Purchase price: $58,500 Cash invested: $55,000 Sale price: $155,000 Contributors: Peter Vekselman Partner Driven and Carol Tarnowski teamed up for a transformative project on 14th St, Fond du Lac, WI.

No 1.75% funding fee so conventional loans typically have less closing costs.

If you close with a conventional loan, it will need to be in your personal name.

Was paid sales commission to sell it to myself.

Did the proceeds from the sale count as short term or long term capital gains?

Either way, you would be left with roughly enough to put 10% down on a $400-600K property and still have cash leftover for closing costs, furnishings and minor touch up renovations. 

We are closing on a 2/1 condo tomorrow with a small fenced backyard and a metal storage shed.

There are a couple of car washes in my local area that are for sale that I am interested in but do not know where to start. 

There are tenants in the other side already so we will need everything solidified for them by the time we get the title and we are set to close, which is February 19th.

It’s a smart move, especially since it ties in with your goal of saving for your first investment.For skills, you probably already have a good foundation with your sales experience—things like communication, organization, and dealing with clients are all super valuable.