Deal 5: The live in Flip

[Sean Tabor]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $89,500
Cash invested: $4,500

House Hacking 2.0 - The live in Flip.

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

As I was getting married, my wife and I decided we didn't want to live in the city. I don't like losing money, so I looked for a home we could add value to.

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

MLS - Looked for vacant homes of either estates/trusts/or trash heaps. Found this Estate home and purchased via VA with $0 down. Better yet, after concessions I got money back!

How did you finance this deal?

$0 down VA loan

How did you add value to the deal?

Tore out carpet and refinished hardwoods, Updated bathroom/kitchen. Painted interior/exterior

What was the outcome?

We've increased estimated value by $20k so far, with hopes the market continues to climb. We hope to sell in spring.

Lessons learned? Challenges?

We knew the market didn't favor Crawl spaces in our area, but we under estimated how value-capped we would be in a home with a crawl space. Around here, EVERYONE has a basement. I feel we could have double our equity had we found a home with a basement.