Updated almost 10 years ago on . Most recent reply
First Flip Deal
Hello,
I bought a house with the intention to flip. There are tenants living in it. The house wasn't properly maintained.
The seller did not furnish a contract which was already expired.
I intend to flip the house as quickly as possible since I have a hard money loan.
What is the best way to handle this deal?
Draw a month-to-month contract with a 30-day termination clause when I have a buyer?
How and when does the security deposit get handled?
Should I convince the seller to settle the security deposit now? (Especially before I start repairs).
How does that get handled?
I wouldn't want to get burned by a tenant that will not move because of a previous contract.
This is a Florida property.
Anything else I need to be concerned with?
Thanks!
Elda