My strategy on a 2-year live in flip

[Cameron Calvert]

I am under contract on a home in N Asheville that has a large lot, adjacent stream, and across street from country club golf course. I could chip to the green on #6 from the front yard. It also has some downsides. It’s in a flood zone and house is very dated. And there are some repairs that need to be made that I’m requesting the seller pays for. I’ve got them covering $5,000 of my closing costs so that I can save some cash for rehabbing. The good news is that it has an unfinished basement I can turn into additional square footage, it’s got incredible views, and a ton of potential. Thanks to the location, I truly believe and intend to make $200,000+ when I sell this in two years.

I would sell it after two years and avoid any capital gains tax I made on the property. Profit that's tax free. Even if I chose to hold it, I would be able to BRRRR the property and pull cash out of it. It needs a lot of work and I have little rehabbing experience. I plan to do a lot of the work myself. But will need a fair share of professional help. I'm sure stuff will go wrong. I'm sure it'll be a major wake up call at times. Im going to pull most of the money out of my 401k penalty-free for this (look up 401k withdrawal under CARES ACT). I'm tired of sitting on the sidelines paying rent. It's a risk but I'm going for it because I feel this is my first logical step to financial freedom. If you don't believe you're a real estate investor yet, speak it into existence and you'll start to believe it yourself. So will others. Study your market. Look at every transaction. You'll learn what's a good buy and what's not. Think creatively! How can I make this property profitable for myself? Manipulate loans, grants, insurance rates everything and make it work.