I am also a licensed contractor.

I agree with biggerpo and would add that it's essential to have a good team.Where I work in Indy, we find plenty of great deals, but they mean nothing without our contractors, management companies, inspectors, appraisars, and mortgage brokers.

Later I found out the first bid was a contractor bidding his mechanics lien.

The saying "a true rehab professional hires all his work out".If you can, find a contractor who can do the work for you.

Avoid best, never and other words that are absolutes.There are many ways to make money with RE. Development

if you signed an assigment contract it sounds like the property changed hands between developers before it was even sold to the original contracted purchaser...USUSALLY, when this happens is as a result of the developer going belly up on a project or the fact that he can't pay off the contractor.

In order to pay contractors he used and his CC bill on the repairs dont to the house, he wants to work a deal with the buyer (investor) to off the bank the SS amount and then outside of the sale ask for a promissory note from the buyer in the amount of around 10K.

With the deal, with the financing, with the rehab, with ourside contractors and with the sale.

Investor #1 is doing all of the work with contractors and Investor #2 and 3 are silent investors.Thank you, MommyInvestor

Hi Rich...I am a local contractor in the Ocean County area.