$31,000 Profit on a Foreclsure

I have always wanted to invest in real estate ever since I had to sell my New Hampshire home during a divorce and made $51,000.

This past December I bought a $32,000 real estate foreclosure for $17,900 and put a few credit cards in it for a total of $7,250 in fix up. I refinanced it for $50,000. Now it appraises for $58,000, and I am in the process of owner financing it with 10% down and a positive cash flow.

We own four houses. Two are rented and the other owner financed at a real good profit with little work involved. It only took my first step to get involved, and now I am on a roll! I talk “houses” to everyone and keep notes as to who would like to buy, where, and what price range. My beautiful wife, Melanie, and I would someday like to fire our bosses and just work together every day.

By CREOnline Contributor

A content contributor to the original CREOnline.com.