Live in Flip vs. Regular Flip

[Tyler Smith]

Hi Everybody,

I'm currently in the greater Seattle area and extremely interested in a live in flip for my first property (most likely a SFR due to Seattle's extremely high prices). I'm curious on how some of you guys do/would anazlyze a live in flip vs. a regular flip. I've used the house flipping calculator here on bigger pockets, although I'm thinking the nubmers would change a little big given the fact that it would be my primary residence for a minimun of 2 years. Maybe I'm wrong, but considering I wouldn't be paying 2 mortgages, water bills, insurance ect. wouldn't it be safe to assume I could purchase a property with a slimmer profit margin? I do have a construction background so I would be doing almost all of the work myself.

[Chris Baber]

In case you've never lived in a house your remodeling, just be aware, it's not awesome.  Your significant other is very likely to remind you of this on an increasingly frequent basis.  Mine was reminding me at least weekly after 6 months.

It's a good way to save some money, but it's also a way to really extend your 'start date' of getting rent, which might actually cost you in the long run.  i.e. you might save 50k by doing it yourself, but it might cost you 2500 or 4500/month in lost Short Term Rents, so you'll 'lose' a lot by not finishing fast.

Just some things to think about.