As I stood, ankle deep in pigeon feces, I thought, "Yes, landlording is glamorous."

For example I use 35 year shingles, walls and trusses on 16" centers, concrete siding, copper plumbing, high quality faucets, etc.

My son hung out in the trusses while my daughter balanced the plank from dirt to full basement foundation wall.

Have you ever stood before a judge AFTER doing that to complete the eviction process?

OSHA 35.95Walker's building estimators reference 76.95Standard building code 60.00Contractors ManualSpan tablesDesign values for joist and raftersUnemployment Comp.Standard specs for ready mixLien lawsContracting lawsApplication and finishing gypsum boardTax LawsFair laborWorkman's comp All tests from GCCC contractors exam PricelessHandling, installing , bracing trusses 9.95Handling and erecting steel joist 22.95Code of standard practice for steel buildings/bridges 13.95All books and papers are in great shape.

If I give them much more, there is not a lot of room for profit on a flip.Has anyone stood on their original bid and had it accepted?

Northeast of Los Angeles.My investment career wasn’t looking so hot.However, rattled as I was, I was an avid fan/reader of Warren Buffett (still am as a matter of fact).I was confident that times of panic were the best times to look for golden opportunities.Ok, I was fairly confident.If I would’ve been REALLY confident, I would have bought up everything I could get my hands on.Instead, I stayed the course and stood by my plan.I kept contributing to my IRA and 401k, and began looking for another property to purchase with the intent of living in it while stationed in the area and renting it out when I moved.Now, looking back, I realize that I made another rookie mistake.When searching for the property, I did not educate myself and become an expert in my new market.Granted, it’s a little more difficult for military members to accomplish this as we only get about 8 – 10 days to find a place to live.However, I could have started the process from Ohio.Anyways, for those that know the area, I found a foreclosure in a great neighborhood west of highway-14 in Lancaster, CA about 40 minutes for base.The previous owners had purchased the property at the peak of the market for ~$450k.It was now being listed at $195k.If I were in their shoes, I think I would have taken the hit too and walked.Well, probably not due to my security clearance, but I digress.

I stood to make a lot more money doing the flip, but I think the lesson that I learned and the few dollars I did make were much more important!

However.... this scenario is not your scenario.... in your case the applicants said that 1) they would like to be withdrawn from consideration; 2) you informed them that they would be on the hook for the holding deposit and then; 3) they decided to keep their agreement with you as it stood before.

@Terry Hughes..Most of my BEST deals happened when everyone else stood by.  2007/2008/2009 in my market..All my offers were accepted with little or no competition(HUD()Fannie Mae)..Perform Due Diligence, Run the numbers and Take action......GL