Posted by STEVEO on March 04, 2004 at 12:58:53:
cincinatti ohio comutable but about 40 miles out
NEW AT THIS ANY SUGESTIONS? - Posted by STEVEO
Posted by STEVEO on March 04, 2004 at 12:18:04:
Two years ago (at 50 ) I was laid off, so I started buying and rehabing houses, Iv done 3 houses so far (I live in one) and have done very well, but I find it very difficult to live without a monthly income ( been living on credit cards )so when I found this web site I was very excited , and I know you guys are for real; because who else would have time to sit around and answer all these dumb questions ( your just siten around waiting for the mail man)
The second home I bought was a 20 year old doublewide 3br 2bath on an acre that should have been burned to the ground. I bought it from hud for $16000 the lot was worth maybe $25000? After $20000 and 6 months of work Im trying to sell it for $92,000 minus 6% for down payment and closing costs which Im covering for a young couple if they can find the financing. I bought this house with a home equity loan from the first house, then after selling the first house and paying off the loan, I took a home equity loan out on the double wide and bought the third house (which I live in)
Im building a lot of equity buying and selling houses, my only goal (to start with) was to have a nice home paid for (when I was laid off I had no savings, in credit card dept $10,000, and had never owned a home) so thing are working out pretty good , but now I find I need a monthly income, and I just started reading about mobilehome deals.
Im looking for my nitch, what I really need is a mentor ,and some direction. If any of you gurus lived close to me I would come over and cut your grass every week and talk nice to your dog for some advice. Im getting ready to start looking for another house to rehab. I have about $60,000 or $70,000 in equity to invest, but now Im thinking I should do something else with the money? Any ideas?
My end game goals are really pretty modest, a nice home paid for ( almost there )
And a modest retirement income $30,000 or so a year
Can I get there from here? Thanks for any advice STEVEO
Re: NEW AT THIS ANY SUGESTIONS? - Posted by Gregory V.
Posted by Gregory V. on March 05, 2004 at 08:09:40:
Steveo,
Mentors are definitely a valuable asset to have. But, I don’t believe in this business they are 100% necessary.
The first step I think you should take, regardless, is buying Lonnie Scrugg’s book “Deals on Wheels”. This book will give you firm footing on what the business is about, and how to get started.
Good luck in your ventures.
Gregory V.