BiggerPockets

I just closed two hours ago on my first big deal. I am glad it's over and I learned a lot of what not to do, but I made quite a bit of money (for me at least) and did something I extremely enjoyed.
Here's the details: A year and a half ago I closed on an REO that I bought for 15,000 dollars. It was a digusting 3bed 1bath with a detached 2 car and 8 city lots totaling nearly an acre. I did all the work myself, which I am capable of and enjoyed doing. That however was a mistake since it took me 10 months and about 12,000 dollars to rehab the house. I did save a lot of money but than again time is money. I tried to sell it myself and when I got tired of people offering to buy it on a lease option three months later we listed it with a realtor. I realize there is a lot of money to be made with lease options but not when your Father in Law is carrying the note ( my father in law is great but why risk family relationships). The realtor had it sold in three days and a month later when that fell through it went back on the market. So today after almost a year and a half we sold our investment property for 49,000 dollars. We brought home a check for 15,027 dollars and we still have the vacant lots which are worth around 8,000. I suppose it was a successful venture even if I did learn more of what not to do than what to do. Maybe the next one will be smooth sailing.

Thats great to hear Ryan! where was it again? I know you told me but I forgot?

I put in a few cash offers on some REO's in Webb, Carthage and another one in Neosho. Luck would have it, they were all 'supposedly' already in escrow. It's so hard to find a decent realtor in that small town. Next time I show up, I'm not leaving with out one though. I've got my eye on one on Pennsylvania, hopefully I can get that one.

Either way, great job!! I'm glad to hear you finally cashed out on that one. We have to do dinner with the families when I come back, my treat.

Congrats Ryan and thanks for sharing .... sounds like you got paid for a nice real estate education!! :mrgreen:

It's actually on Pennsylvania ave in Joplin, Missouri

ah ya, now I remember you saying Purcell. I'm glad you cleared that one up, time to move onto the next one :)

If you wouldn't mind making the introduction, I'd love to talk to a few more realtors. The ones I've talked to before just simply flake out, that gets old real quick!