, ended up with about 40% more in the renovation than initially expected (paying $5k for a central AC install, single story SFR), and got slammed on the hard money fees.

I couldn't be more excited to start our real estate future.Purchase Price: 115K (estimated value of 135K after repairs - short sale)Down Payment: 25%Loan: 86,250 (private money) 20yr note 500 paymentClosing Costs: roughly 800Repair Expenses: 5,100Monthly Rent: 1,300Property Taxes: 2,800Insurance: 900With all of that I project we'll have some positive cash flow and pretty good initial equity due to the purchase price.

They will usually do a free initial consultation.And let me know when you come across some good wholesale deals.

I am a little confused as to what you are describing, but maybe I can help.During the owner occupant bid period there is a 10 day initial sealed bid period on fha insured homes.

So go to sites the common folk are using and make sure they see your property.Yes Price is huge, and if overpriced initially it can kill it, but 5% is a huge drop depending on the price point of the property.Regular open houses tend to be for realtors to get new clients as buyers.

Ok the initial change especially if unexpected can be a problem.

Initially started off with an approach like Matt suggested of what extra it would take from now till then.

If refinancing is an option because you initially plan to fix and rent, then you'll want to know now that you could qualify for re-financing.

I did not see your above post before the thread slipped from my screen (and mind).You can have a Self-Directed TFSA, just like you can have a Self-Directed RRSP.You can write private notes and mortgages in your self-directed RRSP - there are rules around the percentage of your holdings and the arms-length nature of the mortgage ... then there is the trouble of getting your plan holder to play along.My initial research on Self-directed TFSAs seems to indicate you should be able to do something similar.

Follow up question is on re-financing.Roy did not mention re-financing, but I know that refi and getting initial investment out (e.g. buy smart at $200,000 (with 40,000 downpayment), force appreciation to $240,000, wait 6 months or so and refiance, getting initial 40,000 out and free to do something else (!!!)