San Antonio TX · Member since 2026 · 15 posts · 6 votes
I got a call yesterday - lady 17 months behind on mortgage. Everyone on my Facebook would have locked it up, posted "Investor Special - $5k non-refundable - Assignable Contract - 30 day close" and prayed.
I ran it. The opportunity was too tight for MY buy box, so I politely declined and referred her to a loss mitigation attorney.
I saw another one today - Wholesaler has a house on FB for $115k - Assignable. Same house is on Zillow with a Realtor for $124,999. I call the Realtor: "Is it 115 or 124?" - "Oh I forgot to change it."
This is why I'm not a wholesaler. When I take a contract to MY title company, to MY attorney, it's SOLD that same day. Not listed. Not shopped. Demo starts Day 1. Cash is in the bank, can close in 24 hours.
Curious for the solo flippers here who actually close:
Are you still chasing every cheap house anywhere in your market, or do you have a very specific, niche buy box? How many deals have you turned DOWN this month because it didn't fit?
I'm finding I don't need 50 buyers on a list. I need 3 big fish who understand creative, problem-solving deals.
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 367 posts · 140 votes
1h
Quote from @Micah Bolch:
I got a call yesterday - lady 17 months behind on mortgage. Everyone on my Facebook would have locked it up, posted "Investor Special - $5k non-refundable - Assignable Contract - 30 day close" and prayed.
I ran it. The opportunity was too tight for MY buy box, so I politely declined and referred her to a loss mitigation attorney.
I saw another one today - Wholesaler has a house on FB for $115k - Assignable. Same house is on Zillow with a Realtor for $124,999. I call the Realtor: "Is it 115 or 124?" - "Oh I forgot to change it."
This is why I'm not a wholesaler. When I take a contract to MY title company, to MY attorney, it's SOLD that same day. Not listed. Not shopped. Demo starts Day 1. Cash is in the bank, can close in 24 hours.
Curious for the solo flippers here who actually close:
Are you still chasing every cheap house anywhere in your market, or do you have a very specific, niche buy box? How many deals have you turned DOWN this month because it didn't fit?
I'm finding I don't need 50 buyers on a list. I need 3 big fish who understand creative, problem-solving deals.
What does your buy box look like right now?
@Micah Bolch, I agree with you on this. Not every distressed property is a deal, especially when the numbers do not fit your buy box. I think knowing when to walk away can be just as important as knowing when to move forward. With a homeowner that far behind, I also think it makes sense to have the right person look at their options instead of trying to force an investor deal that may not be the best fit for them.
I’ve had clients bring me properties where the situation looked good on paper, but once we looked at the title, the contracts, or everything surrounding the property, it just did not make sense to move forward. Sometimes the best outcome is being comfortable saying no before you spend more time and money on the deal.
I like this topic because having a clear buy box and knowing when to pass comes up often in my real estate work with investors. I enjoyed your perspective, @Micah Bolch. Happy to stay connected and see what you are seeing in the San Antonio market.