I finally put my first property under contract last night.

Hi @Amber K.It is bad business practice, but the listing agent is not obligated to answer any questions you have, until you are under contract.

While I'm interested in continuing to flip properties I am more interested in starting to get some rentals under my belt and really jump more head first into REI. 

Do you use the agent's contract or your own when making offers to put a house under contract for a wholesale deal?

Credit score of 620 or above, currently employed, house under $285,000, and caught up on your taxes.

So they go and list it on MLS for 260 it never sells of course because its no deal.it swings back to me and sure enough.. once we dug into it a little more these guys did not realize she owed 195kk against it and it was in foreclosure.. about to be lost.. so they had it tied up  had fouled up her title by recording that document and they were going to lose out. so long story short I told them I would give them 6k and the seller 5k. and stroke a  check on the spot for 211k.. and it was done.they were lucky to get that. but they would have had no compunction ripping 100 to 150k of equity from this older lady in distress.I leveled the house built a new construction that sold for just under 750k and we made right at 200k net profit on the deal.. but I would have passed if I thought these guys were ripping this ladies equity I don't care how much I would have made I can make that on another deal and not take advantage..now granted when folks CLOSE and then resell well all bets are off and its harder to go back and see what someone paid for things.. 

If you peel back the layers and start asking pointed questions, the average syndicator's experience is:No underwriting background.

I am under contract for a 12 family that has older plumbing stacks.  

With the major rainstorm we just had last week the basement for my tenant's unit (which is lived in) ended up under 3 feet of water.

My cost will be under $70k using better materials.