We purchased a foreclosure property in Falmouth on December 10, 2008, for a purchase price of $185,000. We used a hard money lender, which everyone thought we were crazy to do, but he financed 100% for us (unusual). We started to rehab the property, replace windows, siding, flooring, kitchen and baths.

While talking to our friends we came across a buyer. We showed them the property on December 21, 2008, and on Christmas Eve we agreed on a sales price and had them sign a purchase & sale with an earnest deposit, and a closing within 30 days. What a way to start our new future with investing in real estate.

We bought the property for $185,000 and sold it for $295,000. Once everything is finished, paying the investor and finishing the project, we’ll have profited between $35,000 - $40,000. Not bad for our first flip! Now we’re off to try another.

Thanks for everything!

Sean and Kim W.
East Falmouth, MA

Tags: Real Estate, students

This entry was posted on Wednesday, March 4th, 2009 at 5:01 pm and is filed under Success stories.
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