$10 turns in to $5000, Flipping Houses Real Estate Investing Wholesaling

[PsionNinja]

In my area people tend to be more problematic when it comes to giving $10 for an earnest deposit. Most want $100 or even more. I have talked some sense into some but some are dead set on the $100 or more and I walked away cause I didn't want to mess with finicky people.

So can I avoid the issue by writing in the agreement that the EM will be paid at closing? And would that make the contract still legally binding?

[TeachMeFlipping]

Normally that means they are not motivated enough.... One of my students has an interesting clause in the contract his uses. to cover EM.

I'll see if he will send me a copy to offer

[nubirthgod]

where is your assignment fee listed on a hud-1 form, or IS it listed on there? do they request your tax payer id number at closing for tax purposes or do you have to handle that yourself?

[TeachMeFlipping]

you should always be paid on the buyer's side of the hud-1

you will always handle your own taxes

[nubirthgod]

is it listed as a assignment fee on the buyers side of the hud? ive HEARD that some lenders dont like that. as far as taxes, for clarification, are you ever given a 1099 or requested to show the tax number, or is it, strictly up to you, like you said? im not being redundant, just wanted a little more clarification.

[TeachMeFlipping]

it's simply income that you have to report

[Ldb3221]

How do I present the $10 for consideration? During the agreement with the seller, do I just place it in his hands? And where is the $10 for consideration mentioned in the agreement?

[TeachMeFlipping]

Yes, you simply explain it when you going over the contract with the seller. It's "earnest money"

[justinjscar]

you dont have to put any cash down

[TeachMeFlipping]

just earnest money, $10 normally

[lexus119]

great bizness give 10 dollars to get 5k lol not bad at all :)

[TeachMeFlipping]

that's wats up

[TeachMeFlipping]

Thanks, check your messages

[haweye79]

You know your stuff..I'm frustrated cause I see great deals in my area but I don't have the funds to lock them in, but I have the skill to do much of the repair work..Help I need direction..

[gusserlover]

Get the man's course and have him help you get those deals. If they're good deals they won't last long and you'll be kicking yourself for not acting on them. ; )