We started investing on accident last year. We had a Real Estate Broker from outside the area that was listing bank-owned properties. I drove by our 1st one and knew immediately that the broker was about $100,000 low on his asking price. I called my agent from the house and we submitted a full price offer instantly. It was accepted. Meanwhile, I started looking at the other homes this broker had and found another about $40,000 low. Submitted a full price offer and it was accepted.
We had to fix up the 1st house and spent about $18,000 in fix up, Realtor fees and carrying costs. We put it under contract for $319,000 paying $5,000 in buyers closing costs. Heres the best part…I paid $205,000. What a great way to get started! A $90,000 profit on our 1st deal!!
The other house we purchased at $179,000 No fix up, no carrying costs…none!! It sold before our 1st payment was due. Sold for $225,000 and we paid $5,000 in closing costs. After Realtor fees etc. we walked with about $32,000.
We are now on our 7th home this year. I LOVE MY WORK!!!