jonesev19's blog

Networking has begun to pay off. I've met a mortgage broker who flips houses and has given me way more advice than I've ever had from any banker. I've met a couple of realtors who are willing to show me properties even though I'm not yet in a position to buy anything (currently negotiating a property settlement that will give me title to the house I'm living in, with enough equity to buy a project house). Saw a 3-bedroom 1040 SF bungalow today - built in 1958 and in need of some updating; in a very desirable location with good height in a dry, level basement and a spectacular garage. Perfect for a quick reno and flip. Listed at $309,900 (at least $30K below MV) it will be long gone by the time my money comes through.

Greetings, real estate investors.

I'm new to this business but not to buying and selling property. Every house I've owned was bought as a family home (because I loved the vaulted ceilings and crystal chandelier; because my daughter hated living in a university dorm and I didn't like paying rent for her; because I wanted to down-size) and sold too soon - all emotional sells because I didn't think I could deal effectively with renters in another city. I improved each property dramatically so the homes were really easy to sell at market value, which barely recouped my investment in each instance. One sale was made just a few months before prices in that community started to climb and didn't stop until they'd doubled. Ouch!