just purchased my 2nd property!

[Brad Klock]

So I am excited and a little nervous. I just purchased a new property from Fannie Mae off of Homepath. I purchased the house for $9,200 and after closing am in for around $9,800. I plan on flipping this property and after a walk thru with my contractor it appears that it will need approximately 18-20K worth of work. The ARV is conservatively 50-55K. The home directly behind this one sold last year for 80K, but it is a little bigger. I purchased the house in cash and will be paying for the rehab with my own funds. I spoke with my bank manager and she said to call when it's completed and they will allow me to refinance for 80% LTV with no seasoning period. This way I can pull all my money back out of the deal. I am starting the rehab on Wednesday and since it is a bad time to sell houses with winter approaching quickly, I plan on putting this on the market in the spring. Let the games begin!