Quote:
Originally posted by edmo
fuck ghetto property. motherfuckers won't pay their rent on time.
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Wrong.
Before porn, I use to put deals together for private investments and venture capitolist who wanted to purchase real estate on the foreclosure market....(Lien sales, tax sales, all included, etc)
Everyone wants the "big" deal....the property that would nomally sale for million, but's going for 200k on the court house steps. But i made more invenstors and venture capitolists rich by buying in the lower/medium income areas. Common sense will tell you that's there's more lower/medium income people in this world, then there are rich people. Those homes, you turn and burn...the big expensive ones, you might have to sit on.
Depending on your CPA and lawyer, they should tell you if it's better to sit or sell...mainly because the tax laws are constantly changing.
It depends on your overall strategy ofcourse.
We had one property deal that we bought on "the block" and sold the note 10 minutes later to an investor who arrived late and really wanted the note. That particular deal made a quick 12k return. Of course the investor i wa representing could have made somewhere in the range of 22k on that deal, going through the system of selling, etc. But a quick 12k in ten minutes wasn't to bad to walk away from.
No doubt though, real estate is a fun game to play.
