All Forum Posts by: Parish Benoit

I just sold my first house for 10k profit and am about to have another contract signed. I have spent around 5-6 hours driving so about $40 in fuel. I have spent $30 on stamps, $1 yellow paper pad and $1 box of envelopes both from Dollar General. That's all out of pocket I have spent. I will make at least 10k on this next contract. I started this May 10th.

So for me it has cost less than $75 to make 20k in  6 weeks.

Hope that helps.

 What preliminary work do you do? My title agent has started title work today. 

 While discussing this deal with my title agent yesterday I had concluded an assignment would be the route to go but once I got home and really thought about it I have asked her this morning to show me the numbers doing a double close. I have a really hot buyer who wants more houses. I did not allow negotiations on the price I sold it to him. If he knows then the next deal he will know he can negotiate.

Sold the house the first day I showed it yesterday! Yea!! I received $500 down and will walk with $9500 at closing. Today I Met with the closing agent  I have been talking with on the phone and we ironed out some specifics. This was a great first deal. I learned a lot and will be more efficient next time. 

Not bad for a laid off oil driller.

Time to get another house.

I need to know who pays the taxes when you have bought and sold with a terms deal. the deed stays in the original owners name until paid off so the tax bill would still be his. i cant see how he would accept terms then. Help from anyone with experience is appreciated.

go with the 10k profit now and be out or make terms and stay ivolved to make more????

This is where I'm at today. I've listed it for 1 day and I have 2 different buyers.

1. Investor will pay all cash now. I make 10k and I'm done, need to find another house.

2. Buyer w/ 20k down and can pay 1k/mo. I will have to renegotiate with home owner and get him to accept terms now that he wants the big check we have agreed on. Im pretty sure I can change his position. I can offer to pay him $750/m (he was accepting 700/mo rent) to accept terms.

To the #2 guy, I would raise the price another 10k just for financing because this is listed as a wholesale deal all cash. Im sure he will take it.

I feel I have complete control of this with the home owner since the house was not even listed for sale. 

Take the 10k now or go with terms that I really have no clue about but will get an attorney to close so my *** is covered. 

Im torn. I know the money is better with terms but im new and i think i need to walk before i run. flipping is easy and not complicated. Terms is complicated but way more profitable.

Lets hear it from all of you....

I got the Purchase And Sales Agreement from a home study course. In the course however, it was not spelled out exactly what to do once I have the agreements signed by seller and end buyer. This house has been abandoned by renters that trashed it and left all their crap inside. The owner does not want to mess with it. I am doing him a favor.

I spoke with a title company yesterday and sent them the form to let me know if they can do this type of "double close". I should know something this morning so I can now let my buyers list know I have a house for sale.

Thanks for everyone's input. I'll keep ya'll updated.

Help! I'm new and I dont know what to do. I just signed my first contract for a wholesale flip. Now what?  Do I call a title company and ask them? I dont think I need an attorney for this transaction but what do I know. 

I'm in Texas if that matters.

All comments are appreciated.