Is this a good strategy?

[Brandon Schlichter]

Hi all , I'd post and find some insight on what i'm doing in my venture into REI.

First off , I've been a real estate agent for a year now, which really helps me locate good deals, and also gives me a % discount on whatever I buy. Right now my strategy is to buy home at around a 60-70% LTV and land-contract. My hope is to be able to cashout refi the homes for near the land contract price, but still within margin of the new mortgage so i have a little cashflow comming into the property. My goal is to then use the cashout money to invest in other properties, this way I can secure other lower equity properties , or riskier investments. In general, is this a good strategy? I'm putting together a deal that's looking like this .

$46,000 Purchase price (Needs $5k max in repairs) with Comparable properties running in the range of $80,000-90,000. Land Contracts in our area are becomming more popular with the rate of foreclosures and bad credit want-to-be home owners. The LC range for this home is in the $725-750 area. I believe i could cash it out enough to put 5% down on several other properties (Got my eyes on 2 which are running at about 33% of real worth).

Any insights?