Can anyone explain the downside of becoming a credit investor and partnering with someone who provides the cash and assets?

i wonder if anyone can talk alittle about recovering earnest money. my particular situation was, a contract was signed, i put down 1000.00 for earnest money. when the closing date came, the contract expired, and we did not close that day. my lender was waiting for documents from the sellers bank involving the foreclosure the property was in. a full week went by, and i changed my mind, and notified my lender that i would not buy this property. 4 days later i was being contacted by the realtors that everything was set to close. we were out of contract, and now the seller refuses to release the 1000.00 back. he is demanding that i pay him 3000.00 dollars for his troubles. i told him i would give him the 1000.00, but he wanted more. we are in oklahoma, which probably explains it all, but if anyone can speak to this issue, i would appreciate it so much...

I didnt even know that you could..Could you explain a little more?

As I explained at the beginning, you are never required to pay off your loan immediately.

We train that ALL contractors should get 50% up front (unless, as Minna explained, the job is significant in size although our definition of significant is much higher than hers).As to a a follow-up question by another poster.

Here is a link explaining residency requirements.

I would reccomend others to find a small community bank and explain to them your needs and goals and they will work with you as a partner.

My purpose of explaining this is to let everyone know that we are not seeing buyers having to pay full value and definitely not paying over value any more.

gets expensive with 30 properties. turbotax is fairly intense, but can/will account for everything you need to (and will explain to you how to do things if not clear)...fear not

the water bills were already ridiculous pre rain tax@Matthew Paul please explain in more detail. isn't the meter in the street (ive accessed it before but want to make sure we are talking about the same thing)?