Posted by Sailor on May 31, 2006 at 17:07:28:
Frankly, pre-foreclosures are a pain in the patoot. Mobile homes can be sold for ca$h, & much more quickly than RE. Boot Camp is have sold out already, & the deadline for the Early Bird discount in only 2 weeks away. Folks come in from all over the world for this once-a-year MH program. Many of us who’ve already been to Boot Camp are going again (yes, it’s fun as well as informative). For info, contact Sandra at ashelandhomes@charter.net
Tye
Cash Flow vs. Quick Cash - Posted by Sam
Posted by Sam on May 31, 2006 at 16:46:52:
I have excellent credit but not a lot of hard cash. My husband and I own a duplex (live in one side , rent out the other) and i just did my first L/O deal. We are very passionate about RE investing and know it’s one of the things we want to do to help us towards financial freedom, we just find ourselves torn in so many different directions!
We’ve read lots of books- all of which I’d recommend BTW… (Lonnies DOW, Gary Keller’s The Millionaire Real Estae Investor, most of Robert Kiyosakis stuff, Bob Proctor, John Burley’s Quick Cash and Cash Flow Secrets… I could go on but I won’t).
The niches we are interested in: Pre-foreclosures, Mobile Homes and Lease Options. The problem with L/O’s and MH’s is that we feel like we need to make some cash to be able to turn around and invest more… THEN we can focus on creating cash flow. I love the idea of passive income (who doesn’t?) but not sure where the best place to start is considering we need the money to do more deals…
Any ideas are greatly appreciated!
Re: Cash Flow vs. Quick Cash - Posted by Sean
Posted by Sean on June 02, 2006 at 09:23:01:
If you have CASH, and your goal is to build CASHFLOW… holding is the way to go.
There is nothing wrong with fast cash, and you can do this to suppliment your holding income… in fact this IMHO is really how you should do this business.
Have some cash before you decide to start holding… Holding property costs money. So, wholesale, retail, flip, whatever you need to get some cash.
Then after you have some cash, start keeping the gems you find in your flipping activities… when you find a gem, don’t flip it… hold it.
Keep flipping and pay down the balances on your holds…
And keep doing this until you have enough free an dclear gems in your crown to live off the cashflow just from your rentals.
It doesn’t happen overnight, its not sexy… but it doesn’t take too many free and clear properties to give ya financial freedom.
Re: Cash Flow vs. Quick Cash - Posted by serial
Posted by serial on June 02, 2006 at 09:14:52:
Here’s one approach to churn out some cash for investments: become serial home buyers.
Find a bargain home, buy it as owner-occupants, fix it up while you live in it for two years, and then sell it. Repeat the process every two years. This way you two will be able to cash out tax free up to $500k in gains every 2 years. Use the cash profits to invest in rentals for long term holdings and permanent cash flow. Of course, save some of it for a downpayment on your next 2 year live-in, tax free, cash flow project.
Re: Cash Flow vs. Quick Cash - Posted by Pat
Posted by Pat on June 01, 2006 at 10:32:23:
You need both cash and cash flow in this business. You say you need cash to turn around and do more deals; why? If your credit is good and you’ve done some successful deals, by now you should be working with a lender and using O.P.M. not your own money. Cash helps build wealth and pay down debt; cash flow gives yuor lender something to put faith in to allow you to continue doing deals. Find the balance.