It was built using the profits from a new home build I completed in Georgia, so there has never been a mortgage on it.

I do by the room and house hack, and for now I self-clean (takes me 10 minutes) and make way better profit than if it were a whole house rental. 

Especially now, I am seeing a lot of people who bought during or right after the COVID pandemic and are in situations where they simply cannot sell their homes for any profit (many of them bought as new construction).

>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

My vote is invest in other markets where the money makes sense and then take that profit to visit whenever you like. 

June 27, 2024 at 4:21:30 PMSecured Note I 17°/o Interest I 12 Month Term My partners and I are raising $5 million of short-term expansion capital for the MoneY.Is Mastermind, our exciting and profitable growing business.We have roughly 1,900 paying members with a current valuation of $43 million.

Also, when you say you cleared $550k in revenue, where did that put you for your net profit?

As a broker, I "buy" a mortgage at a discount from a direct wholesale lender, then mark it up and "sell" it to my client to make a profit.

I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . . 

Sell it for $220-240k rangeInvestor puts in $60-90k, Flips for $350-400k realizing a profit of $50-100k.