It's enough to put down a deposit and do some cosmetic repairs.

My first deal closed today and I just deposited my check into the bank.

How about $0…My consideration or earnest money deposit with a private seller (with no realtor involved) is $0... with a twist...My purchase and sale agreement says something like...

I deposit my salary in theaccount where I am first holder and my brother deposits his salary in theaccount where he is first holder. 3.

He is a youth minister at a church, and the church paid his 6 month security deposit, plus first and last month rent.

BUT, what if I resell the property in a very short period of time(like 1-2 weeks), will the IRS then look at the credit received as income because there clearly wasnt enough time to actually spend that money on that house before selling it.Other than a big deposit into my bank account which may be reported to the IRS as part of homeland security protocall, how would the IRS ever know abou the money I recieve as a seller credit?

We actually had someone put deposits down on Sunday only to change her mind on Monday and put a stop payment on the check - including the application fee :roll: It's been a great learning experience and I now know to only accept application fees, security deposits and first month's rent in certified funds/cash only.Anyway, once we get this one rented, we're considering a duplex or 4 plex and have started looking.

Bernards, I'm planning on letting the tenants know that the pet deposit and cleaning deposit will be non refundable.

so far thanks for the tip. yes i have credit card 970.00 . i can and will pay it off in large chunks. i just dont want to s. planning to use the money for deposit but i am reading everything from this site for insite.

You missed a BUNCH of the expenses such as: legal expenses, evictions, damage done by tenants (in excess of deposit), advertising, lawsuits, office supplies, utilities during vacancies, capital expenses, etc, etc, etc.