Who Is Responsible For "WHAT"
When it comes to wholesaling or "Flipping" a deal that lets say doesnt meet my particular criteria of REI. What costs am I responsible for? (i.e) The title search, survey, contractor estimates, what are the costs that will come out of my pocket to get the deal "flipped" to someone else? Hope that was short and sweet enough guys and girls! lol. But hope your answers will be in depth and alot more ****Must Reach Freshman Investor status before posting URL's***hanks in advance Joey form staten island. 
Dear LargeProfits,
I must say, I am a little taken back. I always considered the act of going into real estate investing as an enormous opportunity to learn many things.
Title Reports? I just order a Property Portfolio which the title company does as an accomodation.
Inspection? I am your man, if I am going to play with a property, I inspect it. I am the man underneath the house talking to the dying cat, the mangled rat and the ever present dark spider waiting for her dinner date whom she intends to wrap well and eat latter that is of course after mating. I knew this type of conduct was expensive, but really.
I am the one that gets all the little papers signed and motivates the owners to proceed on their new occasions. I make up the lists of costs and orders of priority in doing any future repairs.
Thats your job dear friend. Appraisals, I take my little tape and forms and away I go. I take the pretty pictures and I also check out all the comps and if I am in a pleasant mood and wish to impress the next investor in line, why I do pretty pictures of all the comps.
Yes I also visit the various governmental offices to look for Red Tags for violations of code and contact. I talk to neighbors and sometimes the local policeman.
With all this I am enabled to make an educated estimate of things to come.
And that dear sir is what you should be doing. This is how you learn. Actualy it is a lot of fun. As you can see I am a firm believer in OJT, On Job Training. Wanna see my spider bite?
In answer to your question. You supply everything that is needed when you offer the property to another investor. For which you receive a profit.
Cheers Lucius
Joey,normally when you assign/flip a contract to another investor the buyer and seller are responsible for the closing cost. This is also a negotiable item amoung the involved parties. Most of the time as the flipper you will receive the difference between the buying and selling price.
The Staten Island Yankees are proud to announce pitching legend Tommy John as new manager.
Tommy's contract with Yankees was nagotiable, yours with the buyee of thst flip is nagotiable to.
Whatever you two agree is thee contract within or out of the scope of the rules. So go get it tiger and don forget to support Yenkees. They are the best!
Go Yenkee go! [ Edited by omega1 on Date 02/02/2004 ]