Biggest House Flipping Mistake

[@connormccormackskygold9282]

Love the fact that this guy is totally honest, crisp, clear, direct, informative, and no bullshit. Way to go Phil!

[@freedom_mentor]

As a follow up to the previous comment, I usually give $1 earnest money on my deals because I usually work directly with sellers and I rarely join the dogfight of listed foreclosures which require significant non-refundable earnest money.

[@scoobiewu]

These are great tips for anyone selling! We didn't do a flip but employed these strategies and was able to sell our house within 30 days of vacating. Everyone was happy in the end.

[@homecareconstruction9852]

Hi Phil Thank you for laying out the real world nuts and bolts I have both flipped and held With 14 years of experience in Mortgage banking, I can assure your viewers that you are absolutely correct Most folks do not understand the loan process and controlling the buyer is essential for the seller to have a successful sale and for the buyer to have a precise and smooth purchase transaction In my experience it is clear that most Realtors also do not understand the loan process either and can give the seller advice that may actually be a detriment to the successful sale Contract construction, as you have laid it out is essential You are doing a great service in providing such accurate information

[@freedom_mentor]

It helps all parties involved. Thankfully, it sounds like the non-refundable earnest money part would snuff you out of any deals my students or I would be selling so the good news is, if you are the buyer, you won't have to worry about doing business with us :) But if you are selling a property and someone strings you out for 45 days and then cancels scot-free and you have to start all over, don't come complaining to me because I already told you so.

[@freedom_mentor]

Good question. If I understand you correctly, you are talking about being able to use 75% of the rental payment as income to help the mortgage holder improve his/her Debt to Income ratio, right? It has been done before. The mortgage holder can request a copy of the lease you have in place with the tenant and they can send that to their underwriter and sometimes they will accept that and therefore 75% of the rental income can be used to offset the mortgage payment for DTI purposes.

[@frankgrimes2991]

Phil, what I love about your videos, besides the priceless information you provide, is the fact that your videos aren't interrupted every 3 minutes by ads. Thank you so much!

[@freedom_mentor]

It's very difficult to put together a good deal for an investor with a non-motivated, unrealistic seller. Therefore, I avoid working with unmotivated, unrealistic sellers. I've found that too many real estate investors mistakenly try to make a deal out of an unmotivated seller. I use one of the most liberating words in the English language...NEXT

[@totowolf9716]

Not the biggest mistake if you have a price point that will attract multiple buyers for an instant sale which goes back to the most important factor in flipping is buying low and pricing slightly below market while still maintaining a decent margin. The biggest mistake by far is not buying low enough and cost overruns. That simple.

[@Jeff-xy7fv]

That's exactly what I was thinking before I watched this video. I was once told that if you don't buy right, then you're doomed to fail right off the bat. So the biggest mistake is paying too much for a house amid competition with a lot of other bidders.

[@TyroneBryant]

Absolutely great strategy to buy and flip quickly for a decent profit.

[@leonardoalvarez8908]

Love your video's! very great tips! I haven't been in this business long im only 19 but I did acquire my first property already! I am in the process of renovating to flip and these are amazing tips especially like it will be my first time selling and now I have a few pointers! thank you!

[@freedom_mentor]

GREAT question! And the answer isn't a neat and clean "1% of the sales price" or "at least $2,000". No. It's truly a case by case basis. Here's the two questions you want to ask yourself: 1. What amount is enough to cause the prospective Buyer some pain if they want to walk away? 2. What amount is going to cover at least the costs associated with the time the deal will be tied up with this Buyer? You want the minimum amount where those two questions to intersect

[@chillinwithladychil713]

Phil, my name is Lisa and i think you are inspiring...you are a great teacher, it's very easy for me to understand your techniques and what your saying..I live in Illinois and would love to be an apprentice of yours. I really hope you consider me as your apprentice and teach me to benefit myself...I'm unemployed right now and a single parent and always wanted to get into real estate..I have what it takes to do this...Thanks for taking time to read this comment,

[@SeanMcCaffrey-zo4jw]

Phil when it comes to your teaching, I am speechless. SPECTACULAR!!!

