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Old 04-15-2007, 02:52 PM
sMethod sMethod is offline
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Join Date: May 2005
Posts: 325
Default Re: Owning RE (What Qualifications Do I Need?)

Im 22 and Just completed my first realestate transaction, my father and I bought a 90 year old run down house to fix up and flip I gave him 10,000 for the down payment and helped restore the place every step of the way. Escrow is closing in 2 weeks and even with the market in a down swing we still made a hefty profit. They way me and my dad worked the deal was I helped with the down payment helped fix it up and I could live in it as soon as it was ready until the day it sold and he would pay the mortgage while we finished. It sat on the market for 7 mounths before selling. The advantages of this deal were I had a nice place to bring women back to that couldnt believe I was a poker player / realestate investor. I dont know if the extra vagina was worth not having cash flow from renters for 7 mounths but it certainly helped. When your done you could have a 5 bagger on big money and capital is nice.
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