Re: That first deal…? (newbie here kinda) - Posted by Jay(OR)
Posted by Jay(OR) on September 11, 2003 at 02:45:33:
Y, you should follow the instructions of Ronald Starr, he has a brilliant investor’s mind. However, if I may, I’d like to ad my opinion.
“My question is: when you made that very FIRST deal…did you stress that it was a good deal? or that you could resell the property? Have you ever bought a property and had a great deal of trouble w/reselling? (for some reason, this is a fear of mine…I’m just a cautious person is all)”
Before I made my first deal, I did not stress one iota about being able to resell. The reason was that I knew it would rent for enough to cover my payments. I was able to do this because I didn’t plan on getting my money back right away. So, even if it was on the market for a year or two, it really didn’t matter. Incidentally, I received an offer on my first property 8 months after I bought it (it was not on the market) for a profit of $48,000. I rejected the offer, because in my market there was nothing I could put the money back into that would have yielded the same returns, and what in the world would I do with $30,000 (after taxes) in the bank? Spend it is all I could think of, and that did not sit well with me. About being a single parent, what kind of position are you in now that having a rental producing cashflow that might sell and put money in your pocket could not benefit? Good luck, Jay(OR)