Posted by Lehman on July 19, 2001 at 14:02:24:
First of all I want to thank everyone here for being so helpful. I am pretty new to this site and think it is great. I have learned more here just on the web page then all of the courses I have purchased in the past. My question is what would be the best way to get back into investing in real estate? The reason I ask is that in the past I purchased alot of course and learned as much as possible and went out and bought 5 rental properties in one year (most with little money) I thought I was there…I had 5 houses. Well…it did not take long to figure out I was in trouble buying these with little or no money. My payments were to high due to me buying them at not so good of a deal. Anyway, out of the 5 only 2 of them had a positive cash flow and it was small. The others were in the hole or breaking even. It was not long before I had my first experience with crappy renters, and due to this I do not have the best credit in the world (for those who know credit scores it is around 610). In the past 1 1/2 years I have dumped all of my rentals except one that makes about 175 per month. I would like some advise about flipping. I am very interested in this and would like to hear from some of you that are doing this as we speak. I know that my past real estate experience was my own fault, however, I really love this and even though I did not do to well I still loved the experience. Thank you very much for any advise on flipping and letting me know if this is where I should start with my little experience and below average credit. (I also on have about 1000 to work with)
Thanks,
Lehman