Live-in flip/house hack

[Annick Coston]

Investment Info:

Single-family residence other investment.

Purchase price: $153,000
Cash invested: $20,000
Sale price: $236,000

This house was a live-in flip for us, and we used it as a STR. Most updates were DIY and were incredibly inexpensive!

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

Outdated house meant potential for equity and low mortgage payment. STR income helped with the mortgage payments as well.

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

Found on MLS and was able to negotiate down from list price, because it was extremely outdated and (imho) poorly decorated

How did you finance this deal?

physician loan (my husband was a resident at the time)

What was the outcome?

Made about half our mortgage back in airbnb/vrbo rentals, and sold for a decent profit

Lessons learned? Challenges?

Will be hiring out more in the future--this took a lot of time. We also decided to list a week after the pandemic lockdowns because we knew we were moving out of state and didn't know what the future held for the housing market. Obviously, in hindsight, we could have made more if we'd held onto it.

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

Our lender is incredible for anyone looking for a physician loan. Unfortunately, we had a terrible experience with the realtor who represented us on the buyer's side. For that reason, I decided to become an agent myself in the Denver area. I highly recommend myself ;)