First Deal/Live-In Flip

[Conor Funk]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $302,500

This is my primary home and first RE investment. Specifically, this is a live-in flip situation where I'm performing all of the work needing to be done!

I plan on finishing all of the work by July/August, fully rent the other 3 bedrooms, and re-finance the property to pull my equity out and purchase [hopefully] two properties out of state to hold/rent.

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

As a commercial superintendent for a general contractor, it's right up my alley to perform the work as I go to receive the biggest bang for my buck as well as adding another notch to my belt. Inevitably, I will reflect on this flip for years to come due to the experience and knowledge it'll provide me and allow me to apply to future deals.

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

This deal was straight off of the MLS, but because the seller was motivated to sell quickly (deceased parent) and I offered less than a day after its posting, I was able to secure it at lower than market value and close quickly.

How did you finance this deal?

30 years fixed; my own money.

How did you add value to the deal?

I already added a bedroom and am in the middle of remodeling one of the bathrooms now. I will be remodeling the other bathroom shortly after.

What was the outcome?

n/a

Lessons learned? Challenges?

Ongoing.