"I don't give a damn" is the shortstop's name in Abbott & Costello's famous Who's On First routine.Ryan is right.

The most famous is never get involved in a land war in Asia, but only slightly less well-known is never let your success be controlled by someone else.I'd read Rich Dad years ago and had forgotten a lot of it - hence my poor decisions.

Things go exactly as expected for the first 5 years, but then you have a terrible tenant and he does $5,000 of damage.In this instance, your entire profit for the entire 5 year period is wiped out and it will take you an additional 22 YEARS to make up the loss (assuming that you don't have any further losses - which is very unlikely).

The tenants can then decide to file a civil suit, but there's no way in hell they're going to pay an attorney on an hourly basis (an attorney would not be paid a contingency in this instance).

tpercival, I agree that there are some great online resources like you mentioned, however, they are only as good as the availability of information the conclusions are drawn on.For instance, comps I have gotten on properties in Texas were way out of whack.

If it's bad, for instance, you will probably be told to clean it up first.

For instance, I'm sure there is still some sort of contract between you and the "seller" in order to protect them.

as far as not needing "any money" to wholesale - in new york for instance - a real estate contract is considered void if there is no consideration in the deal.

And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.But when the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers.

first of all - if he's a buyers agent - meaning he will represent you, the buyer exclusively - the selling agent pays his commission.for every listing through a broker - there is an automatic split - for instance, at X real estate brokerage - they have a minimum that they'll take, say 3%...then when the get a listing, they'll take a 5% comission, offering 2% to agents bringing a buyer.forget this guy you met.