Posted by eman on June 26, 2005 at 14:12:42:
thanks. speednxs
questions went to my first rei club meeting - Posted by eman
Posted by eman on June 22, 2005 at 08:47:13:
I just went to my first rei club meeting last night. I pick up some cards, from lawyers,investors,lenders. I would like to do flips,rehab, I would like to call them but don’t want to say the wrong thing. I would like to know if it a good idea to try to get a loan to get my first deal or sould I ask someone I call to help me get started. Iam a newbie need help getting started.
Re: questions went to my first rei club meeting - Posted by speednxs
Posted by speednxs on June 22, 2005 at 19:28:42:
Write down a plan. I buy a $150,000 house for $100,000, put $10,000 repairs into it, make 3 mortgage payments of $600, pay $3,875 in federal taxes, $85 in water payments etc. Make your plan as realistic a possible. You will have more expenses than you think, but it is really silly if everything goes as planned and you still lose money (don’t laugh). You are just filling out that old equation: Profit = Income - Expense. Profits can be one time (flip) or recurring (buy, hold and rent). What can you do to make a profit?