Bought a house for $5000, and sold it for $80,000
I purchased a nice small 3 bedroom house, single level with a nice attic for $5,000 back in 2017. I repaired it up over the years, which costed me around $30,000, so a total of $35,000. I extended one of the bathrooms, repaired some damage, removed carpet to reveal a beautiful wood floor and did some work on the roof and a bunch of other things. I made $80,000 or so on the sale of it just last year. I made $45,000 fro, the sale. I'm planning on buying something a little bigger with it and renovate that as well. Wish me luck! :)
5 answers
Please delete my previous message if it goes through. I didn't finish my post.
Anyway, my post:
Well that's a pretty hefty profit margin right there. I've never had that good of a sale. How did you get this place for so low? Was it badly damaged? Or did someone die there? I just wonder, because you made a lot back from that purchase.
That is certainly a big payday right there. Congrats! I've never bought a house for $5000 and sold it for that amount. I've probably made a couple grand to $5000 or so extra, but nothing on that level yet.
Wow, you were able to buy a home for only $5,000!? The cheapest I have seen around here for foreclosed homes or auction sales has been around $18,000. That is a nice find. Even with the work put into it, you are more than doubling the cost which is excellent!