Originally posted by @Jim Costa:
The numbers look good for cash flow. You should be able to make happen. Partner or flip paper.
-Went ahead and read over everything that was discussed in my thread over the 3 current pages and I want to thank everyone for their time. I did actually learn a lot and am continuing to do so, thank you. Some of this is quite interesting and you really have to know all of the rules in order to build a strategy and come out ahead.
-So a good take back and where my head is at.
-The town home, its a shame but looks like its going to have to wait and I'll have to pass on the deal. If someone is looking to partner up on it though, reach out to me (had to take my email contact out of this posting in order to abide by the rules). The repairs are light, home was built in 07, I took pictures if interested, mainly the ground floor needs work, drywall, new vinyl kitchen floor, upstairs looks brand new, basement unfinished. Yes it would be a great investment as that area is also expanding and is a well kept clean neighborhood, before the market crash the property sold for 165k, boy did they purchase at the right time! (I need to stop talking about it before I crazily try to make both of these properties work on my own). But like I said I'm willing to work a deal. Bank accepted at 85k covering half of all closing cost, I should have stuck to my guns on suggesting they pay all of closing but wanted the deal / saw another investor to view the prop.
-So purchasing a home with instant equity that can be used as even more buying power in so many ways to expand on my portfolio is much more appealing. Its a smarter move, I barely have to put much money down, can keep more in my pocket, could even pull a little more money out of it for "repairs" to put even more money in my pocket, by the time I'm ready to refi or heloc, I will have a decent chunk of change already in my pocket, so can simply add right to it and be ready to roll. Rent the property out, go hop in a rental on a month to month basis while scouting for my next deal and go after it, close, move in, fix up, rent, back into my month to month rental I go until I find the next deal. So acquiring 2-3 properties this year would not be too far fetched if I play my cards right. I did establish an LLC some time ago, that is a topic in itself I'm sure, as for any pro's / con's / how to operate the business.
-The 1031 I really like this move as well since it captures almost full equity, the only drawback to me is finding the right property without almost forcing the deal, approaching 45 days I would start to sweat. For me my home would have to sell first before I am even set on the next investment. I just don't like to feel that pressure, I could possibly make a mistake. TO make things easier I can't see rolling it into multiple properties, what if an inspection turned something NASTY up 20 days in, id almost feel forced to follow through. I think 45 days is weak.. should at least be 2 full months, they give you 6 to close.. I mean come on.
