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Yes, the comps are houses that are comparable in size located probably within three blocks of this property. We are going to look at the property on Sunday, so I'll be able to get specifics then.

I have some very brief numbers (will be getting more info soon), but would you do this deal?

There is a particular home for sale for 29K in a gentrifying neighborhood. Located in the city near amenties, but not in the most expensive neighborhood. Comparable homes (actually the only homes on this street) are selling for 100-119K. The house looks great on the outside and probably just needs cosmetic work inside.

It has very low taxes and very low carrying costs. We think we can make some good investments on the inside for well under 20K (but for emergency room, we've set the budget at 20K).

Based on those numbers, what do you think? Even though we'd try to work as quickly and inexpensively as possible, for whatever reason the house didn't sell, we wouldn't be in too much of a financial pinch if we had to carry the costs until it sold.

29K list price (we'd negotiate)
+ 20K budget
= 49K
list at 100K (thats on the low end)
51,000 profit

(not sure about closing costs, so I didn't add that in)

Agreed. If your flipping it, once it's finished and in line (perhaps of materials and ammenities) with the other homes for sale in the area, your home will probably be between 840,000-1.3m, probably closer to that latter. That is personally what I would think.

In my area, mobile home lots rent out for $300+ per month and almost always the mobile home company finances all of the trailers out on it. And I believe the tenants also pay the taxes. But trailers (not the modular homes, they aren't build on a chasis - if they are put on land they appreciate very well) do decline in value and are typically tied to low-income individuals (even though that definitely is not the standard).

If the park is run well and you find good tenants, you can definitely make a lot of money in the business.

In my area, for a 2500 SQFT, I was quoted about 1.5-2 grand for a staging. Considering if may get your home sold the day of, I'm a fan for it.

I've always heard look for comparable properties - similar in SQFT, beds, baths, etc. than are in the same general area (closer is better). Look for both the list price and sales price and it will give you a general idea of how much your home may be worth and give you some room for negotiation.

I can't give you advice on what info to include on RE business cards being new to the business myself, but being a business owner (not RE related), I consider my image very important. To my customers, it shows we care and stand out from the crowd. I don't think a DIY business card would throw a sale because of the quality of my product and services are what brings the customers to me in the first place.

So I guess basically I'm saying being polished and professional is good, but it doesn't matter if you can't deliver where it really matters. As long as your honest and professional, you probably can go with the least expensive business card option.

Wheatie, that seems to be pretty much what the book said. Thanks for posting. Considering the book is aimed at pretty new investors who WILL be hands on, investing with an IRA can be difficult if you follow all of the rules, especially if you want to be a hands on person. To be honest.. for ME, all the hassle wouldn't be worth it. But again, Mike, I never said it was impossible or bad. I was relaying what I read to someone who had a question about it.

Dude, like I said, read the book. I'm not the financial guru who wrote it so I can't give you any info I didn't read. And the book said it was bad, bad, bad. So check out the book before you act like I was personally attacking anyone who does it because I was not.

I suggest you buy The Wall Street Journal's Real Estate Investing Guide. It talks about IRA funded properties, and honestly, it sounds pretty crappy. They recommend you NOT do it.