Live in flip

[Kelly Tucker]

So my husband and I are planning on renting out our house while doing a live-in flip. This would be our first RE investment. We have no experience and are a little scared rightly so. 

We want to put an offer in on a house that has been on the market for over 4 months. The house is in great shape, just needs cosmetic stuff (that I know of). In a great neighborhood. 

Still working out the financing part. We have an FHA loan on our current home. Not sure how that affects our ability to obtain another loan.

Hoping for some advice on live-in flips and renting our home. Anything specific I should know?

Thanks!

Kelly

[Account Closed]

@Kelly Tucker

My husband and I have been doing a live in flip for 3 1/2 years.  Almost done and cannot wait for this to be complete.  A lot of lessons learned for sure and things we would have done differently.  Looking back we should of hired out more people to do work.   Because my time is worth money and the time we have spent has been considerable and we have lost time with our children because of this house.  My suggestion is sometimes it is okay to pay a professional to do work if the "time" gained is greater than the dollar amount lost to pay someone.   I can only say now that I am at the end of our live in flip, that it has been a great experience but I am not sure if I would take such a large venture on again unless I had hired contractors to quickly renovate and then be able to live my life.  So calculate your money VS time when evaluating repairs on your soon to be home.

Good luck to you guys!!!!