All Forum Posts by: Oscar Martins

Thanks for responding J Scott. Unfortunately, schedule C did not meet their requirements. A 1099 form is what they are looking for. However, I never received or filled out a 1099, was under the impression that those were given out to contractors who provided me with services. Im a bit confused.

Hey guys, the flipping business has been tough the last year so I have decided look for steady work. I landed an interview and they are in the process of doing a background check. They are looking for documentation showing proof that I was self-employed, 1099, license, etc. The issue is I never applied for a business license. My income tax return for the last seven years lists the investment properties and profit. Would this suffice? Thanks in advance.

Im purchasing a Short-sale, cash deal, no loans involved.

My realtor just contacted me stating that the HUD has been shutdown. I was scheduled to close next week. What are my options?

Received phone call from my realtor (dual agent), he tells me his broker isnt going to sign off on the transaction due to an issue with their commission. Im not sure what terms were negotiated between the broker & bank. Anyway, we were two days away from closing and my realtor drops this on me. What are my options if the broker and bank cant agree on the rate of commision that is owed? I have threatened to take legal action against my broker & the seller (bank).

J Scott,

I usually get a temp c/o, make all necessary repairs, have re-inspection (no fee) done to get the c/o in my name. Just so I don't encounter problems such as the one I am going through right now.

In these parts, anytime you transfer ownership you need to apply for a new C/O, its silly and should be done away with. As for the garage conversion, I find it obnoxious that he didn't write it on the report when I purchased the property. Eight months later he apparently "discovered" it, he must have been completely blind the first time. Give me a break. Wouldve never purchased the home at that price. I always do my due diligence on the properties I purchase. I guess I should check to see if there were permits to build the house, put the roof on, insulation, plumbing, electrical, driveway, foundation, framing, drywall. Get my drift? The house was built in the 40's and they only started keeping records in the 70's. If it wasn't for the garage he would have picked on something else.

Im getting sick and tired of having the building/health dept ruin my deals. I purchased a property in July of 2012. House was in as-is condition, health inspector wrote up a report of all the repairs that needed to be completed in order to obtain the c/o. I received a temp c/o and started on the list of repairs. Three months later all repairs were completed, inspector checked off on it and handed me the c/o. Four months go by and the house is under contract and ready to close, I applied for a c/o again, same inspector comes out tells me that I converted the garage into a bedroom (its been that way for at least 10years). This jerk was there less than a year ago and said nothing about it but all of a sudden its an issue. He said i was going to need an engineer and architect to draw up plans and permits. This is going to eliminate a huge chunk of my profit and possibly lose my buyer. its disgusting how corrupt these guys are. I refuse to spend obe more dollar in this town..makes me want to get out of the biz altogether. Just needed to vent.

You can go over it w drywall, use longer screws and make sure your hitting the studs.

Keep the paint color, give the exterior a good cleaning and add color through landscaping. Lose the shutters on the front window dormer. If you do decide to paint it, go a shade or two lighter.

Just had a contract on a single-family fall through. Buyer was pre-approved for a VA Loan, completed all inspections, buyer cancelled the contract because he didnt meet the income requirement for VA loan. Did they not check his income when he obtained pre-approval? Buyers attorney has yet to provide documentation showing denial due to insufficient income. Im having my attorney request proof. Anyone experience this? Thanks.