All Forum Posts by: Christine L.

Thx.  Yes but the credit Partner wants to ensure that the PCI folks gets paid, & his main concern is how the profits will be treated on his taxes.  Ideally would like to get an escrow company involved, then have them handle the transaction.  The PCI folks are not responding to me so i have no idea as of today where they are in terms of evicting the tenant buyers & listing the property.

My main concern is getting my investment back.  According to online resources, the house is worth around $199K.  It was purchased for $138,600, with 20% down, so the original mortgage was $111K.  Looks like we're sitting on about $90K in equity.  But mt hands are tied as all I have is the promissory note & cancelled check for $40K.  Wish the Credit Partner would just let us sell & split the profits, & determine what portion the PCI guys get & pay them.

Hi David, you as well as an investor might benefit from a flat fee arrangement, which beats the traditional 5% commission. This would work especially for investors who are not close to your location but have several properties they purchase and or flip.

@Sahana R.

@Brie Schmidt

@Jay Hinrichs

@Matt R

@Daniel Huang

Thx for your comments. I did find out that the credit partner was on the deed, & touched base with him yesterday. We have concerns about moving forward. Ideally, we'd want the property to be sold & an escrow company handling the funds, to ensure we will get what was promised in our JV contracts. PCI said they are prepping the house for listing & are in the process of evicting the tenant buyers. The credit partner is concerned about the tax ramifications when the property is sold, as well as the dissolution of the JV partnership now that Wendell has bailed. My main concern is getting my $40K back, & secondary concern is getting my portion of the profits as outlined in my JV agreement. We will see how this all plays out in the coming weeks. Any input on how to proceed, BP nation? Thee Credit Partner is on the deed. I'm only on the JV agreement.

@Sahana R.

@Sylvia Pomazak

@Ming Le

@Daniel Huang

@Matt R

@Jay Hinrichs

@Brie Schmidt

@Matthew Spiegelundefined

@daniel huang...check out the inflated expenses..plumbing bills month after month...home depot unexplained expense...gutter repair..rehab expenses...these are dated after the tennant buyer took posession. And Wendell preached the tennant buyer would be resonsible for all repairs once moved in..

@daniel huang

@Daniel Huang

@Sylvia Pomazak

Update:

Guys, I found the credit partner, & we will need some guidance.  Will pose questions later.  

Congrats on your first & successful flip!  Looking forward to read about your flipping journey...

@nick b. Thx for the info.

County records shows one owner -the credit partner Daniel H. An employee of PCI (Elpedio) contacted me n said after they learned of Sylvias fate they looked at the books and realized they were scammed by Wendell too and have retained an attorney to go after him. The whole PCI was dismantled but he and another person David are left to sort things out. He assured me they are working with JV partners to make them whole n will act on our suggestions. He said the credit partner Daniel wants to sell. I emphasised i want to sell as well and he agreed thats what they will end up doing. So i will have to follow up w him weekly unil i see the house listed.