I'm a 1099 employee, I have a LLC can't get approved for a loan right now, was looking more for a hard money lender type just to get the ball up and rolling I'm staying near Glens falls right now  but I do most of my work in MA and found a lot of foreclosures that need work and I have a contractor over there.I just join this today so I'll do some more research.Thanks for the feedback 

One bad incident can wipe out your profits and put you in the red, and from the sounds of it, you're not going to have property appreciation to fall back on.I hope this gives you something to consider!

I'm thrilled to have discovered BiggerPockets after almost falling for a guru pitch.

An owner has to run the property as if a deal will fall apart, so they aren't going to get rid of their cash flow.

I'm looking for a REI meet-up group that may be located in Alexandria (preferred), Arlington, Falls Church or Annandale, VA. 

@nathan  @Nathan W. the deal ended up falling through.

Keep in mind with FHA PMI there is an upfront 1.8xx% that you pay on closing then you also have monthly PMI and it never falls off the loan until you refinance(at above 20% equity).The reason I say refinance after 12 months is 95% of banks require a home to 'season' for 12 months between the initial sale and a refinance in order to take advantage of a higher home value.

Congrats on getting that first house sold for a profit, even if your intention wasn't to flip the house, you were able to gain some real hands on experience and learn the benefits, and pit falls of REI.  

Now it is entirely possible that I am missing something as far as falling prices on stick built construction in certain areas, as I do not know everything.

AND you must maintain adequate reserves to take care of the disasters that may happen.Most of my clients fall into the first group above.