[@johnhassler7517]

Phil, I believe your true calling was teaching. I really appreciate your videos, your techniques, and descriptive, simple explanations. I've listened to others on here in the same field, but you have a good manner with your explanations. You make it easy to follow along for any education level. I'm confident others will agree. Keep it going, you're doing a great job.

[@gainelturner3325]

Hi Phil, truly enjoyed your knowledge and mentor guide on the best formula form House Flipping, and way's on not to make Mistakes. What I love best, their not too long and overdrawn, but very specific and right to the point of what to do, and what to stay away from. I've learned a great deal from each video that I've watched and I want you to know that I truly thank you........

[@eunece88]

This is by far the smartest thing I have ever heard!! And you made it fool proof... So glad I found this video

[@freedom_mentor]

There are definitely two very opposing schools of thought as it relates to the sharing of business trade secrets. On one side is your line of thinking, and many others share that too, including the authors of "Re-Work" who run the company 37 Signals. On the other side are those that guard what they believe to be trade secrets very closely. I see both sides and I think it depends on what type of investing you are doing; traditional or creative. Thanks for sharing your thoughts!

[@hesneyk1]

I am so blown away by this information. I am in the wishing stage that I can do this stuff (due to zero knowledge & experience). I really want to do this stuff, but I am so afraid. This is so new to me & I am so green. Thanks for your heart of a teacher Phil.

[@AndieeGrl]

I can relate to you Keith. I'm in the same boat! We must keep pushing and make it.

[@KingKrow.]

Same do I but I'm losing this fear and planning when to take action

[@tnuoccak3v]

I recommend to keep studying then. If you are really interested don't think it will be easy. Maybe go ahead and get your real estate license. It's easy, and you can meet people who are making transactions with houses all the time. Connect with the smart people. There are a lot of real estate agents, I would say most of them know almost nothing about the housing market. You could be one that does.

[@nicolafisher241]

On the off chance that your monetary circumstance is in desperate straits and you want an ongoing generating 138 usd per day cash online to bail you out of this situation. You may need to look *OnlineNetCareer. Com*

[@LifeX2Find]

Kev N .. Then, why would you advise them to get their real estate licenses, if most of the agent's you suggesting they hang with know nothing about the hosuing market? You're funny!!

[@amyaz7070]

I'm currently putting my house on the market to upgrade into something bigger for me and my kids - This video gave me great info on not only researching and learning the "flipping house" business but info on selling our current home. I'm probably going to finish watching your series of videos by the end of the night! Thank you!

[@MrAlanKendall]

Great Video. I once had a very good loan officer that was getting me good loans. I was selling a home and did none of these things and nothing happened in my excrow for over a month, I had to sit down with the listling agent and talk him into getting the buyer to use my loan officer and the persons credit was bad and the very professional loan officer got their credit cleaned up and got the deal done.

[@hectorlasanta1046]

I love Phil's energy... This is the first video I watch from him. And as a sales person, everything he pointed out made perfect sense to me.... Thank you for this valuable info and I'll be putting it to work!

[@bobreavis1]

Right arm Phil! I guess that should read "right on Phil". You say it straight and honest and I admire you for it. Keep up the great work ant thanks for your free youtube presentations. Worth pure gold my friend. I give you and A+ with two thumbs up.

[@DJ-nomadlife]

Came across this channel last week ,and this guy seem to give legit and doesn't hide any information .thanks Phil.

