Flipped a House

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I am just starting as an investor and I bought a foreclosure for $7,500.00 that no one would touch w/arv $48,000.00 because the basement was full of water. I bought it, put in a sump pump, and put in $750.00 of sheet rock and sold it for $25,000.00 on Ebay. I got $10,000.00 down and I get $454.00 a month for 3 years. Looking for another deal like that.

I bought a REO in February for $50,000.00 that has tax value of $79,000.00 and am renting it out too cheap; $600.00. I plan to hold it for two years and probably sell owner finance.

I am renting out a house that I bought for $10,000.00 for $450.00 month. I paid for this over 3 years so it is paid for but needs carpet and paint. It was my grandmother's who had lifetime rights and she just died 2 months ago.

I just bought another foreclosure in May and I had to put up the deed for the house I bought for $10,000.00 that has a tax value of $49,000.00 with 3 acres of land to get the loan with no money down. The bank says in 2 years I could have the deed back. My payments are $437.00 month and I gave $53,000.00 for it. I am owner financing this house to a couple with $10,000.00 down and $59,900.00 balance to be paid in 20 years or a 5 year balloon payment. I got a land contract on house and 1 acre and have it fixed where if they don't pay me I won't have to foreclose; it will be signed back over to me. I feel iffy about the couple already.

I am currently looking for a deal to make $15,000.00, like I did on my first deal, but I haven't made many offers. I feel like I can deal better with foreclosures as they really want to get rid of them, and with “for sale by owner” they don't, alot of times, HAVE to discount price.

Vickie Wallace
Carthage, NC

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Flipped a House

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