First house flip

[John Walsh]

Without out even thinking of myself as an investor I bought my first foreclosure in 2010.  I had moved to Cincinnati the prior year as was tired of renting.  I was looking for a house to buy and one in a great neighborhood had caught my realtor's eye.  She new I liked rehabbing and this one was affordable.  The house was in rough condition but the bones of the house were good.  I lived in the house as I rehabbed it.  I bought the property for $160,000 put about $25,000 in repairs and resold it at $225,000.  I could have held out for more, house was worth $240,000, but I had already moved to Louisville for work and just need it sold.  The rehab took just under 2 years ; it would have been faster but the first year I ended up being so busy at my job I couldn't put much time into it. I have since bought another foreclosure in Louisville for the same price, put about $30,000 into this one and it would sell today for around $280,000.