Then in June we became inundated and fully booked with people tired of being at home and for 7-14 day stays.

I'd avoid Lexington itself as your cash flow won't be good there if you want to show success to your wife and hit your cash flow goals in under 10 years.

I am not a full-time flipper and do not intend to make it my primary source of income, so looking at properties in the neighborhoods I know that have been sitting for 30+ days (the neighborhoods I look in sound like Richmond: a well priced house in any condition will be under contract in under 1 day).  

You already own the dirt so building another unit there is very cost effective and can obtain you positive cash flow with typical return on investments in under 8 years in many cases.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000

Cash invested: $160,000

Sale price: $218,763

Purchased from previous clients & the negotiation incl...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000

Cash invested: $160,000

Sale price: $218,763

Purchased from previous clients & the negotiation incl...

If you buy at full market price and try to sell in under 5 years, you will probably lose money.

The thing is, I didn't have good credit or much cash when I started, so it was basically my only way of doing a deal, and it came with the upside of being able to close very quickly (in under a week in some cases). 

Also, make sure you understand whether each line is a bid/estimate or allowance and how eats costs for overages, and if you come in under, do you get that money returned. 

We're searching for leads to refi based on appraisal in under 6 months, but we have one that will do it at 6 months, not the worst thing.If it appraises on the low end at $140,000 and they can only pull 75% instead of the ideal 80%, they'll pull $105k out minus closing costs one time.