Skip to content
General Real Estate Investing

User Stats

443
Posts
149
Votes
Karin Crompton
  • Rehabber
  • Niantic, CT
149
Votes |
443
Posts

Well, this is awkward ... (HUD 1 will say I'm loaded when I'm not!)

Karin Crompton
  • Rehabber
  • Niantic, CT
Posted Jun 6 2013, 12:48

Hey all,

We are scheduled to close tomorrow on the sale of a property we rehabbed (woo-hoo!). This is my first rehab, and we will make a decent profit (again, woo-hoo!) ... however, the profit is nothing close to what the paperwork will make it appear to be!

It occurred to me today that we will walk out of the closing tomorrow with a check for about $150k-plus. The majority of that will pay back money we borrowed for rehab, a hunk of cash my business partner put into the venture, etc.

The thing is, I don't want the buyer to think 150k is the profit we made, for a variety of reasons. How do you handle this, if at all? I was thinking along the lines of a joke during closing, like, "Man, I wish we were pocketing all that!" haha

Do you all say anything, or just leave it be?

Loading replies...