Posted by Bill Gatten on May 14, 1999 at 15:10:56:
Shelly,
Don’t worry about the weeds, just plant the seeds. Any profit is good profit. If you start with $1,000 and end up with $1,001, you’re a dollar ahead in a game where some of us have lost tens of thousands…and in worse case, you’re a dollar ahead of where you started. Furthermore, your second deal will be a lot easier, what with the immeasurable experienced your purchased with you first deal.
Good luck!
Bill
Best method to begin? - Posted by Shelly
Posted by Shelly on May 14, 1999 at 10:33:24:
I am a new rei. I have little cash, about $1000. I have heard that I should start with rehabs on a l/o to build cash. Is this true? My father and husband are very handy, they would be willing to do some of the rehab work. Is this a good way to go? What is a minimum amount of profit I should look for per rehab? I also have a friend who owns several banks. Should I use this resource in financing even with little money for down payment?
Thank you
Shelly
Flipping - Posted by Sean
Posted by Sean on May 14, 1999 at 18:09:04:
I always recommend that people begin with flipping. I think this might also masquerade under the name of wholesaling, but I’m not 100 percent positive.
Basically you find a property that is for sale and agree to buy it. You sign a contract with a $500 earnest money deposit and then you re-sell the contract to someone else for a thousand dollar profit (more if you can get it). I think someone suggested Scott Britton’s course (http://www.creonline.com/c-140.htm) as being pretty good, but I’ve never read it. I know the price seems steep, but your first flip and you’ve made back all that money plus.