I purchased a home for $40,000.The fair market value for this home is $110,000. So if everything works out like I am hoping when I have fixed all that needs fixing, I should be able to sell the home and make around $45,000 profit. Thanks.

I purchased a home for $40,000. When I had the inspector go through out the home, we found that there was about $15,000 worth of damage that I would need to fix. So, rather than financing an extra $15,000 I decided to finance another $25,000 so I could have $10,000 cash in hand. So when I financed, I took a loan out for $65,000. The fair market value for this home is $110,000. So if everything works out like I am hoping when I have fixed all that needs fixing, I should be able to sell the home and make around $45,000 profit. Thanks.

Jerry B.