My first deal

[Account Closed]

Hey all,

After a lot of house inspecting and deal wrangling we're going to closing on our first deal within the next day or two. It's an REO that was on the market about 90 days, a 2/1 house in a neighborhood of mostly 3/1 houses. Comps in the area suggest a selling price of about $60K, maybe $65K on the high end. Our purchase price was $18K and rehab is estimated at $20K.

After realtor fess, holding costs and such I believe we'll come out ahead on this one whether we sell or rent it out. All the same I know we're in for a ride. I owe a lot of this to Bigger Pockets and all the experienced folks here who have shared their wisdom both in the current and archived threads, or I might never have gotten serious enough to get out there, evaluate properties, make offers and come up with this one, so thanks to all the posters freely offering their experience and making this a worthwhile forum to visit.