Hi All, I just wanted to say that the concepts behind the old adage "think and grow rich" are finally coming to fruition in my world.It is exciting to be looking at homes that could be bought and held, flipped, etc.  

I have a contract for this but I have never provided this option so I wanted a professionals advise about this concept.

I understand all the general concepts of wholesaling like; Finding a motivated seller, obtaining a purchase and sale document, finding the cash buyer and assigning the contract to complete the deal.

Interest is only charged on the current outstanding balance, so if it's $200k of HELOC that you rolled into fixed rate debt, and you pay that fixed rate mortgage down by $200k when that unexpected revenue comes in, that's still $200k less dollars you would be paying interest on (when you accelerate your amortization, a greater chunk goes to paying down principal -- household net worth).My $0.02.

So if kept, not quite as much saving off the ongoing mortgage.Nonetheless, that "immediately selling it for a profit" concept must be a tempting thought in MN?...

But as long as the long term fundamentals are strong, ie in the case of Dallas, people are still moving to this city, and millennials will be forming households, I would think property values and rents would go up at a pace faster than inflation. 

I also 100% disagree with the concept of not using an LLC or quitclaiming the property.

Some concepts will be all too familiar, while other things may be new.

Here's a graph to help you grasp the concept and understand where we are currently at:Currently, Sacramento and most of California is somewhere between an early and late stable market.

From the data I have been seeing lately ,about 9% of US households have a net worth of 1 million (not including their primary residence).