All Forum Posts by: Sharetha H.

Ralph R. Because we're friends and they just wouldn't do that to us... :) Just kidding. We are going to have an agreement in writing. Upon Derek Carroll's suggestion, we're going to do a purchase option contract and if we do that, the homeowner won't be able to sell the house to anyone else during the time of our option. The contract will also indicate that they *have* to sell it as well.

Hugh Ayles Thanks!

Derek Carroll Thanks!

Hugh Ayles Thanks. That makes sense, but what about on the actual closing statement? What would the hypothetical line item be (for example: payment to our LLC)?

Derek Carroll Thanks. Now that you said that, I'm thinking if we did a purchase option contract, we could do a double closing once we get a buyer for the renovated house--the first closing between us and our friend, and the second closing between us and the new buyer. That make sense to you? And yeah...we'd still need to figure out the document/language to allow us to be able to work on the house.

Hi Everyone... Working with a partner on our first flip. We don't own the house (a friend does), but we are putting all the money into the renovation (the friend is carrying the mortgage on the property). My partner and I have come to an agreement with the friend on a purchase price (that they would receive when the renovated house is sold), and we will have an agreement drawn up by an attorney outlining the terms. When it comes time to close on the flip sale, how would we show the net profit coming to us on the closing statement? Has anyone ever done a transaction like this?

Hi Brandon...is there any particular reason you want the notice posted on the house? You could just send the notice through the mail to the tenant (I usually send via email as well as snail mail). Just a suggestion. Thanks. 

That's awesome!  I love to see urban infill projects!  It looks like you're pretty close to my area--I live in Smallwood.

I've not used him personally (yet), but I keep hearing about Dale Fussell also.

I've used Paul Mauney also.  I think he charges like $75.  As far as other things you may want to consider during the due diligence period, I would recommend the following:

- Check to see if the property is in a flood zone or not.

- If the property has existing tenants, review the leases and find out if there have been any payment issues.