[@vukosimakhubele7836]

Hello Phil, I came across your videos three weeks ago and was really inspired by them. I decided to get out there and make things happen. I managed to find a house which came on the market 2 years ago at R1 500 000 (South African Rand) and the price has now gone down to R1 200 000. The owner agreed to negotiate owner financing on 50% of what he is selling for if I can come up with the other 50%. I asked him for all the information he was willing to share like you advised in your videos and what I have found is that he wants to get rid of the house because he is retired and he wants to travel and visit his children who live in various place around the world. He wants to use the down payment to buy a mobile home which he will live out of as he travels. He also wants to evangelize while travels. And lastly he wants to have money in the pocket to cover his monthly expenses.He enlisted the help of a few real estate agents and several months back he got rid of them. I suspect the reasons are that he has over priced the house and is refusing to lower the price. Now I am sitting with a potential deal, with no loans on it, where the owner has been trying to sell for the last two years and I am struggling to find the best solution for both of us. I do not yet qualify for a mortgage loan.

[@freedom_mentor]

We have set up a program to help educate and train into becoming successful real estate investors. You can learn more about it on my website. Go to the "Apprentice Program" tab. Unfortunately, this KZbin comment box isn't robust enough to handle all of the detailed back and forth coaching that would be involved in order to work you through the process of handling your questions.

[@superspartan112]

Phil, you explain like a good professor. Kudos on this amazing video, this is great advice given to us for free... Can't understate the help you've been.

[@TheOatahcosa]

Are u single?

[@freedom_mentor]

That's an example of the many in-between details of this business that require one to one coaching and training. I know exactly what you are talking about, a biased inspector that is trying to sabotage your deal, but how to handle those situations depends on many different background details.

[@benjoseph8387]

On my on my only 3 flips...Phils advice proves dynamically true...2 out of 3 I controlled my buyers... but 1 let the buyer control me and made small potatoes. These 3 points are VALUABLE thanks, you do nice lesson vids!

[@freedom_mentor]

There is ALWAYS a buyer, if the property is marketed correctly and the price is right. Make sure the property is exposed to the entire market so that all potential buyers can see it and make sure the price is low enough to beat all competitors.

[@comforthomesrealtygroup8660]

Your the best real estate teacher ever! you break everything down, so its easy to follow. Thank you so very much!

[@bobreavis1]

One of the best damned videos I've seen about core issues of selling. I'm good at the renovation end but I learned something from this vid about controling the buyer. It's really about financial damage control. I loved it and you just saved me one hell of a lot of money! Thanks Phil.

[@nicojannasch387]

I LOVE these videos. I hope everyone is taking notes!

[@joel4chaz]

I am simply speechless. Phil, your awsomeness renders me speechless.

[@jennie1276]

First video I have watched of yours & I am excited to watch more, will re-watch & take notes later. Thank you for making this info available to the public!

[@vera1887]

Thanks, I'm not in the business, but I do enjoy watching these videos and your responses help to understand specifics and differences, its so fascinating

[@TalkEssence]

Thx Phil for your time & info. What is the wisest & most cost effective way to market property in your experience?

[@henrylacks9979]

Its so interesting to hear you say this is the biggest house flipping mistake, Phil. Outsiders like me have all types of fantasies about what the biggest mistake is but thanks to an experienced veteran like you sharing these videos, I can be presented with sound wisdom on this topic.

[@lifeisgood070]

I can't believe these videos came out in 2013. They're so good. Finally getting into real-estate just now.

[@danah.320]

Fantastic tips! Enjoy all of your video's. Learning a lot (and I've bought/sold a few homes on my own). Thanks so much Phil!

[@tvuu]

Phil, on your last point: Post inspection response. If you list the property for $100,000 and their's $5000 worth of major repair to close the deal. Would you lower the price to $95,000 so save on taxes if applicable or would you sell it at $100,000 and give them $5000 cash as described in the videos? BTW: Great information, love the videos. I'm learning so much!

[@dreamofmine]

I JUST got my broker license, and this video is a GEM! This will help me with my first listing! THANK YOU!

