since I am new to REI I will probably need a lot of help and you will see a lot of me in here but, I am so glad that I’ve found you guys because so far has been a great help.
Even though I have a lot of clouds still going on around me can someone please answer:
When you get a contract on a house and you turn around a flip it,how do I avoid double closing cost or please tell me how this process will work?
I have a mentor and he has been a great help to me but I feel like he is keeping a lot from me because he is using me to split profit.
I recently got my first two deals that never happened after 2 months of constant hard work because so far for me finding motivated sellers as for some others is the most difficult part but after a long endevour in a week I had two deals that the only way to do it was short selling both of them. On one of the deals Bank refused to stop foreclosure and there went out of the window and the other one I offered a $40 expecting for the mortgage company to counter the offer back but this didn’t happened so, when my mentor talked to the bank they told him that I was offering to low so I asked him why they didn’t counter the offer back and He told me that this was my mistake from the beginning since I shouldn’t make an offer right on the spot without asking to stop foreclosure. So after long work once again there goes everything out of the window. Basically I felt like I screwed everything up of this is just a way of him to keep me on his side since he wasn’t able to do the deal either?
I do try to find deals from foreclosures or REO properties but He always insist in putting contracts without risk and that I can do but, the bank always ask for POF which obviously I don’t have but, he does. and due to this back and forth discussions with him I decided just to find pre-foreclosure deals and keep doing that with him until I get on my own; Is there a reason why he is doing this and I am not aware of or is this something that all wise investors avoid to do?
Sorry if is a long explanation and ? but I need some answers and I know you all gladly can help