My $1,000.00 mistake

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Marc Pfleger

Real Estate Investor from Seminole, Florida

Nov 08 '13, 04:29 AM

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.

Chris Adams

Residential Landlord from Leesburg, Indiana

Nov 08 '13, 05:46 AM
1 vote

You just paid 1k for education, Im guessing you'll never forget that again !

John Horner

Columbus, Ohio

Nov 08 '13, 05:49 AM
1 vote

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!

Marc Pfleger

Real Estate Investor from Seminole, Florida

Nov 11 '13, 10:33 AM

@Chris Adams you live and you learn, I most certainly will never make that mistake again. On to the next deal ...

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