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Foreclosure in 23602 : Real Estate Advice

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Activity 1
Tue Dec 4, 2012
travelnjack answered:
i currently rehab and rent homes. Getting the first one out is the hardest. I funded the first utilizing my own money and once it was completed and rented I used it as collateral for the next. I found an investor with a self directed IRA. House finished is worth better than 100k, I borrowed 50k from his IRA, put the house up as collateral, pay him 8% interest on an interest only loan with a balloon payment in 3 years. He earns 333 dollars a month, house rents for 900. At the end of 3 years I either have to pay in full or he renews. I currently have 12 rentals. Each time I finish one, I find the next investor so we can keep working. The investor gets a great rate of return and no risk. Makes it real easy to find money. Do quality work, find good tenants and then money is not hard to find.-rob ... more
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