Posted by mike(ia) on September 19, 2002 at 23:18:38:
I dont know your finances, or credit ability, but since this is your first deal, and you say that rental market is tight, i may consider flipping… If it looks the way I see it, you have a potential 35000 profit margin, assuming your numbers are correct… Take the 35000 buy another
flip it pocket 70000 cash
flip it pocket 105000
Do four deals a year, a possible 140,000…
Then go out and blow thirty percent of that money on down payments for rentals you can own…with no bank headache…just write the check for twenty percent down. Or do what I would consider, take that 42000 and build duplexes…write off the 42000 as a material expense through a construction company you own…You have good incentive and a possibly very profitable deal…Good Job!!!
just my thoughts