Made a profit of $3K after closing costs, which is great and helps me build capital so I can start buying and holding.

One book that will really help you do your market research and due diligence is: "Buy It, Rent It, Profit!

I live in California which is also where the flip is.I have up to $100k in profit.

I make up for that by bargain shopping and not paying for a contractor's profit margin.

When the seller realizes you are the best prepared - his problem solver and beacon of light, the possibilities will expand.If there is enough room with the numbers, offer a partnership with the seller and the seller will share in the profits - at the very least 50 percent above the seller's desired selling price as established in writing prior to the partnership.

LOL David Beard - ain't that the truth.I just did some searching through some of the old Guru emails I've gotten over the past year (lists that I'm pretty sure I never subscribed to) and these are some of the exact subject lines (verbatim - I'm not making this stuff up):- Buy House for $3K sell with $43K Profit in 1 day- No mailings, no phone calls, just profits...- Turn $100 into $35K - detailed training- $10,000 in the Next 30 Days...

I have had leads however they were all either upside down or have done enough renovations recently to suck the profit potential out for themselves.

If you don't have a buyer, maybe tell him you'll keep his offer in mind if you run into anyone who would be interested at his price, but it's unlikely as you work mainly with investors who are in business to make a profit, not owner occupants.

Do not attempt to obtain financing from a third party or the seller.Your offer takes into consideration the amount of the taxes owed, any repairs and upgrades, all the other costs necessary, then rent/sell the profit and get a good return on your investment.

All in all though, think we raked in a solid deal.Please review my numbers and let me know how I did.Purchase price: $92,900 (all cash)Closing costs: $1,800 (inspection, survey, etc)Renovation costs: $22,000Holding costs: $1500 (utilities/taxes/insurance)ARV: $160,000Closing costs: $8000 (realtor commissions)Net Profit: $33,800!