I've brokered 3 flips with him and we've cleared at least 20% (which we get excited about in Denver, land of the inflated purchase price) on all three; two of which were under contract within the first 2 days.

I have copies of inspections done on the remaining structures after the explosion which show them to be sound, except one which needs $15k to repair the pier and beam foundation.

All kinds of information can be obtained concerning the sale of a comp that is not available to other Realtors or investors.Off market cash sales, a seller is most likely going to confirm a sale price to an appraiser that a Realtor or investor who they probably see as having no need to know or where they have little assurance the sale will remain confidential.Property trades are another aspect of public information not being available, banks or lenders will have the data.

Even my software company has an operating line of credit that does not require my personal guarantee - and we're a rounding error in size when compared to Oracle.While the above are not Joe Gore's Texas Real Estate holding company, which would probably require a personal guarantee on borrowing, the point remains that your unconditional decree is not universally true.

yes, it should be a "Vacant Dwelling under Renovation" policy...we have been getting ours through a broker and the provider is Lloyds of London..maybe find someone that can deal with them..it should be less than 1% of the ARV for a 1 year policy...then once you are done with the policy, cancel it and they will reimburse you for the remaining year.

. $500/m going toward remaining balance. - wanted the option to do some renovation during lease period. the owner has countered with: - $70,000 purchase price (full list price) - $5000 non refundable deposit - $700/m for 6 months and 3 month extension. $100/m going toward balance - can do only cosmetic work during lease period, no structural work allowed.

The bank's intent, while not spelled out to cover all possible schemes or methods, was to ensure the buyer kept the property for 90 days and not sell it, to remain in title as owner.

Earnest Money is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious about wanting to complete the purchase.If the seller accepts the offer, the earnest money is held in escrow by the real estate broker or by a settlement or title company until closing and is then applied to the buyer's portion of the remaining costs.

The bank has a case for the remaining balance of the original loan.

In the meantime you have turned the $40K into $140K in houses - remaining mortgage (lets assume $70K) + rent profit ($40K) or a total of $110K.There is no right answer for every situation, and buying turn-key properties, yes I would agree mortgage to the hilt when you buy.