Many investors have use this method to get their feet wet and build wealth.

All these methods have been discussed extensively here in BP.

They are using the %1 method to come up with the asking price.

Richmond is one of the strongest markets in the state, driven by VCU's expansion over the past 10 years and a trickle of new employers.

My question is will I have to pay self employment tax such as medicare and social security on my profits?

This will be my first month with this method- we'll see how it goes!

My first spreadsheet is condensed information form my mortgage broker and lists on the Y axis (vertical): mortgage terms, rate, APR, fixed term, years, credit score, loan amount, sales price, percent down, down payment, FHA funding fee, Total Loan Amount, Estimated Monthly Payment, Principle & Interest, Homeowners Insurance (Flood + Home), Property Taxes (1.23% home price in my county), Mortgage Insurance, HOA Dues, origination fee, appraisal fee, tax service, flood certification, credit report, attorney's fee, title insurance-lenders, title insurance-owners, recording fee, verification of employment, survey, home inspection, water/septic if well, pest, 1st year homeowner's insurance premium, homeowner's insurance escrow, property tax escrow, per diem interest, down payment, closing costs, prepaid expensesOn the X axis (horizontal) I have the numbers for 200k, 250k, 300k, 350k, 400k broken down into whether it's single family or multifamily, then FHA or conventional2.)

This means the profits are subject to ordinary income tax rates (no matter the length of time you held it) PLUS self-employment taxes.

It is my experience and opinion that it is a very antiquated method to start investing.

(population, growth, median income, average rents, employers in the area)