Sold! Closing soon

[Roberto Costa]

So here's my first South Carolina deal....just very happy to be almost done...giving you all an update...

Property: Purchased thru Auction.com

4/2 1,579 SQFT Lexington, SC

Closing Cost:

Purchase Price: $108,500 (more than I should have paid.  Great price would have been $100-102K)

HUD-1 closing cost: $2,386

Insurance: $515

Other Costs: $676

TOTAL Closing: $112,077

Rehab: $8,132 (Labor and materials mostly purchased at Lowe's)

Holding Costs: $170 (Water, Gas, Electric)

Selling Costs: roughly $6,500 (I'm paying closing for buyer)

Selling price: $140,000

Projected profit: $13,121 (Not great but rehab only took 2-3 weeks and got a buyer while it was rehabbing).  Could have gotten maybe $145,000 but I had a buyer and didn't want to lose a quick deal.

Remarks: Awaiting closing within next 10 days. Buyer using VA and all conditions have been met.

ON TO THE NEXT DEAL

[Jesse Vega]

Jesse your assumption of what the bots do is incorrect. They are actually your best friend. You may not know this, but the bots only push the bidding up to the reserve point. You would not be able to buy an asset with a 45k reserve for 10k, the banks wouldnt accept that offer. A bot simply acts as the guiding hand to help you land on the number that bank is looking for.