Hakrjak starts a new flip....

[hakrjak]

Hey Gang,

I'm starting a new flip this month and am documenting it with pics and stories on my blog. I don't make any money from this, and am just doing it for fun -- So if you'd like to follow along with my flipping adventure -- You can tune in at:

www.coloradospringsrei.com

Cheers,

- Hakrjak:banana:

 

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[slim_jim]

Awesome. I just read through your blog. You are definately headed towards the fastlane. I look forward to more posts on your blog as you progress.

speed ++

 

[Allthingznew]

Like it, Speed+

 

[hakrjak]

I just thought I'd clarify since there was some confusion from atleast one person.

I don't make any money from the blog, and am not trying to... it's just for fun.

The flipping, I definitely make money from (While also having fun!)

Cheers,

- Hakrjak

 

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[Corrado79]

Wheh! Thanks for the clarification. I was one of the confused. I went to sleep last night wondering how you were financing a flipping project that you weren't planning on making any money on.

 

[Jakko]

Hey Hakrjak,

Did you buy those two houses as REO? Also, could you tell us how you are financing the two deals? HML? HELOC?

That said, it's looking good so far! If your renter buys the house right after it's done, that would be really awesome!!

 

[hakrjak]

Hey Hakrjak,

Did you buy those two houses as REO? Also, could you tell us how you are financing the two deals? HML? HELOC?

That said, it's looking good so far! If your renter buys the house right after it's done, that would be really awesome!!

I buy 80% of my houses on REO, so yep... these houses were REO's... The financing was on 3 yr arms, I paid about 75% of FMV on them... then I rented them for about 3 yrs before I begin to flip them at that point, evading short term capital gains taxes -- and actually cashflowing nicely for 3 years in the meantime.

So far so good on selling 1 when it's complete later this month... If I can get rid of that sleezy Realtor trying to ruin my deal (See other thread)... I'll try to post some new pics tomorrow or the next day.

Only thing I will do differently at this point in the future with my strategy is to find places that will probably cashflow good on 30 yr fixed, in case I want to expand my timeline a bit and enjoy the cashflow longer. I've also learned not to be too afraid of ARMs... just when things look like they are getting bad, they always turn around and then you're back in the green

Cheers,

- Hakrjak

 

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[Bilgefisher]

Thanks for the update. Love hearing about local flips. Lived in the springs for awhile. Off of Centennial near Garden of the Gods.

 

[hakrjak]

That's funny, that's exactly where I live In Pinon Valley, by the post office.

-Hakrjak