Updated over 6 years ago on .
Tax Free Fix & Flip!
Investment Info:
Single-family residence fix & flip investment in Savannah.
Purchase price: $111,788
Cash invested: $14,000
Sale price: $160,000
Purchased as primary residence, updated during living in it. Tax free profit as long as it was a primary residence for at least 2 years.
What made you interested in investing in this type of deal?
Moving into the city and was searching for underpriced, outdated homes. Which gives an opportunity of adding value by updating the property.
How did you find this deal and how did you negotiate it?
City Auction Sale, listed on local MLS.
How did you finance this deal?
FHA Loan
How did you add value to the deal?
New floor, paint, HVAC and bathroom remodel.
What was the outcome?
Close to $30,000 tax free income.
Lessons learned? Challenges?
It's not pleasant to live in the property you updating at the same time. Having 2 years time frame you can work on the house in your spare time and still get it done (depending on upgrades).
