I have spent the last 12 years of my life working in construction putting food on the table for me and my kids along with my foster kids.

I believe it is important to find what the seller's base price is, and the balance of her mortgage (s) and other liens on the property and how fast she wants to get to the settlement table.

Hi @Pyrrha Rivers,  I see you are in Stone Mountain. 

i have no tax returns because i get paid under the table.  

Before I get to the Hard money I want to be able to show that I have the 20%-30% that they expect me to come to the table with.That being said I would like to raise this money from friends and family.

I refinanced a couple of years ago to a 15 years loan.We have my in-laws moving with us so i'd be nice to move to a bigger house so we are kicking tires around.We found this house for $419K which needs some work done, we are considering making an offer for $400K max.How I would shape the deal: (It seems a little too good, so I'm afraid I'm doing something wrong here)Step 1 - Cash out refi my current home Current Home:Current Balance: $145KCash out: $100K ($80K down for the new one, $20K for repairs)New Loan: $245KRate: 4.375%New PI: $1248.00Step 2 - Buy the new houseNew Home:Purchase Price: $400KLoan: 320KRate: 4.125%PI: $1551.00Extra $20K for repairsStep 3 - Sell my current home as a Lease/Purchase with a 5 years balloon and 30 years amortizationMy debt to my BankLoan: $245KPI: $1,248.00At balloon I owe/have paidBalance: $245K (I don't have my amortization table so I went worse case here)In Mo/Pmt: 60x$1,248 = $74,880.00Total: $319,800.00My buyers to mePurchase Price: $350K (about 20K above market price)Non-Refundable Down: $35K (10%)Loan: $315KRate: 6.5%PI: $1,991.00At balloon I'll getDown payment at purchase: $30KMo.

I refinanced a couple of years ago to a 15 years loan.We have my in-laws moving with us so i'd be nice to move to a bigger house so we are kicking tires around.We found this house for $419K which needs some work done, we are considering making an offer for $400K max.How I would shape the deal: (It seems a little too good, so I'm afraid I'm doing something wrong here)Step 1 - Cash out refi my current home Current Home: Current Balance: $145KCash out: $100K ($80K down for the new one, $20K for repairs)New Loan: $245KRate: 4.375%New PI: $1248.00Step 2 - Buy the new houseNew Home: Purchase Price: $400KLoan: 320KRate: 4.125%PI: $1551.00Extra $20K for repairsStep 3 - Sell my current home as a Lease/Purchase with a 5 years balloon and 30 years amortizationMy debt to my Bank Loan: $245KPI: $1,248.00At balloon I owe/have paid Balance: $245K (I don't have my amortization table so I went worse case here)In Mo/Pmt: 60x$1,248 = $74,880.00Total: $319,800.00My buyers to me Purchase Price: $350K (about 20K above market price)Non-Refundable Down: $35K (10%)Loan: $315KRate: 6.5%PI: $1,991.00At balloon I'll get Down payment at purchase: $30KMo.

The table might not reproduce correctly, but you can grab FMR's from the HUD web site at http://www.huduser.gov/portal/datasets/fmr.html.

I know investors that say once they buy a property they will never sell it.I use flipping as a way to keep food on the table and to fund rentals.

So the question becomes how can I get more money out of my rental.... the answer is easier than you think.Most landlords that rent SFR's (me included until just recently) have been leaving money on the table when it comes to our rentals.