Fellow Investors,
Your friends at Investorteams.com are always looking for ways to build our credibility as real estate investors. Even though we've bought and sold properties before, we've never done an official rehab. So we thought, why not try it when the economy is bad and real estate is even worse. If we can do it here, we can do it anywhere! :) It's already been quite a ride as we got a pretty good deal in the beautiful city of Birmngham, Michigan. We know we got a good deal because after our offer was accepted, the buyer has been looking for ways to get out of the deal. We later found out that multiple offers had come in at full price and now the seller wants out.
This comes to our first lesson: If you plan to be on the mortgage, make sure you are on the purchase agreement. I wanted the mortgage in my name, but my partner was the one who put the original offer in. My banker needed my name on the contract to do the mortgage in my name. The seller said that if we added my name to the contract, that would be the change he needed to get out of the deal. BUT, we are flexible and the mortage will simply go in my partner's name. But lesson learned!
More to come as we start the bidding war to see who wants to work on our house!
To Greater Success!
InvestorTeams.com
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