Buying single family homes as investments

Last year I actually bought 6 single family homes as investments.

My goal was to mark them up 3 to 6% and then sell them in a year.

At first my plan worked well. I made almost everyone put $5000 down and I made 3% when I bought the home.

My cash flow on each home averaged $100 to $400 per month.

A year later, only one exercised their option and several of the renters moved out. I learned that I couldn't rent the home for what I was renting it for, so I lowered it down to my cost.

Currently I have 5 homes that are barely renting for my payment.

The moral of the story is, you can't buy a home that you plan on only making 6%, you need to make at least 20% or the deal isn't worth doing. 30% would be better, but the deals get harder and harder to find.

If you have a home that you are willing to just sell for what you have into it, give me a call. If there is enough equity in the home, I might be interested in putting it into my portfolio of homes.

I am looking for homes under $150,000 that are great wholesale deals.

Thanks Burke Bennett
http://www.seidahohomes.com/
208 589 5599
burkebennett@hotmail.com