Any Advice/Tips for First Live in Flip?

[Alex McLean]

My girlfriend and I will finally be looking to buy our first place in the Fall and we want to do a live in flip for our first place! We believe this will be our best opportunity to get into real estate and open up a couple of paths to go from there. We wanted to ask the BP community for any advice/tips on 1. finding the right property to do this, 2. What to focus on renovation wise when moving in, and 3. any other general advice on how to do this successfully. We plan on using every advantage we can as first time home buyers (FHA 203k loan.) Any help would be greatly appreciated! We are located in Maryland, just North of D.C.

[Ola Dantis]

@Alex McLean Hey Alex, first make sure you guys check the lead status of the house to start with. 

Also, to answer your questions:

1. Finding the right property to do this: I'd suggest you continue to look on the MLS
2. What to focus on renovation wise when moving in: 
   • An area where appreciation is strong
     
   • Look for value-add | Meaning an addition to the existing structure or a bathroom or finish the basement
   • Ensure that your finishes in the house is suitable for the market and sale price you are hoping to get
   • Watch your budget 
3. Any other general advice on how to do this successfully: Add 20% to your budget

Hope this helps you guys. Goodluck. Thanks! - Ola