??? Wholesale question ??? - Posted by RONNIE

Posted by David C. Cooper on June 17, 2007 at 12:11:47:

If your seller and buyer both understand your role in the deal and what your profit will be; and they are both comforable with it there is less of a chance that they will have a problem with it.

Besides, they will have access to the public record so I don’t think it’s a good idea to conceal anything from the people I work with.

They are not “entitled” to anything outside of what is public record, but as a matter of good business I make it my policy to be honest about that info. It minimizes a lot of potential problems.

??? Wholesale question ??? - Posted by RONNIE

Posted by RONNIE on June 16, 2007 at 21:00:48:

Does the seller of a property and the buyer of my contract need to know about my profit in the deal? Is it understood or are they entitled to know i am flipping the contract?

Re: ??? Wholesale question ??? - Posted by IB (NJ)

Posted by IB (NJ) on June 18, 2007 at 07:16:13:

I agree with David. Just know that when you assign a contract, the seller will know at the closing the amount you’re making. It’s on the HUD-1 statement that you sign. With the double or simultaneous closing, the seller is not necessarily privy to this information and will have to find out via public records.

But as David suggested, it’s best to be up front from the start. In my deals I am. However, I don’t typically get into dollar amounts with my seller unless they ask (they usually don’t).