We just closed all of the paperwork on House #23 on Thursday.  The buyer is a local business man who buys properties for cash.  He buys only in good areas and rents them out.

At the end of the day we gave him a good deal and he used his funds to close my escrow and I gave him a notarized copy of the grant deed and he paid me the finder’s fee.  The buyer was found through a wholesaler friend of mine’s friend.  So three of us are sharing the finder’s fee.  But that’s okay.

This is now my favorite way to close escrow on wholesale deals.  No transactional funding required, no use of my own funds.  This definitely requires a little bit of trust between both parties, but I would never risk my reputation over one deal.

This deal was found straight out of the MLS with an agent I have never worked with before.  So now we have an “in,” with another REO office now which is good.  He sends a high end gift basket to the buyer for every escrow he closes which was a nice touch.

I just got back from House #23 to meet the wholesale buyer and one of the “middleman.”  About a month ago one of my colleagues introduced use do one of the biggest wholesalers in the area.

He helped us sell House #21 and he is working on the duplex (thinking one of his buyers is going to submit an offer tomorrow) and he also brought in a buy for House #23.  This buyer said the deal was a little “too tight” for him personally, but was going to sell it to one of his friends.

Push comes to shove and there is myself, a wholesaler, another wholesaler and the end buyer in this deal.  Made things kind of difficult, but we finally all came together and got the property sold.  No one is making that much money, but it was just enough to make it happen and we are going to move on.

This buyer is going to close my escrow and I am going to give him a copy of the deed in exchange for our commission.  He is going to record the deed at the county himself, that way we do not have to do two escrows.  I am excited that it looks like I can really ramp wholesaling up, and we are working a ton of rehab houses right now.

House #19
We put in counter tops today, we need to put in french doors and it should be rent ready by the end of next week.  We ended up fixing this place up way too nice to be a rental property, but lesson learned, oh well…

House #18
We have almost ten guys working at this property yesterday and today and we finished what we needed to and are going to start painting tomorrow. It probably is 2 weeks from completion.

House #20
This is going to be a rental too and we are really trying to keep a tight budget for this house.  It is huge, almost 2,000 sq ft and really a great property.  We finished our plans and we have a crew starting demo there tomorrow.

House #16
This one is a bit on the back burner… we are trying to finish some of the rentals up and we should have this one ready right around our 90th FHA day.  Demo is done.

House #22
I closed escrow on this one yesterday.  We need to make plans, but one of our workers wants to rent it.  We’ve agreed to a number so now we just have to get it ready for him.

Things have been really busy and the hard work has really paid off.  We have put houses #22, #23, #24 and #25 under contract.

I have delayed posting them because I don’t have good pictures of any of them yet.

Sorry this post isn’t very organizing it is a quite update of everything we have going on and it sure is a lot.

House #22 is in a decent blue collar neighborhood in an expanding area.  It has a big lot, almost 20,000 sq ft.  We are planning on keeping this as a rental.

House #23 is in a great area, we have been working on wholesaling it because it does not need a very big remodel job.  It sounds like the deal is a little bit tight to wholesale, so we are going to do a quick rehab on it and put it back on the market.  We won’t make a ton of money, but it is in a great neighborhood.

House #24 is a house we have been working on getting for a long time.  It is not in a great city, but it was built in 1990 and we got it cheap.  The house is in a gated association (only offers a gate) and comes with a $75/mo fee.  All that being said, the price was absolutely right so we chased it hard.  It needs very minor rehab, carpet paint and bathroom upgrades.

House #25 is a duplex we just put under contract.  We are hopefully going to wholesale this one.  It has a 2/1 unit and a 1/1 unit.  It does need about a $20,000 rehab.  If we cannot wholesale it, we will do the remodel job (a basic one) and rent the 1/1 and and market it to FHA owner-occupant.  They could get in and pretty much have the 1/1 tenant pay 75% of their mortgage.  It is zoned for a duplex and the lot is relatively big at over 10,000 sq ft.

We are also getting ready to start renting more properties.

House #15 has been on the market for just over a week now, we have it on the market, but we cannot accept FHA offers. Once we are at about 80 days I will lower the price a little bit and start accepting FHA offers.

House #17 the rehab is all but done.  We had an issue with the kitchen cabinets, and the fixed ones go in Monday and Monday afternoon the cleaning crew comes in.

Now you know why I have been so busy…