1st Flip turns into Wholetail

[Steven Mallow]

Last Monday my first house officially sold.  I have been looking to buy and getting ready to buy since last march but bought a house at auction in October before I bought this house.  Sadly, that house hasn't sold yet (under contract now).  

I bought this house with a partner.  The partner is a realtor in the area that we bought the house.  He is the one who actually was able to make it to the auction and did the bidding for us.  

The house is located in Koshkonong, MO.  This is a super rural, tiny town and I wouldn't necessarily advise anyone to buy in towns like this but it worked out.  I grew up 30 miles from this small town so I was somewhat familiar.  Also, as I mentioned my partner is an agent in that area and has lived there his entire life.  He has a great feel for the area and decided that this house is one we need to buy. SO, we split it 50/50 with a purchase price of around $7,000.  That's right, a 3 bed/1 bath house with a little over 1000 square feet cost $7,000.  Luckily the house was in okay shape.  It needed some cleaning and updating for sure but no major, major issues.  However, just a few days after buying the home my partner and I got a contract on the house for more than we planned to list it.  We hadn't even listed it yet.  The buyer's agent knew it went to auction and contacted us (the winners of the auction) soon after the deed was recorded.  Evidently the buyer had wanted this house for some time.... WOW.  I couldn't believe it.  In the contract they asked us to replace the roof which we gladly did but that is the only repair we made.

We were all in for around $12,000 and the house sold for $45,000.  I know not all of them will be like this but I'm more than happy with the start to my career.  To add to that, the same week (Saturday) my other house went under contract for just under list price and I project to make a healthy profit on it as well.

Thanks for reading and thanks for your help through the way BP.