My First Deal

[Brian Orr]

I was driving my new neighborhood with a friend who's an agent, helping me to get a layout of the area, and searching for a potential new home. On her phone came a new MLS listed foreclosure alert which happened to be 1 block from where we were and by the end of the day I was in my first "highest and best" showdown.

I got the property for $42,175. It was a beat down 3/1 brick ranch. 5 months later and after slightly exceeding my renovation budget (please see 'contractor nightmare #1') I was all in at at about $75,000. 

After some continued research and discussion, I discovered the world of refinancing. The house was appraised at $116,000. I left roughly $35,000 in and cashed out my entire investment with a small profit. The house has been rented since with a $400 monthly cash flow.

Needless to say, I was hooked!

[Sean Edgar]

Thanks for sharing your success with BP. I know that it will provide inspiration for others looking to do their first deal.

Well done! You are off to a great start!