[@sdloper1]

Wow you were right about getting that under contract... I contacted the seller and someone already purchased the home. I am such a beginner in this business, but very passionate and motivated. I had no idea what to write in the contract or ifI should have a lawyer write it up or what. That's why I really need your help. I get calls about deals likethis all the time and it's killing me to see the money just slip through my hands.

[@maabdou2000]

Do you buy investment property cash or with loan better?

[@freedom_mentor]

This video explores that topic: kzbin.info/www/bejne/iaq9pptvms1jgKs

[@bballskillz7040]

Hello, I was looking into really getting into this market and need some help on understanding how exactly to do so. I don't have any money to really invest in a house but I have heard you don't really need any money just knowledge and skill. I need both. Do you have any advice? And is what I heard really true? Thank you in advance.

[@freedom_mentor]

Check out this video to help you get started: Real Estate Investing for Beginners (And it is important to point out that a little bit of money does go a long way with creative real estate investing)

[@woodedape]

Cool! That was the answer to a question is was wanting to ask you. I am moving back to my Hometown. Unfortunately it is a depressed area. I want to by a decent home to live in and then later on buy some investment properties. However I was worried about buying a home in this area and then not being able to resell after rehabing it. Thanks for all the info so far! Keep up the great videos. You are very inspiring. Thanks!!!

[@freedom_mentor]

I certainly could, and perhaps in the future, I will, Good idea. But here's a quick short cut for MOST investors...avoid them altogether. I could give you a 100 reasons why foreclosures are big waste of time and money. Too much competition, from retail buyers to hedge funds and Wall Street firms. to other investors. Much more risk because they require cash for earnest money, down payments, etc. Restrictive. It's hard to flip them. For most investors, its best to avoid foreclosures altogether.

[@freedom_mentor]

(1) A Buyer usually has to make a refundable earnest money deposit of $500, $1,000 or more, IF they are investing the traditional way. Please check out my video on Traditional vs Creative Investing. (2) Again, in a traditional transaction, if you have to put down earnest money, you would be wise to have some outs in the contract so that after the inspection period, the earnest would still be refundable. That;s tough to pull off with foreclosures because banks force you to use their contracts.

[@1charcoal1]

The information Phil discusses on this video is priceless!.

[@vitaliyilich]

Thanks for the vid! Great info. I'm just starting to look into becoming part of the real estate industry. I'm young and need mentoring. I love learning and love to work hard. What would you advise? By the way great energy level did you drink a rockstar?

[@freedom_mentor]

That's a very big question that requires an even bigger answer. I would suggest reading my book "How to be a Real Estate Investor" before doing your first deal. It will be very eye opening to the truth of how to be successful in this business.

[@freedom_mentor]

You get written and/or verbal permission prior to obtaining information from the mortgage broker.

[@paystar3436]

Good ADVICE PHIL, THANKS ! DO Not be what you call a "most" investor.. no my cost is paid by the Buyer and or Seller. What are you trying to "sell" here ? Just do not get your angle. Never "desparate" to sell.. no I UNDERBID my profit on everyone...LOL ! Do not need more that 1-2k to profit in my hand at closing. You ? How many hours toiled to get this amount of money in any other enterprise ? Yes, others like TITLE CO, attorneys, etc. also get paid as well. Action pays.. talk does not. Really appreciate your shares of the working info...keep em' coming !

[@freedom_mentor]

Either way, you will get the tax benefit because the $5,000 is an expense. So from a tax perspective, either way is the same. Usually though, lowering the purchase price can wreck havoc with the new buyer's loan process. Usually, it is better to give a $5,000 credit and leave the sales price alone. However, in some cases, the new buyer's lender will not allow any credits so you have to reduce the purchase price and that can delay the loan process because you have to create a new contract, etc.

[@Kdija89]

Great advice! I'm just getting started in this business. Thank you so much for sharing this informative video.

