Posted by John Estell(Denver) on January 05, 1999 at 24:57:24:
Thanks! You know I really appreciate all the excellent advice I get from those who have journeyed down the path before me. There are toooooo many to name. Thanks for putting up with all the questions that I’m sure gets old for you vets. Thanks again.
Jackie (Dallas) - Flip Question - Posted by John Estell(Denver)
Posted by John Estell(Denver) on January 04, 1999 at 20:49:17:
Jackie, first congrads on a very fine article. I look forward to your following articles. My comment is when do you get paid for someone purchasing your position or your purchase agreement? Do you get paid when the investor buys the contract from you or do you have to wait? Thanks.
Re: Jackie (Dallas) - Flip Question - Posted by SCook85
Posted by SCook85 on January 04, 1999 at 21:37:01:
John,
you get paid according to the way you do the deal. Most experienced investors will not pay you until settlement though. They want to make sure they get clear title to the property. If they pay you and the deal doesn’t go through then they have to track you down. Makes sense to hold out till they hold the property. The ideal situation for both parties would be to have the money put into escrow and released to you when the deal settles or if the new buyer backs out.
SCook85