Success on our first investment!

[Tamar Mar]

We just had a great success on our first deal that I wanted to share. 

We purchased a SFH for a rental in October via Auction site online. Worked our tail feathers off for 2 weeks to get it ready to rent. Went on vacation. Came back to find out that we had missed a governing document in the HOA that mandated the home was owner-occupied for a period of one year, then it had to be approved, and the rental cap was a low 7.5%! (Note: next time, do thorough due diligence when getting involved with an HOA - or avoid them! Lesson learned.)

I had a minor heart attack for about 1.5 minutes, called my husband @Bruce Mar , and he said "We'll go to plan B - sell it!"  So we spent another 3 weeks making the house really pop - granite countertops, new carpet, etc, etc.  Put it on the market the first weekend in January, and had three offers over asking price, and ended up closing the deal over for more than $100k over what we purchased it for. 

We feel totally spoiled that our first deal went so well, and added fuel to the machine to keep investing in more properties....now we're keeping our eyes out for the next one. 

Good times!

[Justin Owens]

Congrats!  Pretty fortunate turn of events for you. 

Did you pay all cash on the auction site?