Live-in Flip Columbia, SC

[Levi Lane]

Investment Info:

Single-family residence fix & flip investment in Columbia.

Purchase price: $82,500
Cash invested: $15,000

Live-in flip

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

Bigger Pockets :)

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

Called other foreclosure agents and let them know "I need to find a home!"

How did you finance this deal?

203K Homestyle Conventional

How did you add value to the deal?

Approximately $23K in renovations

What was the outcome?

30K+ of equity in home

Lessons learned? Challenges?

Use 1 General Contractor for 203K Homestyle loan. All extra contingency, inspection, credit from reno costs is applied to your principal loan amount (you don't get your $ back from Fannie Mae!). If you can prove through 2nd appraisal that your renovations have improved the house such that your LTV is less than 75% you can get PMI removed.

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

I was the real estate agent for my own purchase. Oscar Haselden with Foundation Mortgage did a great job on the 203K loan.