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Old 02-08-2011, 08:15 PM   #7
krwazzec
 
Join Date: Jan 2011
Location: USA
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Do the bare minimum to make it livable, hang onto it and rent it and score the tax write-offs, refinance out the equity and put a down payment on another house that can cashflow with renters while keeping the monthly equity line payments under the rental income you'll be receiving from this house.

Repeat process and don't bank on making equity, bank on paying down principal and creating positive monthly cashflow, and tax deductions.

Flipping is for morons. Done properly, you can always create available cash and have the payments covered by income generated from the properties, while reaping the tax benefits.

I've never understood in my life why people want to pay capital gains when they could pull out the SAME cash, have someone else pay it back, make money on the tax side, TAX FREE because you're pulling equity instead of transferring title, while keeping your same low tax base assuming you're in a state where property taxes are reassessed on transfer of title.
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Old 02-08-2011, 08:15 PM   #8
Merrolkitiele
 
Join Date: Jan 2011
Location: Uruguay
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Maybe this goes without saying, but... I'm saying anyway.

Just make sure you have proper insurance on this thing from the instant it becomes yours.

If it is as bad as you say, there is a not-insignificant chance that something bad could happen to anybody who goes into / works on the property.

The last thing you need is a nearly-but-not-entirely worthless property with a huge liability claim to follow!
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Old 02-24-2011, 05:17 AM   #9
ronicolman
 
Join Date: Feb 2011
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Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.
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Old 03-18-2011, 10:26 AM   #10
halstonwind
 
Join Date: Mar 2011
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Once you figure out the average that they charge, I would charge a little bit less than them, since you are just starting out. Once you become better known and more and more people begin to hire you, you can rise your prices to match those of other DJ's in your area.
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Old 08-16-2011, 06:04 PM   #11
Miamihomes
 
Join Date: Aug 2011
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consider that the "Ugly homes" people will give you very little money for your home. If you are inclined to it, it would be better to fix it and then sell it.
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Old 09-09-2011, 07:23 AM   #12
Mathew
 
Join Date: Sep 2011
Location: United States
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If I'll get a free house then I will definitely going to rent it out so that I'll get the extra money buy it..!!
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