Finally closed on a foreclosure property this past Friday morning with no money down and walked away from closing with a check for $7900.00 to utilize for fixing up the property.
Very exciting and spent the entire weekend over at the house working with contractors getting the place ready for our "Target" open house next Sunday....
Little aggressive time frame, but we are trying to take advantage of the first time home buyers credit that ends at the end of April!
Purchase price: $59,000.00
Closing costs: Approx... $5000.00
Repair Budget: $10,000.00
Target Sell: $110K
Estimated Profit: $25-$35K
Luck is when Preparation crosses paths with Opportunity!