When we opened up the floor and figured out what it was, we freaked.

My ulitimate goal is to have a 6-figure/yr cash-flow, but also have a portfolio of propertied which are held are for long-term wealth creation.

just figured id introduce myself. im a mortgage banker in jersey, i can write a deal in any state. i also have a network of investors i work with and have resources for hard money as well.if i can do anything to help anybody feel free to shoot me a PM

Taking on a loan and paying down the mortgage will help build your credit, and your credibility with the bank. also, talk to a local banker about the idea. if you come in with a teachable attitude, then they will most likely be helpful to you and offer advice and suggestions. don't act like you've got it all figured out. nobody wants to help a person with an ego.that is great that you're buying a deal!

I'm pretty comfortable saying I've got that part down :D When I figure out all the costs, I say $5,000 for roof repairs, $1,000 for misc little things and to be conservative. $112,000 sales price, $90,000 for the offer.

For example, all of my offers are put in as cash. 90% or more of those offers will be rejected because of my 30% profit margin figured into the offer.

But if you figure my return on the $48K I've actually got in the deal it's the equivalent of a 12.75% interest rate.I have a prepayment penalty for the first 2 years (6 months interest).

I'm assuming you've figured out your financing for this project by now.

With so many options for repayment out there it is very easy for someone to minimize the amount that they have to pay back each month. 10 year term, 10 year with increasing payments, income-based payments... the list goes on and on.The only other thing that I would add is that we need to help kids figure out where the jobs are going.

I think you should figure out how much credit you can get in your hands to buy and flip houses.Call my friend Ari at Gelt Financial, he may be able to get you in some deals with nothing down.www.geltfinancial.com, tell him Jcommunities referred you.