All Forum Posts by: Frank McGovern

I closed last friday as planned. I walked away with $4900. I am working on a couple other deals as we speak!!! Thanks again BP!!!

Thanks everyone.
@steve-is there a different contract I can use to avoid the tax?

Thanks everyone.

@steve-i am using the end investors title co and I didnt factor in the transfer tax but i will look into it further and factor that in next time.Thanks.

On another note, should be closing deal 2 next week for $2k. Will keep everyone posted

I started researching wholesaling in December, about the same time I joined BP. I have wanted to get into REI since I was 18 (im 26). I got laid off and felt it would be the opportune time to get into REI. I started marketing at the end of July/late February. I will be getting my 1st check this friday. I got a property under contract for $15k and I am assigning the property for $20500. I will gross $5500. I just want those out there who are thinking about getting into REI to know that if you put in the time and effort in this business, it will pay off. It wont happen overnight but with patience and persistence it will happen!!!! Thanks BP for all the information and motivation!!!

I was planning on marketing it to cash buyers only. Should have it under contract by tomorrow. I will let everyone know how it turns out.

Thanks for all the feedback. I was planning on just flipping the contract. My thinking exactly Todd. I felt I will start at $25k and go as low as $22k. I think the disparity in the home sales prices are mainly due to the fact that some of the homes are in a lot better condition than others. I plan on making my offer today. I will give an update after I get it under contract and start marketing the property.

This may be be a stupid question but I would rather be safe than sorry. I get the seller to sign an agreement of sale. I get the end buyer to sign an assignment contract. We all go to the title co. with our docs and we all get what we want. Am I missing anything?

I am about to get my 1st property under contract. The seller wants $17k. Needs $5k in repairs. A house on the block sold in Dec. (same attributes as the house Im getting under contract) sold for $60k. There are houses on the market within a block radius of my house going from $55k to $70k. I was gonna offer it for $25. I think its a win-win-win situation. What do you guys think?

Thanks Justin and Demos. I wanted to get a general idea of what items would be deductible. I think I will talk to an accountant who knows REI tho.

I have just started my wholesaling business and want to know (for next year) what expenses are tax deductible. I know it will vary from state to state. I am asking because I want to keep track of everything during this year that I can deduct next year. Any comments/feedback would be greatly appreciated. Thanks.