Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 56 posts · 13 votes
so I ended up selling my 2nd property to another investor and hit my goal for a target profit, however, I forgot the magic phrase NET to seller in the contract. When I purchased the property from the previous owner I agreed to no tax proration so the property taxes ended up coming out of my profit. It was still a good deal for me, but could have been better. I basically wholesaled this property.
Flipper/Rehabber · Columbus, OH · Member since 2013 · 1k+ posts · 655 votes
12y
Great Post, I closed a wholesale deal 2 weeks ago and in the sellers contract I had "Buyer pays all closing costs", but in the buyers contract I had "Closing costs will be split", so me being in the middle had to cover about $1,300 in closing costs and title insurance.
You're darn right @Chris Adams , I will never make that mistake again!