Maybe not the best decision but the cash I spent on it motivated me even more to take action.

The problem is (assuming as Aaron did that you're all in on this one), you aren't going to get 5-6 more of these for a number of years because you're over-leveraged.If you want to stay in the game, trade up.

The property, the location, the value of the deal, what they do, their credit, their ability to buy, the extent of and scope of work to be done, the cost of job to be done all paly into the decision.

Congrats on making the decision to jump out of the frying pan and into the fire...The real estate investing fire, that is...

That term, for tax purposes, refers to someone who buys and sells property as a part of his or her trade or business.When doing lease option assignments you never take ownership of the property, so the term would not apply.That being said, income from lease option assignments is considered ordinary income and is taxed as such.

This affects your investment decisions.- When necessary, seek advice from licensed professionals, such as attorneys and financial planners.Even with a lot of book knowledge, you will find actual experience extremely valuable.

Also, I'd like to know why you make the decision to wholesale or hold.

Another scenario may occur if the owner makes the decision to sell the property but does not yet have a buyer; the ROFR may obligate him to offer the property first to the Holder.This is valuable consideration (ROFR) and can be purchased by the lessee.It could be a lump sum or a monthly amount on top of the rent.It could be credited against a future sale (discounted sales price).Bill Gulley might want to comment here.

I've been working on putting together a strategy to build capital through flipping and ease into buy and hold; it's great to hear someone able to make a decision and make it happen so successfully!

If you're looking for live-aboard, start looking now and do a trade, many are wanting off the water, but not familiar with your town