Check this out:
Gorgeous $1 million dollar mansion in an exclusive Colorado Springs gated community located right next to state parks on both sides. 6 beds, 6 baths, 1.5 acres, 4 car garage. Surrounding houses range from $800k-1.5 mil and up -- Some of our richest local residents live here.
Listed at $389k (Just reduced)... Needs about $100k of rehab, foundation work, etc.
Holy snikees! How do I resist this?
The plan: Move into it for 2 years, do the rehab, and then sell it for huge TAX FREE profits!
The problem: It would take every penny I have to be able to move into this thing with an affordable note. I'd have to clean out my 401k, and dump my entire savings into this to scrape together the $100k down payment I would need, and maybe sell some properties to get even more... I would have to go into debt for the rehab. This would be extremely stressful for me, and would probably prevent me from doing any flips on the side for the next 2 years. (My side flips make $15-20k each though, 2 to 3 per year... This property would make me around $3-400k tax free in 2 years....Ugh...) If I lost my day job during this time, my empire would probably implode.
Any ideas on how I can make this happen? Maybe somebody wants to partner up for 50% of the net profits?
Too much risk for the reward? Should probably just walk away?
Cheers,
- Hakrjak
Gorgeous $1 million dollar mansion in an exclusive Colorado Springs gated community located right next to state parks on both sides. 6 beds, 6 baths, 1.5 acres, 4 car garage. Surrounding houses range from $800k-1.5 mil and up -- Some of our richest local residents live here.
Listed at $389k (Just reduced)... Needs about $100k of rehab, foundation work, etc.
Holy snikees! How do I resist this?
The plan: Move into it for 2 years, do the rehab, and then sell it for huge TAX FREE profits!
The problem: It would take every penny I have to be able to move into this thing with an affordable note. I'd have to clean out my 401k, and dump my entire savings into this to scrape together the $100k down payment I would need, and maybe sell some properties to get even more... I would have to go into debt for the rehab. This would be extremely stressful for me, and would probably prevent me from doing any flips on the side for the next 2 years. (My side flips make $15-20k each though, 2 to 3 per year... This property would make me around $3-400k tax free in 2 years....Ugh...) If I lost my day job during this time, my empire would probably implode.
Any ideas on how I can make this happen? Maybe somebody wants to partner up for 50% of the net profits?
Too much risk for the reward? Should probably just walk away?
Cheers,
- Hakrjak
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