Live in Flip with a VA Loan

[Michael Glaspie]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $144,000
Cash invested: $10,000
Sale price: $189,900

I used a VA loan to acquire a foreclosure. I fixed the property up while living in it. The largest expense was the HVAC system but was able to walk away with a check of over $23,000 after closing.

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

The ability to leverage no money down approach and get hands-on experience with rehab.

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

On the MLS. Fayetteville, NC is a hotbed for VA foreclosures.

How did you finance this deal?

With a VA loan

How did you add value to the deal?

Paint interior, replace appliances, replace all fixtures and ceiling fans, detailed landscaping, replace HVAC system.

What was the outcome?

After loan payoff and credit card payment I received a net profit of over $23,000.

Lessons learned? Challenges?

Many strategies to save money and increase profits. I could have held for cash flow and retained the equity as well.

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

My partner Shelby Osborne has been instrumental in the development of the turnkey systems we can provide for our outside investors.