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$20,000 Cash + $14,000 Equity on First Deal

by Christen Pelo   

We made our first real estate investment about six months ago. We bought a two-family foreclosure for $5,000. It was a mess: holes in the wall, broken windows, the gas lines running to the house had been cut--you name it. My husband put a few weeks' work and about $6,000 in it. We now have a fully rented home for $425 per unit!

We just refinanced and got $20,000 out to reinvest. It appraised at $45,000! And we still have a great monthly income with the conservative 30% vacancy and repair rate I factored in. We are currently looking for another "fixer-upper" two-family in a low income, but decent neighborhood. Our goal is to own 20 of these and have them all paid for in 10 to 15 years.

Thank you CRE Online for all your support and info!

 
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