Updated over 8 years ago on . Most recent reply
Formal Intro, Jason Young SE VA
I've been lurking for a while now, but It's time for me to move forward and start making things official.
I bought a HUD home when I was 20, continuously updated it for 11 years and sold it. I realized years later that I needed to do something with my savings since it was earning me only about $1/month. I hit the ground running and bought a condo at a foreclosure auction a year ago in cash. I renovated it and now rent it out, essentially, my savings now nets me about $1000/month and have about $40k in equity in it already!
My goal is to own more rentals but with the auction route I need to buy all in cash. I'm now thinking I need to get into flipping. I have enough cash to buy a smaller home that needs work. I figure if I can flip a few and build up cash reserves then ultimately I will be able to buy and hold. My strategy is to flip, flip, flip, flip, buy and hold when I can, repeat. I will be on BP reading, researching, gaining knowledge and hopefully finding some assistance from the awesome BP community. Thanks to all the contributors to the site!