Posted by Bob-Tx on August 27, 1999 at 09:30:25:
well said Irwin
What Can Go Wrong? - Posted by jan
Posted by jan on August 27, 1999 at 24:12:57:
I’m a newbie and made my first offer on a foreclosure - two family with bank financining for 35,500. The comps are around 60,000 - 65,000. The seller will pay all closing cost.
What can possibly go wrong? I have not set up a corporation, because I’m not sure what to set up. I plan to flip and keep a couple of rental properties.
Thank for all your valuable input.
Jan
Re: What Can Go Wrong? - Posted by Irwin
Posted by Irwin on August 27, 1999 at 06:41:01:
I can’t write the volume that would outline everything that might happen. Perhaps someone else has the time.
It sounds to me like your downside risk is pretty minimal. Why don’t you try doing it in your own name without worrying about trusts, corporations etc…until
you get some experience.
In other words, at your stage, focus on the deal itself and not the side dishes.