I have a L/O deal signed up with keys in hand. I’m gonna need to spend maybe around $500-1,000 to get it in “ready to sell” condition. Carpet cleaned, a few minor handyman fixes, bathroom sink refinished, etc. Seller is paying to get the interior painted which is costing her $1,800 out of her pocket, after that she’s tapped out.
My question is what is the most logical way to go about recouping these expenses when the T/B cashes me (and the seller) out? The seller is getting a big chunk of cash at settlement so I have no problem telling her it’s coming out of her proceeds. But what’s the best way to make sure I get it?
Should I just have her sign a note (0% interest/$0 pmt)? If so, should I record it as a 2nd lien?
Should I file a mechanic’s lien?
Write it in the contract?
Or am I just being petty here and should eat these minor costs, seeing how I’m gonna make anywhere from $30-40K in net profits on this deal?
Any ideas appreciated.