Got another one! - Posted by LeonNC
Posted by LeonNC on January 09, 2001 at 01:18:41:
Actually I bought another one from the same guy who recently sold me one. I just wanted to share what’s going on so that you all know that your answers to my questions aren’t a waste of your time.
I’m a little NERVOUS but hopefully I’ll get through these and on to some others. I’ve flipped junkers before but I want to start holding short term for the cashflow.
Here’s how it went…I drove around for a few days spotting junkers and vacant houses. I sent letters to all of them. Got a few calls and snagged two houses from one guy. I need to spend more time driving around looking for junkers. Actually as you all know it wasn’t exactly that easy ;?}
I’m buying one with cash and he financed the other for me for a year with some down and no payments. This guy even offered to GIVE (deed) me one if I did the repairs and split the rent with him. I haven’t even had time to think about that one yet. It was a house I told him I’d pass on. I might have to rethink it now. Maybe after I get these two situated.
I sure hope I’m finding a niche…buy low, repair, and lease/option. There’s going to be a lot of equity in these two when I’m done! You don’t need to do too many of these to quit your job.
I’m not one much to talk about things that I do but I feel I OWE it to you all and tell everyone here that I appreciate everyone who participates here. I owe a special thanks to some people right now. ScottS thank-you, Jim Piper thank-you, Steve Cook thank-you, Ed Garcia thank-you, Mark Sternberg thank-you. Thank-you Terry and JP Vaughn.
I feel like I’m babbling and I’m laughing right now thinking I might be the only one reading this but I don’t care. It’s an awesome feeling when you accomplish something you set out to do. I’m pretty cash strapped as usual but I’d sure like to go to the convention this year. If I can get a flip done before then and get the time off from work I hope to see you there this time. I don’t care if I don’t learn anything I just feel like I owe the people on this site a handshake in person. The bar thing sounds kind of fun too!