All Forum Posts by: Rusty Hitt

Two days ago, the condo next to me caught fire in the middle of the night. The owners weren't home, but we were lucky enough to catch it before it went from a smolder to a flame. The majority of the damage is smoke with one small corner where the couch started to burn. I am in a lucky position of having almost completely gutted the mirror image condo I am in currently. We live in a desirable neighborhood just outside of Chicago. The full value in complete renovated state is about 110-120k. I bought my unit in foreclosure at 50k in June. I'm trying to figure a price range I should consider to offer on the unit in it's current state. I know the 70% rule, but what additional subtraction should I take for the stigma of a fire.

I will be self employed because I'm taking over a family business

So I move back to the US in 4 weeks and have money saved for a down-payment on a Multi-family buy and hold (60k), but I may have some serious problems financing as I will not have 2 years of employment history. My question is whether I should partner up and flip a house or two with my money in order to start learning flipping while I wait to qualify for financing? Flipping and buy and hold are the things that most interest me, and I hope to make these my two lane street to wealth.

@Daniel Ryu Where is the meetup and what time?

@Daniel Ryu In your opinion will this work if I am moving back on April 11 and my Korean Contract expired at the end of Feb?

My wife and I are currently living in South Korea, and have done so since 2009. We have been employed by South Korean entities for the entire time. We will be moving outside of Chicago and looking for a MFH around 160k - 200k. We have 60k-70k for down-payment, repairs, and updates. The rub is we will need to finance the remaining amount, but have had no taxable US income for the last 7 years. We have filed taxes and have evidence of foreign employment. We are taking over a well-established family business, so we won't have contracts or salaried jobs. How do we get financing?

I have been looking for the answer to this question on the board and can't pin it down. It appears (to my highly untrained eye) that equity gains do not appear in CoC ROI. Is this the case? If not, why?