Posted by DinoFl on January 27, 1999 at 17:35:58:
Im new to this forum but am very excited about finding so many knowledgeable people on real estate investing. For the last few years ive been picking up hud homes here and there,in the S.Florida area.rehabbing them,and then selling. Ive had some success,however,it seems that if u dont sell the home fairly quickly,someone like myself with limited means ,gets eaten up financially. Your funds r tied up in the rehab ,and theres not a whole lot u can do in the meantime till u sell. If u find another property u cant buy it because ur mortgaged out and u cant qualify for another loan. I enjoy this business but want to cut my initial investments in the properties. I am interested in flipping houses,but what really caught my eye was the Lonnie deals.Florida has to be one of the best areas to make them happen. My only concern is this. Say i buy a mh for 2000 bucks, i clean it up ,rehab a little, put on the market for 5000 bucks. I now own the home,and it doesnt sell for a while and im paying 250 bucks a month lot rent. Wont this eat up my profit pretty quickly? I know your thinking ,well ,u have to rent it,i would be afraid the property would be ruined,and chances of a sale r diminished. Before u say it,yes im gonna order lonnies book…today! If theres anyone in the s. Florida area,or any area for that matter that could point me in the right direction,i would greatly appreciate it…Thx a bunch