Posted by David on August 25, 2003 at 22:39:30:
I have invested, after researching on this web site and others, in a low cost area that has a high yield, but major rehabing. I do know how to do home improvements particularly electrical. I rehabed my house after a fire and cased out 60k to start my investing. After starting my investement will be 150% - 200% of the total cost which I will have all payed off.
The question where to go from here?
If I take out 1st morg then lease how long does it take for the vendee’s to money to count as my earned income that offsets this mortgage.
I can sell and eat capital gains…?
I can 1031 it not always easy to find even with a-b-c delayed. c may not have more than one property to offset cost in a good enough nieghborhood.
What is the best way to parallel this opportunity so that I can reproduce the buisness plan the quickest. My credit score is about 620. Rehab takes 6 weeks. I have 4 guys working for me and feel I am going in a good direction, but would like some expertise. Please state expertise briefly in reply or were the info originated.
Thanks Rich Dad,