new favorite cash buyer at Starbucks yesterday. From the few times we spoke on the phone before meeting, I could tell we were going to hit it off. What a nice guy. We sat and talked on the patio for a half hour or so. He's been in the business since the 80's, and is doing quite well for himself. I tried to ask as many questions as I could without being too annoying. Man, I can't tell you how nice it is to sit and talk to someone about real estate without them going off about how the market sucks, how real estate sucks, how the guy on CNN or Oprah, or whoever told them that real estate is now a bad investment. It gets old after awhile. This guy is going to town right now- snapping up bargains, pulling some cash out, and holding on for the long haul. I've only been in this business full time for a year, and even I can see what a great buying opportunity this market is presenting for those who can pull their heads out of the media's ass, grow some balls, and think for themselves.

Anywho, I got the contract signed, got a 2k deposit, and we are closing tomorrow! How do you like that? I've got roughly 15 minutes of work into this deal, if that. It pays to network. I'm not sure if I mentioned it in a prior post, but I found this buyer by driving around my farm area and calling all of the "for rent" signs, talking to the landlords, and asking if they were looking to buy more properties in the neighborhood. Here's a link to the post I made on Flippinghomes.com yesterday that explains the deal in a little more detail.

I guess the other deal I was working on is dead. Unless, maybe, the listing agent died, or has been kidnapped or something, and that's why he does not answer his phone or return voicemails. He's also not returning calls from the title company, which is pissing me off, because they have my 1k deposit and I can't get it back until they talk to him and find out if I submitted the required documentation within the 7 day inspection period (which I did).

Remember that deal that I lost out on to the other investor a few weeks ago? Well, apparently he did not close on it, because I looked it up on the mls last week, and the listing is expired. So, I sent the out of state owners one of my generic "I'm looking for a home in Hillsborough County" letters, and they called yesterday. We talked for a few minutes on the phone, and I told him I would get back with him today with an offer. This could be a good one. We'll see.

I told my friend John last night that if I don't get a deal wholesaled off of the mls by the end of the year, I am going to gouge my eyes out with a spoon. I guess I better get moving.