Re: Keep a property or flip it? need help - Posted by ChicagoMikeW
Posted by ChicagoMikeW on July 18, 2007 at 07:59:39:
Thanks for your input.
I found the property for 34,000 cash and put 55,000 (rehab loan from the bank) for a total of 90,000 in the property
I can take out a loan for the full 90,000 that I have put into the property and still have 90,000 equity (end value of the property 180,000), this loan of 90,000 or 50% LTV will leave me making the 750 per month, in the end I am out 0$ out of pocket.
The depreciation on the 34,000 won’t cover much of anything.
Or I can sell, get my 34,000 back and 90,000 extra and try to do this again, and possible 2 or 3 at time, with the increased starting funds
Thank you again, still looking for thought just filling in more details.