First Home Purchase In Foreclosure

[Cody Davis]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $15,000
Sale price: $87,000

Purchased first home in foreclosure, fixed up with help form the fam, lived there about 5 yrs and sold to buy our home in the country.

What made you interested in investing in this type of deal?

Really just the local to the wife's parents.

How did you find this deal and how did you negotiate it?

I was off in Air Force Tech School and she found it walking by. Just made an offer with it being in foreclosure.

How did you finance this deal?

Bank

How did you add value to the deal?

Took it off the banks hand so they no longer had to pay property tax.

What was the outcome?

Updated most of the interior, added a 32x24 shop and sold.

Lessons learned? Challenges?

Get in to Real Estate. Most of the interior was paneling so Sheetrock, Sheetrock, and more Sheetrock so that lesson would be to sub out the Sheetrock if your not a broke college kid like we were!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Palmetto State Bank was awesome.