The hypothetical six months to find tenants might actually be 3 years, we don't know (if it was so easy to place tenants in that building, why haven't the current owners done exactly that?!).

Have a great rest of your week.

Three weeks before the closing date, the wholesaler notified me that the house was going through probate and that we could not close until the first week of December.

I was feeling paralyzed making decisions about what to do, and no joke within 3 weeks of finishing this book I had decided on my next step and was under contract on my first flip property!

Like "renting to section 8 tenants is actually really easy", "your agent is not on your team just connect with people like me doing hundreds of deals every day and use my team instead", that hood properties will have "15-25% net caps" for beginner out of state investors when in reality they will definitely lose money every month due to the rent not being enough $ to maintain a rental property, never mind all the tenant issues involved with this property class or the difficulty of managing them remotely... but he's done thousands of them just this week while sitting on the beach in Florida... 

The timeline depends on the lender but lenders will allow delayed financing up to immediately after closing to three or six months after closing. 

Ugh, Madhuri, as someone who is heavily invested in Detroit and helps a LOT of out-of-state investors get started there, this makes me sick.I talk to about a dozen folks per week looking to invest in Detroit and I've heard my fair share of Flip Systems folks.

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

However, about a week ago, I followed up, and the agent mentioned the price had dropped with no activity, and that the occupancy restriction would be lifted after 30 days on the market.I made a low offer, and after some back and forth, they declined but then listed the property on the MLS for less than their lowest counteroffer to me.

If you are caught there is a penalty of six months of rent maximum.