In late August, I closed on my first property, and less than a week later, I purchased my second property. I found my first property through a real estate broker who handles REO’s. I purchased the home for $54K. As I was going through the process of closing on this property, I discovered a great buy through an advertisement posted on the side of the road. That property needed an immediate close because it was a wholesale deal. I was able to purchase it for $64K. Since I didn’t have the ability to work on both houses at once, I chose to work on the second house first. I ended up spending $20K on repairs, had it on market for one month, and closed on a cash sale 110 days later for $146K. I cleared $45K profit!
I am in the process of rehabbing the first property. I’m half way through the process at this point, and hope to be finished by the first of March.
-Chris in Florida
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