Achieving a Successful Live-in Flip at 21: The Start of Our Journey

[Matthew Tregoning]

Hey BiggerPockets Community!

I wanted to share our personal experience with a "Live-in" flip at the age of 21. My girlfriend and I embarked on this adventure, and I'm excited to walk you through our journey, from securing a 3% conventional financing to smart renovation choices.

1. The Financing: At 21, conventional financing might seem like a mountain to climb, but we discovered that it's entirely doable. We utilized a 3% conventional loan, which made our entry into the real estate market much more accessible. The lower down payment requirement allowed us to preserve our capital for renovations.

2. The Property: Our canvas was a 3-bedroom, 2-bathroom home that had seen minimal updates since the '80s. We saw potential in this fixer-upper nestled in a promising neighborhood. Location was key for us, as we believed in the long-term growth of the area.

3. The Strategy: Living in the property for a year while renovating was a game-changer. We strategically focused on high "bang-for-buck" renovations, such as transforming the outdated interiors. We decided to paint the old cabinets and replaced hardware, which saved us money while giving the kitchen a fresh look. We also opted for new countertops to modernize the space.

4. Sweat Equity: Our sweat equity was our biggest asset. We dedicated evenings and weekends to the renovations, learning valuable DIY skills along the way. It was hard work, but it significantly reduced our renovation costs.

5. Transitioning to Rental and Leveraging VA Loan:

After living in the property for a year, we made a strategic move. We transitioned it into a rental, providing a steady income stream while we used our VA loan to purchase a different property before moving out.

6. Selling for Profit: A year later, we decided to sell our live-in flip turned rental property. By this time, our smart renovations had boosted its value. We made a profit on the sale, which we reinvested in our next venture—a vacation rental property.

Our live-in flip at 21 was an incredible learning experience that allowed us to enter the real estate market while minimizing our financial risks. It's proof that age is just a number when it comes to achieving your real estate goals.

If you have any questions or want more details about our journey, feel free to ask. We're here to share and learn together!

Thanks,

Matthew