[@CarltonWatkinsSr]

Great closing info and again thanks for sharing. I enjoy learning from you. I just recieved your book today and I am looking forward to that reading. Pugs

[@OliverKoolO]

Your videos are great. Excellent insite and from your expressions and tone you really enjoy what your doing. Keep it up. Thanks.

[@freedom_mentor]

It sounds like you may be mixing up two different styles. On the creative side of things, you are hoping that there is very little competition because you see very few bandit signs or people posting We Buy Houses posts on Craigslist. The beauty of Creative investing is that there is usually very little competition. However, on the traditional side, which includes foreclosures, it's a different story. You are not just competing against other investors, but retail buyers. It's a different ballgame

[@granjmy]

Hi Phil. When you say nonrefundable earnest deposit, does that mean the buyer will never see that money again? Or is it applied to the price of the house, lowering that price by the amount of the earnest money being held? Thanks for your time. :)

[@freedom_mentor]

It is applied to the price of the home if they buy. If they don't buy, they forfeit that money.

[@granjmy]

Thanks for clearing that up. I appreciate it.

[@18wkiii]

Why don't you have more views... This is good stuff Phil, happy I came across this. Question on "subject to" can the mortgage holder claim the mortgage payment (75% of it) as income?

[@brianrichards7006]

These are not just real estate investment lessons, but life lessons. Being confident enough to say "no" is very powerful. Think about how many times you've said "yes", knowing intuitively it was not likely in your best interest.

[@maritzagutierrez3447]

This advise it is amazing, I just was in a bad situation with my property been hold by the buyer. I apply this condition in the back-up offer, they accepted. so i immediately cancel the present buyer. I am so happy to find this video Phil THANK YOU VERY MUCH....

[@CarlosRodriguez-ru8em]

Awesome delivery. Phil as a general rule, do you have a preference in buying foreclosed houses, short sales or motivated sellers?

[@freedom_mentor]

+Carlos Rodriguez Motivated sellers.

[@thejazzmonastery9541]

Thank you Phil, I haven't even begun and I'm a late starter at that, but your vids are hugely helpful as I ponder what to do with a small sum I'll have soon.

[@freedom_mentor]

The more information I share, the stronger relationship I build with the audience of budding real estate investors out there. As the relationship builds, some ask me and my team to mentor them and we work together and share in the profits of the deals we do together. So why would I share all my secrets? Because when I do, I share in the upside along with the person who received those secrets.

[@thatarkguy]

have watched a few of your videos and much of your advice is very solid. the only thing i don't agree with is #3. yes, sometimes it works better to whittle list away and make $ concession. however, there are a couple of issues with that. 1) b/c i run multiple crews, i can usually get things fixed cheaper and more easily than a retail buyer. 2) many lenders will not allow credits to buyer at closing or $ held in escrow for repairs. 3) often, any change to the deal, such as a price reduction, will screw up the underwriting and cause a delay. so sometimes it's just easier & cheaper to fix it for the buyer.

[@johnnybgood3703]

I'm a real estate agent so I would save on listing commission and also make money buying the fixer upper..question is how do I know what property is ideal for a flip and what market situation..thanks

[@freedom_mentor]

Those are million dollar questions :) Take this free course: courses.freedommentor.com

[@kraybrother8768]

i just like watching this guy videos just to see his facial expressions ctfu! and plus he knows what he's talking about

[@anthonylaplaca7276]

Thanks, lots of great insights. I have done many real estate transactions. I like the idea of the nonrefundable earnest money, but I have my doubts that anyone would agree to that before the inspection was completed and the work or credits were negotiated and agreed to.

