First HUD purchase

[Matt Spicer]

6 months ago I payed off my mortgage in less than 5 years and before my 30th birthday.   I a felt it was an accomplishment but the main question I had was, so What's next?

Two weeks ago I put a bid in on my first investment property and will be closing on it tomorrow.  I want to use this to track the property and hopefully add some helpful content for others.

Here is the current state of repair the property is in.

We have estimated the ARV to be $90,000 and we have estimated $30,000 in repairs and improvements. We followed the 70% rule ($90,000 x .7 = $63,000) deducted the estimated repairs and put in the offer of $30,000. You can always go up right ;), our offer was accepted.

Look for more to come.