First deal advice

[Bill W]

Just looking to do our first deal. Partner and I have 60k to get started. We are both very handy and can do much of the rehab work ourselves. Are thinking of starting out slowly with this, and buying a reo starter home we can fix up and flip. Would you pay cash and flip small starter home, or use 60K as down payment for something bigger to flip for first deal. I can see the rationalization for both. Wise man once told me 100% of foreclosures occur on homes with a mortgage.

[Steve Babiak]

Originally posted by Bill W:

... Wise man once told me 100% of foreclosures occur on homes with a mortgage.

Said "wise man" lied, since foreclosures can be on HOA liens, mechanic liens, unpaid taxes, and judgments as well.