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Updated almost 3 years ago on . Most recent reply
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Live-in & Flip using a VA loan!
Investment Info:
Single-family residence buy & hold investment in San Diego.
Purchase price: $435,000
Cash invested: $60,000
This was a live-in & flip; our first home purchased with a VA loan. We quickly remodeled and enjoyed this house for several years before moving.
How did you find this deal and how did you negotiate it?
My in-laws knew the sellers and we were able to negotiate the deal before it went to market. It ended up appraising for $35K over selling price!
How did you finance this deal?
We used our first VA loan on this property with 0% down. We then obtained a commissioning loan, which is a loan offered to new military officers by USAA and Navy Federal Credit Union. At the time, the loan was for $30K at 2.99%.
How did you add value to the deal?
We used the commissioning loan money to remodel the kitchen and living rooms, bathrooms, and landscaping.
What was the outcome?
The house is worth approximately $850K and currently rents for $1000 over our current mortgage.
Lessons learned? Challenges?
I think we learned the value of sweat equity and hard work. This property served as a springboard for our future investments.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I work with RE/MAX - The Phillips Group. Tracy Phillips is a long-time friend and now co-worker! I recently signed as a licensed agent under his brokerage.
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