HELOC interest rates are based on the prime rate from the Fed, and since the Fed has dramatically cut down the rate, the profit margins for banks have diminished.

If you buy a REO off the MLS for about its asking price, how is it you're going to turn around and sell it to another investor for a profit?

I advised them strongly against this on the principle that the person who determines the scope of work SHOULD NOT be the same person who profits from that scope of work.

I was hoping to be able to buy low at an auction and sell and pay back the money and keep the profit.

haha I was 3 in 85I did pay a bit for the two seats (18k), but based on the current prices (Ebay, Stubhub, Ticketliquidator, and a few other sites I checked out) I should expect to pull anywhere from $200-$400 profit per seat per game (not including crappy preseasons, of course), so that's 3200-6400 a season.

Which brings me to my next point........I would not even be looking at a deal like that if I were you unless an easy realistic sales price would be 120K+.I don't try to make the marginal deals work, I want plenty of built in profits.

Losing $5,000 or $10,000 in profit because you don't want to put up $500 or $1000 deposit that you are going to get back when you close is not good business in my book.If its a deal then put your money where your mouth is (IF you have to, of course :D)

So, subtract your monthly mortgage cost and calculate how profitable they would be.Assuming they're not losing money I'd probably consolidate for a bit, not take on any more debt (of any kind), pay down all debt, but particularly pay off the SMALLEST loan.

I figure we can 1. live in the condo and buy a house to rent/section 8. 2. rent the condo and buy a bank owned property, hold a year or two and resale for a profit.

I have been buying very cheap houses and rehabbing and selling at a good profit, but all with my money.