$20,000 Profit on a VA Repo, No Money Down

My name is Brad Hawley. I am a Specialist in the United States Army. As a soldier in the United States Army, I have not had a lot of free time lately, but I wanted to share my first no money down deal.

As of December of last year, I started trying to do deals. I am a worker. I just can’t seem to feel good about making money without working. That said, I want to insert that I have worked since I was seven years old to help support my brother and sister after a divorce. The only reason I am telling you this is so, if someday I am truly successful, I can let the world know where I came from.

Now to the deal. I bought a VA Repo 3/2 2-car garage on 1.77 acres. I picked it up for $37,000. I walked out of closing with $9,000. I did the rehab myself, used most of the $9,000 to buy me a truck. I know most people here seem to be after a quicker buck, but my total hours involved in the rehab are around 200.

I had a buyer the day I closed. I found out right after closing that they were bidding against me. Inspections are all done. We close Friday. Selling price is $62,000 with them paying closing costs. After all is said and done, I will have $20,000 in profit.

A year ago, I couldn’t buy a can of soda on credit. I would have never believed I could buy a home on credit, no cash out of my pocket. Now I have to find a way to keep the money working for me. This is not my first deal, but it is the first one that I went in alone with the confidence of knowing that it would be a success.

This is the best real estate forum that I have been a part of. If a kid raised on welfare who was a high school drop out can do it, why cant you? Stop trying to talk yourself out of it and just start dealing.

By CREOnline Contributor

A content contributor to the original CREOnline.com.