My addendum spells out charges for the most common tenant caused damage (doors, drywall, water damage, broken windows, wrecked blinds, etc) and then state that it will be a minimum of X per hour + materials up to market rate for anything not listed.

(1) "Contractor" includes any person, firm, corporation, or other entity who or which, in the pursuit of an independent business undertakes to, or offers to undertake, or submits a bid to, construct, alter, repair, add to, subtract from, improve, develop, move, wreck, or demolish any building, highway, road, railroad, excavation or other structure, project, development, or improvement attached to real estate or to do any part thereof including the installation of carpeting or other floor covering, the erection of scaffolding or other structures or works in connection therewith, the installation or repair of roofing or siding, performing tree removal services, or cabinet or similar installation; or, who, to do similar work upon his or her own property, employs members of more than one trade upon a single job or project or under a single building permit except as otherwise provided in this chapter.

So the risk to the Note holder is having to give back all monies received and depending on the state there could be treble damages.Along with the fact they are taking a house they bough that is a wreck  they paid 20k for it in the example Joe gave on line here.. then sold it to some unsuspecting CA person for 50k or so according to Joe.. then sold it on contract without ever touching it ( according to Joe ) to the Hispanic buyer borrower for 79k.. .its one thing to buy low and sell retial once your rehab but to sell a 20k house as is for 79k and never touch it that is were it gets a little dicy according to many who posted.

I live in west central Florida, "Foreclosure Central", these houses have been destroyed, Vacant for years, everyone needs a roof, roofs are leaking, cielings are falling in, Pools are wrecked , Kitchens are soooo outdated and these jackbutt Banks are listing them priced move in ready!!!

We've found selling when you say "owner financing, wrecked credit is ok" has many advantages over "perfect credit and bank financing only".

Seems really low but this house is a wreck.

That down payment would have helped him a bit unless his credit is a real wreck.

The houses on the demo list are usually too far gone compared to what you can get in good condition for a relatively small price to make it worth buying a wreck of a demo house.Detroit will continue to have areas where the housing stock is just devastated.

My cheapest deal is a $500 free-and-clear 1200 soft 3/1...I sunk $18k making it sect 8 ready...I could have purchased two good foreclosures for that price and learned to limit my appetite for really wrecked properties.

Good wholesalers provide a valuable service and are worth their weight in gold, but these wannabes are not only wasting your time and money (you have to make mortgage payments, taxes, insurance while your property is tied up), but they could potentially wreck someone's credit and cost them a lot of money and grief if the seller blindly entered a sub2 deal with them.