Closed first short sale...trying to catch up on things.

[Herm M.]

I closed my first flip, and my bottom line is between $51,600 and $57,300*.

Anybody who hasn't closed one, here's the most important things I learned:

1) TRY TO HAVE YOUR OWN FUNDS TO CLOSE THE A-B.

2) ALL YOUR PROFITS ARE IN THE LENDER'S BPO.

* = I had an idiot buyer who couldn't close, they wasted 60 days of my time...so now I'm working on keeping half of their deposit. That's going to determine if this deal made me 51k or 57k.

So how is everyone doing with their flips? What's new in the past couple months?

My goal now is to meet with 3-4 brokers...show them my final HUDs, and ask them why they're working on short sales to make $8000 instead of $50,000.

I need to work on 10+ of these simultaneously now.

[Jackie Patterson]

I think I'm missing something here. How is the broker going to make $50,000? Isn't that your profit? The broker should be happy with getting properties closed and getting the commissions.