I sometimes wonder if it makes sense for all of us landlords to confront them, they sold us a lie and now we are severely struggling from it.

So either you’re going to ask them to lie or you’re going to overpay.

I canceled because of on going lies about progress on the houses. 

Ok I lied, I also have accounts for tenants security deposits but that’s just a set it and forget it until they move out.

Don’t lie to the seller.

In some areas, I find that the information is exaggerated (applicant lied) to make their application look betterHere's how I use them:  A lot of times, the applicant will self report information that disqualifies them. 

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

This can range from minor exaggerations to outright lies about employment, income, rental history, or identity.Key Signs of Potential Fraud:Inconsistencies in Documentation: Discrepancies between the documents provided and the information filled out in the application form can be a red flag.

You do not want to lie on an application, that is mortgage fraud.

I mean he did sell his Rehab business for $115M so im not sure that's a total lie about being worth that much.