Don't be a lazy wholesaler if you want deals!

Every week I get emails from wholesalers like this:

Subject: Look at these great deals!
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123 Main St
$40,000
3 Bed, 2 Bath
Single Family Home
1200 sqft
This property has a huge living room, needs some new carpet, and possibly a new roof.
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456 Main St
$32,000
2 Bed, 2 Bath
Single Family Home
900 sqft
This property has a brand new garage, needs all new appliances, and it needs some drywall work.
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It's great that they are doing the work to find the deals and send the emails to cash buyers, but what exactly can I, as a cash buyer, do with this information?! Not much.

BOOM BABY! $9,000 Assignment Fee on My FIRST APPOINTMENT & DEAL

So, I put up about 40-50 bandit signs out during the weekends and take them down Monday morning. I did this for about a month.

One month.
I know I've been a member for a while now but I finally made the decision to stop contemplating to evaluate to consider to decide and conjure and..whatever.

SHOOT FIRE AIM READY!!!

I got about 8 calls from this. The first call was from a local real estate investor looking to buy the houses I'm looking to wholesale. GREAT! I didn't know this at the time but we had met before at the local monthly real estate meetups. He is the host. A couple other phone calls were unmotivated, a few were over indebted and referred to a Short Sale Realtor. One week, a guy calls on a weekday from the ONE SINGLE SIGN I left up by accident.

1st Deal Done Finally!!

My partner and I found this deal on Craigslist about 2 weeks before Christmas. It was an 3 bed/1 bath 1000 sq. ft. REO being advertised by one of the local banks. We did some research and found out it had been on the market more than 90 days and they really wanted to get rid of it. We set up a walk through with someone from the bank and saw it didn't need any major repairs most of which we could do ourselves, which got us very excited. They were asking $49,000 for the home. We offered $39,000 and about 3 days later the bank accepted!!

Another deal Closed Over $18,000 in Profit, No Money Out of My Pocket

I just closed on a deal yesterday that will net me about $18,500 in profits.

I was able to get a mobile home for free from a motivated seller. I borrowed $3000 from a friend to fix up the home. I just sold it yesterday to a very nice lady for $13,500.

How I'm making over $18K with it. This community doesn't allow owners to rent their homes. They only allow people to be owner occupied. So I sold the home on a contract. I got $1000 down from the buyer, she is paying me about $255 per month for the next 6 years. I am becoming the bank with this sale. She will be paying me %12 interest on the amount borrowed. I will make about $5000 in interest over the 6 years.

Newest Mortgage Deal - Some Say Not Good for Borrowers

There are around a million homeowners facing foreclosure and stuck in limbo, especially after a settlement was announced on Monday between the government and lenders. In a story at Economy Watch, one borrower’s story of four years fighting to keep her home highlighted the article. She found that she was not eligible for any of the various programs to help her keep her home. She had just filled out a form to see if she could benefit from a federal program set up after widespread mortgage abuses came to light in 2010. However, that program was canceled when this new settlement was reached.

Jill & Gary Closed # 64 Fix/Flip Today!

This was a short sale purchase that took several months to buy. It is a 2 bed/2 bath/1 car garage with about 1100 sq. ft. of living area.
Painted inside & out; new toilets, medicine cabinets & mirrors; new light fixtures, ceiling fans, & carpet. Spent about 3K on materials.
Listed on a "Flat Fee" Service for about $ 250; a
REA brought a buyer who was selling his house due to divorce, so we did a doule type of closing when he sold his house, took the cash & bought our house.
Sold it for $ 44,800; with the 3% commission, taxes, title insurance & doc stamps, the net was $ 41,759; less the 3K for materials = 38,759 less the 27,000 purchase price = $ 11,759 profit.
On to the next rehab!!!

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