Learn to tie up junkers and flip them to rehabbers. Read the flipping articles and Lumley’s 5 Magic Paths to RE (nt) - Posted by HR
Posted by HR on May 01, 2000 at 17:45:44:
nt
Re: Hmmm…stuff to think about. - Posted by HR
Posted by HR on April 25, 2000 at 22:37:26:
Steve,
Sounds like you are way beyond the exploratory stage (is this what I want to do? Will this work? etc). You’ve been educating yourself with some heavy weights. You are probably ready, guy. When it feels right, go for it. Start small, take your licks, learn, and do it again!
Just a final thought: you may want to get your re license. I’ve gone on and on about this on this thread, but here’s another example why.
I need a storage place for all my wood, left over materials, etc. I decided over the weekend to buy something. So, what did I do? Fire up the mls, of course. Anyway, after pulling up some potential deals (owner financing, positive cash flow) I made some calls, got some voicemails, and left messages. Today, a realtor calls me back and tells me about a duplex she has for sale, listed at $8000 with out-of-state landlord who is tired of fighting with the city. It’s only 1 bedroom each side (which many landlords, myself included, don’t like). But, this makes an easy duplux to single conversion, creating a 3 bedroom 2 bath. I probably could pick it up for $2000, put $10,000 into it, and rent it out section 8 for $700/month. This is a good cash flow deal. Why don’t I do it? Because I already have my hands full. I don’t need another deal right now. The MLS gives you not only access to deals, but comps. And running solid numbers is the basis of this biz.
Just a thought. Keep us posted! If we can do it, you can do it. Cheers,
HR