2861 Hemlock St. Live-in-Flip

[Max Madler]

Investment Info:

Single-family residence fix & flip investment in Bethel Park.

Purchase price: $82,500
Cash invested: $10,000
Sale price: $115,500

This was my first home purchase, renovations we completed included re-doing the upstairs floors to all tile, having the basement waterproofed with an air purification system, having basement walls secured with an anchoring system for stability, adding a new rear retaining wall & exterior lighting, and having full interior repainted.

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

This was a live-in flip and allowed me to basically live for free during these years once we sold it.

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

I found this deal on the MLS, we submitted an offer and received a counter, but stuck with our original price and the offer was accepted.

How did you finance this deal?

FHA loan

What was the outcome?

We made about $23,000 in profit, which was tax free because I lived in the home as a primary residence longer than 2 years.

Lessons learned? Challenges?

Never buy a home with visible signs of structural issues. Also, I rented it for a period of time and learned how frequent repair requests from tenants can add up, especially in a cold climate area prone to pipe freezing.

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

My agent at the time was Judi Agostinelli with Century 21 of McMurray, PA. She was excellent and her husband wrote the mortgage.