My husband and myself started this journey a little over a year ago. We had been reading off and on for a couple years (mostly off!) As it happened to almost everyone we know also, my husband lost his tech job. We decided it was time to jump into investing with both feet and hope that our work would pay off.
It took almost two months to find our first deal. It was a sub2/preforeclosure/rehab. A big bite for a first deal so we pulled in a partner for funding and experience. We learned a lot from that one and only pocketed about 5K for our share…we ran into bumps on the selling side, but since we had bought sub2 we were ok.
Deal #2 is up for resell as I write this. We bought from a wholesaler for 68K put 27K into the rehab and it is listed now for 142.5. We figured our numbers originally on 135K so even with the contractor problems we have had and the project going way off on the time frame, we are still sitting nice and looking at 25K or so in profit left in this deal.
Deal #3 My first wholesale. My favorite I do believe due to the ease of the transaction. Bought for 30K sold for 35k. I found my buyer from posting on this site reiclub.com. I actually had several buyers interested before I even had the contract back from the seller. This is a rental property that had a new tenant in it with a one year lease who was doing minor repairs in exchange for 100/month less in rent. After this year rents will be 700. So a good return on investment.
Just wanted to post this to let other new people know it CAN be done. It has taken a lot of determination and dedication. And still I have not seen a nice BIG Chunk of cash….but once this rehab I have up for sell now sells…I will be looking much better this year than we did at the JOB last year.