I went through a house about 6 weeks ago that was bank owned and listed at $75k.... needed some work, but could be rehabbed and sold for about a conservative $5k-10k profit. This was going to be my first investment property, so naturally, I was very cautious. I went through my numbers about a hundred times, went to the local home improvements stores and priced things out... I ended up dragging my feet. We went to write the offer for $63k, and the bank had already accepted someone else's offer which was 'substantially higher than the list price.' So I was bummed....

Fast forward to last week... I am checking through the MLS system and the house is back on the market for $75k... it turns out, the financing fell through n the other deal and it was available again. That day, we put in an offer for $64,500... we just found out today they they straight out accepted the offer and we close in 26 days.

I am so pumped up... while this is a big risk and undertaking, I know there is $$ to be made here. I wanted to start off as safe as I could, while still making a decent return. And whatever $$ we make off of this one, I will bank and use towards the next one. I am hoping to do 2 rehabs a year, eventually paying cash for them... and then slowly get in to rentals.

Anyway, before I get too excited, I am going to schedule the house for an inspection... just to make sure that there are no surprises that we don't know about.

Now I just have to start setting up a schedule of what needs to be done, in what order, and by when... and sticking to my budget. I overshot all of my estimates just to cover my butt, just in case.

I've learned a TON from this website and just wanted to thank you all again!

Any advice?!?!?