Foreclosure in Gastonia NC

[Derek Wilson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $78,000
Cash invested: $20,000
Sale price: $152,000

Foreclosure we bought, lived in and renovated. Sold it after 3 years for a 50k profit.

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

On market foreclosure. It was a homepath property which takes in to account owner occupant offers before looking at investors offers.

How did you finance this deal?

100% 5/1ARM Conventional loan. Cash-out Refinance after renovation.

How did you add value to the deal?

Significant renovation

What was the outcome?

Had a cheap mortgage payment while we lived there and made 50k

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

Yes! Myself!!!