We close on our first property next Monday...

[Tami R.]

Our first little property will officially be our next Monday... yikes! It was a foreclosure, the guy that owned it was involved in drugs and went to prison. They wanted 20k and we got it for 12k. The town population is 28,000 (biggest city - and in between Mpls and Des Moines, IA). The property has two downfalls, no garage but awesome big yard and it's on the north side - not the best side of town, but the town is not known for gangs, murders, etc... like if we were talking about a big city.
My fiance Dan owns a pretty well off construction company and our family will be doing the work except for the roof and a couple other bigger projects - he will have his guys do. We are going to have all expense run through my account and for tax reasons we are not paying Young Construction cause that means he would have to pay in to the government for his employees, etc...
We will put $13k (if we had to pay contractors, etc. to do the work it would be about $25k in work) into the house and list it for $42,500 - our Real Estate Agent said it will sell easily for $39k or $40k.
I think it's a good first time investment.... It seems like houses sell good in my market between $35k-$55k.