Did several small projects to the house over the next 5 years while my wife and I lived there and sold it in 2016 for 185,000.

So the basic financials are $281,900 purchase price, $100,000 rehab cost, then when this is complete the income of the property would be $850 and no utility expenses.I am planning on using the BRRR strategy for this property.My wife and my personal finances is I have $14000 in savings, $600 in another account and I have a line of credit of $40,000 with and interest rate of 7.8%.I have not exactly officially offered this $281,900 but I want to but before that I want to hear any opinions and things I may not have thought of.

I understand that the FoxConn project is putting upward pressure on prices, but I don't see a rational justification for a $20K jump in 9 months.

You can estimate a specific job, like replacing carpet, or a project, like a bathroom or kitchen rehab.Here is the site.https://www.homewyse.com/services/index.htmlIf it's in the ballpark, then it seems like it could be a useful tool as you're getting started and looking to run numbers to make offers before you have a lot of deals and experience under your belt.

Hey All,I have a basic question.

The book will give you a sense of the terminology and basic strategy.I was an economist at Fannie Mae before getting into commercial real estate.

It is basically buying cash flow with your own money. 300K with a investment value of 10% is worth $2500/month .

The idea is not magic, it basically involves paying extra on mtg, by using your heloc, then paying the heloc down, then keep doing it.The bottom line is you are paying your mtg off substantially early because you are paying Extra money out of your pocket toward your mtg.  

@George EvansIts really important to learn the basic rules of investing with a self directed IRA before getting involved.

Basically, the insurance in “to protect the bank in case I default “ even though my credit is 800 and I haven’t missed any payments to creditors in years!