All Forum Posts by: Jeffery Waicak

i intended to rehab and move in, then refi and pull out more cash than I put in. that is what I meant by flip, I have heard another use this term. that is also the intention on the one I bought with the proceeds. if i get another letter from an investor wanting to buy this one, I will 1031 again, try to move in and refi my money out. 

good question, I meant to rehab it. 

the property across the street is a huge factory  used to make Hoove

if I'm reading it right, it sounds like the listing agent was the unethical one here. either trying to keep it for themselves, or possibly trying to sell and get both halves of the commission. 

thanks everyone! I used that money as well as the profit from another flip to buy the family home for the next decade or so. this will allow us to rent the house we are in now so in a round about way we are increasing our passive cash flow

I saw an ad on craigslist about a burned up house in north canton ohio. I texted the seller, got the address and did a drive by. it was about 1900 square feet, 4 bedroom 1 bath, with a detached 2 car garage. the house was across the street from the Hoover building that is being renovated into apartments, retail, etc. the parking lot actually butted up to this property. I made an offer of $6000 and planned to flip it when my current flip was completed,which was still about 2 months out. within a month I received a letter from the investment company doing the Hoover project inquiring about me selling the  property. I called, they called back. I said $20,000 was my price. they accepted and we closed in a few weeks. I think I owned it for about 2 months and had the grass mowed and nothing else. I 1031'd the money into another buy. maybe I should have started higher because they accepted the first offer but had they countered any 16,000 I would have accepted