[Jims5543]

Since my mortgage is paid off I decided to put my house to work for me following the advise of financial gurus who say a paid off house is a bad investment.

I took out a line of credit at the local bank for 200K with my house as collateral and went a huntin for a good flip house.

I found one today, actually I missed a better deal but this is a good first one. The guy selling was a real estate "flipper" himself. He was younger to me and made sure to mention he was picking up his second Bently next week. I saw his wifes brand new 7 series and he was driving a Crossfire? Maybe true but inconsequential.

I made sure to go in my Pickup truck and make sure not to let on what I was about.

He had the house listed for 165K and was in the process of renovating. I offered 150K with the idea he walks away and lets me finish it. He admitted he puts a max of 5K into a house before flipping after accepting my offer. (I knew I should have went lower) I dropped off a 3K deposit this evening and will close as soon as the title work is done.

I have a couple of partners in this. Both brothers and ex-frame carpenters, they can do most anything. We should be done renovating 3 weeks after closing and listing in the 200-225K range when done. Not bad for a first property.

I am already on the prowl for a second one. I have to figure out how to find these better.

Any tips?