All Forum Posts by: Carlos Solares

We signed a contract for flip a house in a nice area close to a metro station. We signed the contract "as is" on 2/14/18. On 2/19/18 the selling agent informed us that she was not aware until that day (she said she received letter from city on 2/15)  that construction will be done on highway 66 (the back yard of the house is next to 66). The date of the construction could be within a few months or in a few years and it could last a year or so. But when the construction starts there will be an easement placed and they will take part of the backyard while the construction last.

I am really concerned about this because I do not think we will be able to sell the property as quick as we need and of course, we have to disclose the upcoming construction to the new owner, which may force us to lower the price. 

I really find it hard to believe that they did not know about the construction and for a flip property I think this will be a hard property to sell.

I talked to my lawyer and he stated that we should be able to get out of the contract and my instinct says this is the way to go. Please let me know your thoughts. 

great thank you steven for the feedback.

Hello BP family, I have a remodeling company. In 2010 I created a partnership with an investor. The investor has 95% of the business because he provided the majority of cash. I invested a smaller amount, manage the company and I use my remodeling co to fix the properties. The profit of each flip is based on the percentage we individually have. I feel that we are putting all effort; for this reason I would like to have more participation or larger percentage in the profits. What do you think it is a fair percentage for this situation? How would you approach the investor? Thanks.