All Forum Posts by: Pam Lee

I signed a contract with a wholesaler to purchase a house by X date.  X date came along and I signed the paperwork and gave my money for the house.  The actual owner of the house (an estate) did not get all 15 signatures in until 2 weeks later.  Unfortunately it was after my finance person revoked the loan and took their money back because the deal was not closed by X date.

Question is, who is the termination contract between?  Me and the wholesaler?  or Me and the Estate?  I am trying to get my deposit back because the did not close by X date and the lawyer is making it very difficult.

Thanks

Pam

You need to keep rentals and flipping in separate companies because they are taxed different.  

My clients set me up with a read only password for the bank so they don't have to do anything.  I go into the the bank, credit cards, Lowes, Home Depot etc and pull the information.  Weekly I ask questions about where something should be coded if it is not obvious by the PO number or how rent was deposited. 

When looking at flips it seems like easy money, but things can go wrong with repairs, the market could change, or the house may not sell.  Of course you plan to avoid all of this with the techniques you are taught, but nothing is guarateed.

Find a local REI meeting. They are very friendly and helpful and do training at reasonable prices

Pam