Beautiful Primary Residence Flip

[Tyler Benner]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $305,000
Cash invested: $105,000

Moved into this house as primary residence / flip / house-hack in 2017. I have done most of the work myself while living here and have rented out my guest rooms. Not going to make much when I sell it, but I have learned more than I would have ever imagined. This house is what has gotten me interested in real estate investing.

What made you interested in investing in this type of deal?

I was looking to buy a home to fix up and I fell in love with this house because of the architecture and location on the water. Wasn't primarily looking at it as an investment at the time, I just wanted to fix something up and make it beautiful.

How did you find this deal and how did you negotiate it?

Realtor

How did you finance this deal?

VA Loan

How did you add value to the deal?

Renovated the entire thing top to bottom. Still renovating actually... Outside here I come!

What was the outcome?

I own a beautiful home that I have the satisfaction of having completely transformed with roommates that offset the cost.

Lessons learned? Challenges?

So, so many. The guts of how houses work, all of the hidden costs that eat away at your capital, the challenges of working on a home that you live in (lost heat one winter and it was 34 deg inside!), the challenges of general contracting and coordinating with subs, interior design, how to get squirrels out of the walls, figuring out which jobs I hate so much that I'd rather just contract out, and many many more.

But also, that I love the pride that comes with creating something new and great.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The best sub that I have worked with was Cole Electric. Reasonable, efficient, and found a new (and better) way to solve my problem that I would have never thought of.