[@313spotlight]

I study almost every video you post as im a 1st time investor now in michigan!I kinda agree with the non refundable earnest money deal but i just backed out a deal 1 month ago with a realty company because the agent made a mistake and shreded my cashiers check as deposit. (Go Figure) I cant get it back from my bank for 90days now. Good thing it WAS refundable because i noticed i dealt with an incompetent agent. Luckily he made that mistake which brought me to your motivation posts. Very knowledgable and i really appreciate when you give examples. Im preparing for an auction this month and weighing out pros and cons if i want to go through or just buy from the owner to MOVE. what do you think about adverse possession laws and are you familiar with the affidavit of abandonment laws pertaining to buying properties with tax liens only? It seems theirs alot going on around me these days about this matter for some odd reason in my state im sure your not a lawyer but just want your feed back

[@freedom_mentor]

Watch this video: kzbin.info/www/bejne/qHWZZmmohryprrM

[@TheChatos89]

Hi phil, i like your videos you have a way of breaking down concepts and explaining them in an easy manner. Was just curious if you have a mentor programme running in other contries or if its just USA?

[@freedom_mentor]

Canada is the only other country at this point.

[@jasminemoreno9046]

Love all this Info! I feel ahead of the game! I’m barley going to start real estate classes and I’ve watched many of your videos! I love all the information and the energy you give! Gracias

[@jonwz]

Great vid Phil! What's reasonable to agree on if the deal falls through do to the inspection? I'm coming from a cash buyer's point of view, so the seller would know that finance isn't an issue. I know you are a seller, but I wonder if you'd agree to split the inspection fee if you and the buyer couldn't agree on a repair (or compensation) plan.

[@freedom_mentor]

+jonwz Every deal is different

[@freedom_mentor]

Some lenders don't allow that addition on the closing statement. That can kill the loan on the day of closing...its happened to me before.

[@Somewhere-In-AZ]

I'm on my fourth house, but I live in them for several years in between. The last home I sold got tied up for 4 months by an unqualified buyer! That was very frustrating because I was basically homeless (renting a room) and continuing to pay that mortgage the whole time. My agent wouldn't walk away from that guy, probably because he represented them and wanted both sides of the pie. I bought directly from the owner/ seller this time, no commissions to pay, seller got their price and I'm happy because in 5 years this is worth $100,000 more than what I paid. Real estate takes patience. Be tenacious about getting what you want both when buying and when selling. Be willing to move. Buy low, sell high. If you require that nonreturnable deposit, you weed out people that will waste your time.

[@D_effective]

That last one blew my mind, wow. Great vid. As a person trying to start a flipping business this video has priceless information. Subscribed.

[@theman2249]

Can you make a video about how to present a property to a potential buyer when he comes to take a look at it?

[@theopenbook3280]

Thanks Phil!...I'm 28, I make around 4k a month and I've honestly been very bad with money. My credit is bad and I'm trying to turn it all around. If I was able to save 20k in a year, do you think trying to flip houses would be the smartest way to invest that money?

[@freedom_mentor]

Sounds great. My team will reach out to you as soon as possible.

[@princegold1927]

Bro ur so enthusiastic about wat ur doing I'm learning so much from. You... I'm in Canada.... thanx a mil for making this u tube channel

[@tridan333]

Phil, Now this is a great video, It will save me loads of time and money. Excellent Strategies, thanks for taking the time on making this video. Daniel Musquez

[@johnvas4173]

Hi Phil, Love the videos. As an ex FL Realtor. I would not show properties to buyers unless they had an approval letter from their bank. PreQual letters are worthless. Miami was notorious for weekend tourist. I'm not a tour guide! My broker didn't seem to get it. No loyalty either. Buyers agents were non existent 10yrs ago. Clients would not commit because they would use an agent to show them properties then go to their friend, cousin, sis/bro, aunt/uncle who was an agent to make the offers.

[@craigpfeffer4369]

Great video. I also like the idea of lowering the purchase price instead of paying more money for repair requests by the buyer in case the appraisal comes in a little short of the purchase price. Thanks for sharing.

[@valdanowill]

Is this the same as the deposit that the buyer makes during the agreement?

