From: "jerjer" 
Newsgroups: misc.invest.real-estate
Subject: A question about "Purchase Renovate Sell for profit" scenario
Date: Wed, 24 Nov 2004 19:11:24 GMT

I've decided to go into the "Purchase, Renovate Sell for profit" business,
and I have some questions about financing.

My situation is good in terms of assets and debt.  I have no debt, about 80K
in cash savings, 300K in an IRA and a 2 family house (paid for) worth about
325K with a rental income of 1K/month.  I stopped working 3 years ago due to
a layoff and have been in school during that time.

I want to purchase a second home, renovate it and sell it for profit.  I
have a lot of renovation experience and most of the skills to do this kind
of work.  My problem is financing.  I don't qualify for a home equity loan
because I'm not working.  My savings isn't enough money to purchase a house
and I don't want to touch my IRA.

So I ask anyone who has done this type of work themselves, what's the best
way for me to come up with the money for this type of business?

Any suggestions will be greatly appreciated,

Thanks,  Jerry