All Forum Posts by: Brian Rouse

I had this same thing done to me. Buyer backed out, cancelled check!! I feel it's a real sh#%*^ way to do business. You should have done your homework before making offer. Or pay the price for backing out.

I am new to using Classes, but I have them turned on and have set up one for each property we flip. Couple of questions:

Do I set up miscellaneous classes to record things that don't apply to just one property? Such as business cards and tools and mileage (I travel 3 hours to the town where my flips are mostly located)? Or do I just not assign a class for those things?

How do I record the purchase and sale of properties? It isn't an Expense. Do you assign classes to fixed assets, too?

I would love to hear more. Brian

Selling flip house, offer accepted, inspection done. I fixed everything on list, about $1400. Now lender wants shed out back to be painted, it's peeling and frame of garage door painted. And a co2 detector in basement. We are 4 days from closing, I'm out of town and preclosed. Can I tell them. No??

My short term goal and long term goal are similar. I don't ever want to finance anything! I do a flip take profit and buy more. I keep nothing right now, because i don't need to. Long term would be to have a rental income of $250,000 plus coming in.  This would be my second income, i have a retail store as well. With property's that are all paid for, so if i need a little more income one year. I can sell one off. Now i haven't sat down to figure this all out. But that's the plan. 

I feel i know the answer but would love to hear from the experts. For example...

I bought home for $10,000

it needs about $20,000 repairs    I'm all in at $30,000

I can sell for $80,000 all day long, BUT its in an area where life is tough. What if i sell land contract. Something like $10,000 down and 9%??

I pay cash for everything so as long as i get $10,000 out i'm fine.  Should i take $50,000 and run or get much more over 20 years??

Looking for wholesalers. Green Bay wi and north. UP Michigan as well. Wausau are, Green Bay, northern Wisconsin!!

First time on BP and i have so many questions. But first i have stumbled through most of this on my own. The question i have is, i have the list from the county of homes four years of unpaid taxes. Has anyone just gone up to the door of the home and introduced themselves?

It seems simple, but i know losing your home has an emotional attachment to it. I had a similar deal where it fell into my lap. After all said and done they were happy to get the taxes paid and $1500. cash. They were going to get nothing. Ideas? Good idea?