All Forum Posts by: Corry Taie

Another way to do it, is to add the end buyer on title for the purchase, then have them "buy you out" for the agreed upon amount. At that point you would simply quit claim your interest to them.

I buy to either flip or rehab then flip. I am looking into holding properties for longer periods though. I do wish that the "wholesalers" would actually get real deals though. It seems that almost every time I get a "deal" from a "wholesaler" their numbers are WAY off. I just hate my time being wasted by someone who can't get a real deal and then I put my time into doing my own due diligence only to find that there really is very little to no profit in it.

What ^^^ he said!!!
I cant stand when a "wholesaler" sends me a property & tells me it needs X amount in repairs, but nothing to back it up. Always get an inspection.
Things get missed on initial walk throughs. I personally liked the concrete flushed down the toilet. That would have caused a lot of headaches if we had not known about it ahead of time. BTW... That is an EXPENSIVE fix....

They have "NO LEGAL RIGHT" to dictate what you do with a property once you buy it.....

Do they negotiate DISCOUNTS??? Or Just negotiate down to FMV / Retail?

In CA. You don't need a lic. if you are the buyer, so, if your negotiator works "for" you, they can negotiate as a buyer w/o a lic. However..... Better safe than sorry...

I have it listed, then when I get an offer, I ALWAYS counter back & let the know 2 things.....

1) Contingent upon acceptable s.s. acceptance to seller & successful closing of sellers previous transaction.

2) Seller to become owner of record prior to closing of this transaction.

Oh.... BTW motiv8td... Great post!!!

Let me give you rule #1 in S.S. flips... Please NEVER EVER EVER forget this 1 simple rule when flipping shorts. This will save your A$$.... DISCLOSURE, DISCLOSURE, DISCLOSURE....... I had a negotiator at one point that could not get that concept..... 'nough said. And YES.... They DO need to give you constant, accurate updates. I have a negotiator now that handles da bizniss.... Please be careful out there folks. Too many dipstick think that what we do is bad, we need not add to the idiocy.

Some people have still gotten a 1099 after a foreclosure.
Also, if they get a 1099, their tax preparer can file a 982 form & write off their loss as well. (At least, this is how I have seen it done) I'm not a tax professional, just stating what I have seen happen.