Flipping Contracts
How do you get a property under contract to flip and make a profit when the person selling want an earnest money deposit of $5000. I thought you can put down $10-$100 for a legal standard contract.
[ Edited by msentrepreneur on Date 11/12/2006 ]
The person selling may not be motivated enough to accept your offer in which case you just wait or find another seller. You may also want to try to find your buyer with that kind of deposit on hand first then go out and match up with sellers. Also, consider making the offer contingent on something happening (ex: evidence of clear title within 20 business days) before your $5K check could be cashed which would give you time to find a buyer with that amount. Good luck.