1st house, marathon short sale, hacked, cash cow.

[James Boyer]

Since I'm new to BP I figured I should share the story on my first house I closed on a couple months ago . I have an amazing realtor with 25 plus years experience and has worked as a lender as well. I was stuck on a  800 sq ft 3/1 on a culdesac. He finds a short sale listed as cash only and calls me. It's boarded up due to squatters and damaged from a marijuana grow.  Over 2100 sq ft 4 bed room 2 bath including a 2 car garage that was converted into living space with permits. It was completely remodeled 9 years ago with new everything, plumbing, flooring, kitchen, bathrooms ect. 

He convinced the listing agent to take a rehab loan offer which would end in a higher net than any cash guys we're offering. We got it accepted and took about 6 months to get it closed.  

About 12k and many hours of labor between me, the wife and a week with a contractor the house is pretty dialed. I have the converted garage rented out for 1000 which is almost what my mortgage payment is.  We're living almost for free and have around 75k in equity!