Figure that out, and let us know.

To clarify the property was listed initially for 299,000 then at 275,000 for long time not sold so we figure marketied correctly with flexiblity we can get 250's which is 30,000 profit.

Guess what...the Senator himself is a licensed agent - go figure...http://walkthrough.nytimes.com/?

OK edge, I've read your post several times, and I'm not the brightest guy that ever walked, so I can't figure out where the heck you got your "equity build-up" numbers.Edge wrote For the first property, after 62 months (your break even point), he would have built $56,754 $56754 divided by 62 = 915/month!

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.