I thought I could make $40K by doing the rehab and selling it retail.

BTW BOA knew they had filed bankruptcy when we started with them LAST MAY - they even had us send in the discharge papers so they could move forward (at a snail's pace)

However, make sure you are paying way under retail as the new appraisal guidelines could easily kill you loan depending on market conditions.

I gather as much info about the house as possible, especially what condition it is in, what repairs it needs, and if the seller has an idea of what it would cost them to completely fix up the house for a retail buyer.

No one is paying full retail price for anything right now.1)Redefine your strategy and spend some time researching and asking questions on this site and with local investors.2)Only purchase according to what you define as your strategy.With 240k you have the ability to set yourself up for life…..if the right decisions are made in the near future.

The price you pay for a stock is 100% retail market price that day whereas, in RE, I can buy something that is currently valuated at $100k in it's existing condition and only pay $60k for it.

Jeffrey, if you are going to make the jump to commercial, really make the jump: shopping center, medical building, office building, retail stores, storage building.Get away from the residential tenants.

The reason i want to do 6 or more whole-selling a month i am used to the fast pace the different things i was in before and i don't want slow down.

Also, in response to your question about pricing...using a price per square foot is fine when buying retail (who would do that right now?)

Since I live in an area known mostly for it’s timber and recreation, mountains, streams, rivers and lakes, the pace here and the income potential, compared to places like San Francisco, Los Angles, Honolulu, other places I’ve also lived, is slower and the real estate investment markets are not like anything compared to these metro areas .