As I said in my first post in the Intro Section, just lost my job, and I'm thinking about cashing out my biggest asset....my house. I believe I can get anywhere from 550k to 650k for it. After paying off all debt, I should walk away with over 350k in cash.

I need to learn about the business fast, as I guess my first sale will be my current house. I may have to do this fast, as I will be going broke waiting for the sale. I will be using a Realtor for this first sale, because of the lack of cash flow.
My only access to cash right now, will be to withdraw money from my 401k. Hate to do this, but I may have no choice. Figure I will put about 10 - 20k into this house to get it ready to sell, I think that should do it.

I just figure that 350k is a good amount to use to start in this business, I know that people will tell me not to use the cash to buy a house, but use banks money for that, well I guess I will tell you all of my bad Credit Rating at this point. With the sale of my current house, I will be settling up all of my debt, including a current chapter 13 bankruptcy.
So I'm thinking I can rent a house for my family, and buy houses for less than 150k, leaving me cash to put into them, and if I do it right might keep me in a good cash flow. I plan to do all the right things to improve my credit ASAP.

I would imagine you can survive in this business buying houses anywhere from 50k to $5,000,000. You just need to set your expectations and build yourself up.

Anyway, just sharing my info for now, thinking out loud if you know what I mean.

Later
Monty

Sound like you got a plan, do what you got to do. Play the game before game play you.
Brokerlady

You need a credit partner. If you got the cash you need someone that can sign on the dotted line. Some sort of division of labor and jobs, but remember with the current credit crunch it is harder and harder to get financing period. You do not want your deal flow to be determined by one lump sum of cash that has limited means of purchasing power etc. Corporate credit is another good way (wow can't believe it has been 3 or so weeks since I said that).

Motivated sellers are the key to being able to manuever outside of the lines were credit are concerned as well. Motivated sellers are the key.

__________________
Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

Not sure how I'm going to establish credit with a mortgage company right away. I do have good relationships with a couple of banks. I need to work with that to improve my credit. I would think I would be able to put down 50% on a house and get a bank to give me some sort of high interest deal. I would think that's how I could start to rebuild my credit rating.

I have to ask a dumb question. A general question of what might be an "Average" price for one of your flips. I'm sure it's relative to your location, but in a market where the average home price is about 200k. I've been trying to run numbers, looking at the overall risk factor.
I've got a lot of reading to do.

thanks