Sold our first property for 16k profit

[Mike S]

I'm sure 16k isn't much to some, but for our first deal it's amazing.

Bought a decent home for 18,500 out of foreclosure that someone had lost their butt on renovating. 100 year old house with new everything in 2010. We put new carpet in and replaced vandalised electric and plumbing.

We intended it to be a long term rental but the market took off and we sold for 42,000. We paid 1900 in closing costs and bought them a home warranty for 435.

We had about 8k down to purchase, 3k in renovation. After 20 months we had collected about 11k in rent. Walked from the closing with a 24k check.

It was our first and therefore hardest but well worth it! Also have to thank everyone at BP for the help and knowledge.