Personally, we use PayPal or accept checks/money orders and payment is received in full a month prior to arrival, so we do have the money in hand ahead of time.

I am gradually getting over the newbie stage and I just received a phone call from one of my direct mail leads.

I even contimplated taking the house off the market and waiting until after the new year.On a side note I have dropped the price on a house that was sitting and received multiple offers which drove the price back up.

@Sharon Vornholt I was told by another investor if you receives return letters they will pro-rate your returns.

Prior to reading that book, the only business and/or career advice that I had ever received was to "go off to college and get that engineering degree so you can get a GOOD job".

I ask because if you have to depreciate the deductible you would have to write that off over 27.5 years but, declare the advertising $ as income this year.If it is a 'minimal' amount, then yes, the deductible you 'paid' offsets the income you 'received.'

My question is, do I still claim the 7,680 as a deductible repair expense or do I have to reduce this amount by the 4,500 credit I will receive?

I just received a accepted contract on my first flip, in St.

I think the advice you've received is pretty solid (i'm kelly's partner btw).

FYI - I recently posted this in another thread - might help you get your head around what it takes to start a wholesaling business ~What you need to get started is:1) A process2) A teamKnow exactly how your process will work:a) Meeting cash buyers & understanding their needsb) Finding motivated sellersc) Evaluating propertiesd) Calculating offerse) Testing the water with your buyer(s) if necessaryf) Negotiationg) Closing via a contract/agreementh) Assignment to a cash buyer via another contract/agreementi) Receiving payment at closingFor your team, you'll need to know:a) Cash buyers, of courseb) Real estate agent(s) or broker(s) - provide comps, MLS opportunities, etc.Perhaps also,c) Title company (good to have but more important for cash buyers; but you may want one to hold earnest money in escrow)d) Attorney (required in some states)Best of luck!