Excess cash sitting on your balance sheet is losing money in this environment.

If sued, the s-corp risks losing the property.

Houses in my neighborhood are just not selling for the price I can afford to sell at.I want to get a lower percentage of 4% if possible to make renting it more profitable but if I do manage to sell the place I don't want to lose money on the refinance.I am checking out the internet but I feel I can't find a site that will educate me without them wanting my personal information or me feeling like I might be falling into a scam site.Any direction would be great, thanks

You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.

I am still confident that this deal will close before I completely lose my mind.

I'm in Worcester so some of those clubs on the list you sent don't seem to be active.The rental market in my area is going up day by day, more people losing homes are renting apartments so I'm looking to get more involved.I currently own two single family houses but I want to get into the apartment complexes.

Unfortunately the majority of people who come into money tend to lose most of it in a few years.

What's there to lose by placing it on the market when it's ready at a price that makes sense?

How much did you lose buck?

My goal for this property is to find something I can live in for two to five years with my fiancee and not lose money on it when I am ready for an upgrade.