First Home - Posted by Andy Martin

import · February 1, 2002, 9:26pm

Posted by GregNY on February 02, 2002 at 16:40:37:

import · February 1, 2002, 9:26pm

Posted by Andy Martin on February 01, 2002 at 22:26:35:

I am getting ready to close on my first house. I will be doing this on a part time basis. I am willing to listen to any advise that is given.
Also, this is a HUD home. Has anyone had any experience with HUD homes?
We are planning on putting around 10,000 into it and walking away with the same in our pocket. Does this sound about right?

import · February 2, 2002, 7:36am

Re: First Home - Posted by GregNY

Posted by GregNY on February 02, 2002 at 08:36:19:

What are you paying for the property?

$10K putting $10K into it and selling for $30K.
or
$100K putting $10K into it and selling for $120K.

There is a difference. That $10K profit could disappear.

GregNY

import · February 2, 2002, 7:10am

O.K., if all works out to budget. Will it? NTXT - Posted by Brent_IL

Posted by Brent_IL on February 02, 2002 at 08:10:16:

nt

import · February 2, 2002, 2:30pm

Re: First Home - Posted by Andy

Posted by Andy on February 02, 2002 at 15:30:38:

We are paid 64,500 and we should get 20 more our of it.
Can you recomend any books for me to read. I am reading Flipping Properties by Bronchick/Dahlstrom.

import · February 2, 2002, 3:38pm

Re: Books? - Posted by GregNY

Posted by GregNY on February 02, 2002 at 16:38:48:

“Green Eggs and Ham” by Dr. Suess…lol

I don’t have many books to recommend. I have read
LeGrands “quick turn real estate”, Myers “Buy it, Fix
it, Profit”, and I purchased Bronchicks, “Flipping
Properties”. I don’t think I will ever spend that much
on a course ever again unless it’s on more than one
topic (more than 3). Most of the books I like to read
are about mortgages, real estate laws, inspecting,
negotiating, things like that. The basic mechanics of
real estate will open you’re eyes to what you can and
cannot do. The creative guru stuff is more of a dessert
to my main course. I know this doesn’t help but thats
my take on the “books”.

$64,500? Have you tried offering seller financing? Put
the price up to $90K and sell the note to an investor
at close. You’re buyer doesn’t need to get his/her own
loan. you just have to take the time and screen them
properly or have a service do this for you.

Good Luck,

GregNY