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.
@Marc Pfleger That's awesome dude.... Keep up the good work and rock on!
You just paid 1k for education, Im guessing you'll never forget that again !
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!
@Chris Adams you live and you learn, I most certainly will never make that mistake again. On to the next deal ...
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.