Judicial Sale purchases & freaking out

[Jordan DeGusipe]

Hey guys, Husband and I are super new to real estate investing, first of all. We went to the judicial sale (free and clear) sale today and spent $10,750 total. We spent $2,000 on a half duplex in a decent area about 20 min away from us and another we bought is a home on 5 acres with a lovely creek bordering the property. We spent $8750 on it. Now, the house is AWFUL and so is the half duplex. But does it sound like we made a bad investment?

[Joshua D.]

Hey Steve!

Happy ending to both stories so far, thank God! We knew the duplex was a problem as soon as we saw it. We were new to investing and didn't check things well out enough, but boy have we learned! :)

We bought the duplex for $2,000, and before even putting in our names (which would have cost $800 just to transfer the title and fees) sold it for $1,200 and let the buyer pay the $800 to transfer it. It was well worth it just to get it out of our hair.

The 5 acres, we paid the executor of the estate of the prior owners $500 to sign a confirmatory deed, clearing the title for us to sell it. It is currently under contract for $37,500. We've been experiencing some minor issues getting to closing (turning the electricity back on, the water, etc.) but feeling somewhat confident that we should be able to close. If not, we will find a cash buyer and turn it for a quick profit and put that money into other rentals.

We've actually acquired 1 duplex, 2 single family houses, the 5 acres, and just bought another last month at the judicial sale ( a lot more informed this time around lol) so we've gotten 5 properties total this year, hoping for another 5 next year. We are loving this real estate game, lots of work but it's been totally worth it for us. We really enjoy doing it together and love the way real estate offers such profit margins when you buy right, renovate on a budget and rent. We use the BRRR strategy and love it so far!

Just wanted to give everyone an update, thank you so much for your advice and caring enough to lend your knowledge, BP has been a huge part of our success so far. We hope and pray for more blessings  and good deals on RE to continue!