re: Real Estate Investing......... New update pg 7

Since my last bump, I have commented more in Fat Bastards thread but we have been fairly busy.

We bought the house from Pg 7 along with another rental house. We bought a flip project in March or so, rehabbed and closed on July. Have another flip house in title right now and trying to close in the next few weeks.

Totals/Updates:
- 4 rent houses with great tenants in each one. Last two bought with our line of credit and rolled into 5/1 15 year loans 60 days later.
- 2 completed flips with third in contract.
- Used most of the cash from the last flip to completely pay back our LOC and now at a $0 balance.
- We have turned our focus almost exclusively to foreclosures. We have found that if you can get through the BS that comes with buying/selling one, the money is a lot better on flips and is easier to roll into a more fixed product from the bank.

New flip property under contract is a mobile home in pretty good shape.
2010 model
3 bedroom/2 full baths
2,400 square feet
Needs paint, flooring, appliances and a few fixtures.
Cost $55K and estimated rehab is between $8K-9,500.
Similar properties selling for around $110,000 in the area.

We recently lost what could have been our best deal ever. Great 4 bedroom foreclosure. VA owned property asking $82K. Offer $75K cash and got turned down. 3 weeks later VA drops price to $74K and we offer full price that morning to find out someone else was in before us. The house needed about $35K for rehad but could have sold for $160K at a minimum. We were pissed because it seemed like a shady deal with the VA. Someone made some money.