profit from flipping condos?!!

If any of you had a chance to correct past mistakes, as a new R.E. investor with excellent credit / no equity left in my home / 40.000 in cash (not wanting to buy & rent, or be involved with foreclosure hassles) Is there a better way to create wealth in real estate than flipping inexpensive “buy owner” condos to start?

Howdy Raalph:

There are a number of ways to make money in REI. You may have found a nitch in the market that you like and can profit from too. Condo’s are not especially that great for investors but many investors that do buy them because of the ease of management. No roof, yard, siding, exterior painting to worry with. They may not break even but you can usually find good deals from folks that want out. A bit harder to get financing too as projects may or may not be FHA and govt approved. The HOA fees too can be quite a deterant to buying and renting condos. Make sure what these are and what they include.

Hope all this rambling helps some.