[@miguelinspirado]

So awesome. I was able to incorporate #3 without watching this video! The inspector gave the buyer a laundry list of things that needed fixed/replaced. I we reduced our price exactly $3,000 to close. Whether or not they fix or replace the items. I don’t care. We closed and made a great profit. Win - win

[@desicrimepodcast]

omg Phil you are awesome. I would like to be your student ;) You are so honest. I live in VA and am applying to be a real estate agent. We are planning to buy a fixer upper but we are skeptical as to if we could get a good deal when the time comes to sell it. I wish you all the best with your work.

[@georgetheavguy]

Excellent video Phil! Thank you for the advice. I am sure to use it in the future.

[@AZBOSSIN]

Hi Phil, Had my attention the whole time . Great work Thanks I was understanding it as my mortgage guy would simply underwrite , you recommend that I request a credit inquiry on the buyer as well? Selling my house Thanks

[@freedom_mentor]

+AZBOSSIN Your mortgage person can do that.

[@fanofjeraldbringsswag4522]

Thanks for this video, so motivating!! God bless you for freely sharing the knowledge you have in this business!!

[@jimgardner11]

Great video. Adding the clause related to Post Inspection Response also should help Seller avoid liabilities related to making repairs and any warranties related thereto.

[@ceplunkett2000]

Phil, makes perfect sense. I cant imagine not getting earnest money. Period.

[@BeautifulAuthentic]

What type of houses should I look for when buying and renovating homes I'm new to this but I watched one of your videos about getting a hard money loan and when I looked into it they asked about natural cost for the house and details address ect...would I have to get a contract with the seller then get approved for the loan...I'm really lost

[@dgrosso8732]

I’ve seen many times these words put in the listing ‘sold as is with right to inspect’. What are your feelings toward that statement? Thanks, Phil!

[@freedom_mentor]

I don't see the benefit to having that language in a listing description.

[@tonyc5545]

Phil, I have been wanting to get into real estate for about 3 years now because the area I live in is a gold mine for renovating and flipping two family houses. my biggest problem is where do I start??

[@freedom_mentor]

tony c Here: courses.freedommentor.com

[@jamesparish64]

Damn! that's some great insight Phil Thank you!!!

[@sjthespeaker]

Great video Phil, I'm a new realtor and that was awesome tips and I took notes. My only question is you stated you would have the proper legal verbiage that we could use in the contract. Could you please show me where could locate that information please?

[@freedom_mentor]

Hire a very good creative real estate investing attorney.

[@sjthespeaker]

Roger that. Thank you.

[@theopenbook3280]

Hey Phil!.. Great stuff;).. How much would you ask for in regards to the non-refundable earnest money?

[@tgsllc9904]

Very informative! I almost didn't watch it because all I saw in the preview was a pre-approval and I was like, "Duh!" Maybe each state is different, but I always thought earnest money was non-refundable after the inspection period. I do have a couple questions for you though regarding the inspection response. What if the buyer has already maxed out seller concessions? For instance: My gf is under contract as a buyer now with 3K in concessions for closing under an FHA loan. My state's real estate laws max out concessions at 3K, so would the inspection response be a different scenario? Also, concerning FHA and VA loans, the underwriters require certain things to be fixed for those loans, so my question is should investors allow those loans at all or should the requirements for those be met as an exclusion? Thanks for any input.

[@griffinartandairbrushing3174]

Thank you... very informative. When we were looking at houses, we had to be pre-approved to even step into and look around the one that interested us. The owner did not want people wasting his time just to nose around. I guess the "I'll take off the amount of repairs needed off the cost of the home, may not work with all loan types. HUD and FDA for example. i.e. lead paint fix... etc. or would it?

[@freedom_mentor]

Correct.

[@AlexSujeewakaDeSilva]

Mr. Phil, it is very enlighten presentation, Sincere note of appreciation for same, I really love it. Thanks & God bless you.

[@jeroenhemmeryckx]

Your insights are remarkable! Thanks man, subbed immidiatly after the video