Posted by JM-OH on September 09, 2003 at 13:18:32:
I leveraged the equity in my home, via a home equity line of credit, to purchase my first deal. I set aside some personal cash as reserve funds in case something went south with the deal, luckily I didn’t need it.
My entry was a purchase through the foreclosure sales, which I would not recommend for a new investor, and then a retail flip as my exit. I used the profits from that first deal (15k) to form and fund a business entity and cover all my startup costs. My focus then switched to a l/o exit to generate cash flow, which is what I’ve been doing this year. Next step, wholesaling, got my first one under contract now, hopefully my buyer will close within the next couple of weeks.
Best of luck.