I'm brand new to this so I apologize if this question has been answered but heard something on a different website that sounds a bit grey to me.They said that as part of the wholesale if you have an "investor friendly" title company and the end funds where already wired prior to your closing you can do what is called a dry close and use the end buyers funds to pay off your purchase contract?   

RichOverall from the info that I've gathered the market is about at the bottom.And the potential deals are drying up.Most of the investors are in buy and hold status now.Waiting for appreciation in about 3-5 years.Would love to sit with you guys and pick your brains on the 10th if at all possible.If not could we meet at the summitt.I plan to take in your session.

Their is a difference between what "needs" to be done and what you want to have done.As you don't have experience yet, why don't you hire a home inspector to run through the property - the inspection report will tell you what "needs" to be done to sell the home.That becomes the basis for your discussion with the GC. i.e let's say the inspector tells you the cabinets around the kitchen sink show sign of water damage/rot and they need to be repaired - then you can discuss with your GC the costs to repair what is in place vs. replacing the kitchen cabinets with a newer more marketable kitchen.

On those that I did, I had such a huge spread in the deal, it was not a danger to profitability.There will be times that you will get into a rehab and discover some items that were impossible to see upon visual inspections, but in most cases, these items are not so expensive that they are a danger to your profitability, they simply cut into some of your profits (which should be large to start with if you do it right).In my rehab video series, I rehabbed a home where the floor boards in the kitchen and master bath were found to be rotted and needed replacement.

:I hate to say it but I think she is covering up the lie she told you the first time.Yes, and if it's five days to close,closing documents could have ink drying and you can't change those with an addendum and no one wants to redo them, so expect to go to closing in your name, IMO.As to changing it later on, using a quit claim will weaken the chain of title, better to use a Special Warranty Deed subject to existing financing

hey charles, thanks for the comments...very kind of you to say....i originally started that blog to help out newbies, to show them how far you can come in a year...i really should update it more often...cheryl, i do negotiate with them sometimes....we're on our 9th job together, so it's still soon for them to start slipping (i hope)...i'm still happy with their quality and prices to be honest (but don't tell them i said that)... they throw in a lot of freebies for me too...for instance, we were gutting a house last week, and they reframed 400 sq ft for free of rotted 2x4 and 2x6 studs, and sill plates..i just had to cover materials...same with the roof when i replaced that...they don't charge me for bad surprises lik some contractors would--i buy the materials, they take care of it, and we happily move on to the next one..there was a point when they were out of work during the housing bust, so they're just happy to be working year round again i guess :)

As for the general trends in the market, I think it's pretty likely things will tick up in the next year or two, if only because the foreclosure inventory will start to dry up, and the market will start to use natural competitive forces again.Over 5 years, I have a feeling interest rates will rise significantly (back to the 6-8% range), which will hurt transaction velocity (fewer people qualifying for loans), but I don't expect things will be as bad as they have been the past couple years.Now, if you go out 10 years, if the underlying issues in our economy haven't been fixed, I have a feeling that we'll have another major recession, perhaps bigger than the one we just started to dig out of, and that cycle will likely continue every 5-10 years or so until the underlying problems are solved.That's my pure opinion (guess)...

If the buyer can't qualify with the banks, it's likely he's at a high risk of default, and then in two years I'm going to end up with a trashed property that is going to cost more to rehab than was earned during that two year period;2) The note market for sub-prime borrowers has essentially dried up.

You don't want contractors walking on your floors before they have properly dried or mucking them up after they are done.As for the area, you have a mixed area there if it hasn't changed much.

When the offers dry up he'll sweat.