Archive
We bought a little three-bedroom mill house recently, that we had intended to keep. The problem was that we got so busy working on other projects that the house sat for a while. We kept rationalizing that since we got it at such a good deal, it was OK for it to sit. But after two months, we could see that it was costing us money just sitting there, and we decided to sale it to an investor...
So you just completed the rehab on a flip. Before you put it on market to sale, you and your realtor check the numbers one more time to make sure you get the most out of the house. Your agent reveals there have been some better comparable sales since you started the project and suggests a higher list price than you had anticipated. Excited, you put the house on market at...
So you bought a house to flip, did a jam-up rehab on it, and already have it under contract with some buyers who love it. Things are going great. During the due diligence period, the buyers pay for a home inspector to go out and look the place over. Then it happens. Your agent calls and says, after the home inspection, your buyers have concerns. You’re wondering what could...
We are doing our taxes right now. You may notice it’s August rather than April. Our reason for filling an extension is twofold. One, we get our accountant focused on just us instead of having to share her brain with everyone else. Two – and this is just rumor – I’ve heard you’re less likely to get audited by the IRS if you file an extension. I don’t know if that’s true, but have...
Contract terminations Pete Fortunato has a wonderful way of defining contracts. He says a contract is a memorial of the meeting of the minds. Isn’t that poetic? For us real estate investors, our paper work tells the story of what happened when the buyer and the seller had a meeting of the minds and agreed to a deal. Sometimes I think we lose the simplicity of...