Flip This Wholesaler

3/9/2008

I don't know if anyone else does this, but I have my goals (short term and long term), written down, and I review them once a day (usually first thing in the morning, or right before I go to bed). I had always been advised to do this by those that were successful, but never followed through with it. I started doing this on a consistent basis in January, and I can say that it has really helped me to stay focused. I spent a lot of time this weekend reviewing my goals for 2008, and tweaking them a little.....

I had initially planned on selling other wholesaler's deals (1/month was the goal), but I've decided that my efforts would be better spent finding and selling my own. I've done 1 deal so far with another wholesaler this year, and made $500 on it (I was supposed to make 2k, but the buyer negotiated down, so there was very little profit left). Anyway, I just think my time would be better spent focusing on my own business as opposed to everyone else's.

Here are a few of the other goals I set for myself this year.......

-Complete at least 1 REO wholesale deal/month.

So far, I'm right on track, but I'd like to surpass my expectations this year, so I've really stepped up my efforts recently.

-Move into a downtown condo by April 1st.

Check.

-Run 20 miles/week (4 miles a day, 5 days a week).

There are a few weeks that I have fallen short, but for the most part, I've kicked ass. I'd like to say this has taken a lot of willpower, but I actually enjoy it. It's my Prozac.

-Make 100 offers/month.

Not so much.

One of the biggest problems I have is that once I have a deal going, I halt everything else until I get it wrapped up. Then, I tend to spend a few days afterwards celebrating. Next thing you know, a whole month has gone by, I haven't done shit, and I have to get the ball rolling all over again. I'm working really hard to break this habit. Really hard.

So, anyway, that's where I'm at...

P.S.
Set your clock ahead an hour. :)

1/05/2008

I had planned on writing a post before the end of 2007 giving a recap of my year, but never got around to it after my travel plans got messed up due to my irresponsible bloody mary drinking. I did, however, write an article that Trevor Mauch was nice enough to post on his site, The Rei Brain. It's kind of a snap shot of my mostly crappy first year in wholesaling. Check it out if you have a spare moment.

P.S.
I had an REO agent call me yesterday and tell me that the bank is ready to dump one of their properties that I offered on a few weeks ago. It's listed right now at $130,000, worth about $180-190k, and he said he thinks he can get them to take 90k!! I've got 2 of my buyers going to take a look at it this weekend and let me know what they will pay for it. I'll keep you posted........

Have a great weekend- make some offers!!!!