1414 Elizabeth - Live in Flip...house #2

[Jeremy Elcox]

Investment Info:

Single-family residence fix & flip investment in Fredericksbrg.

Purchase price: $189,000
Cash invested: $100

Purchased as a live in flip to use my VA benefits. My apartment was 1500 a month so I am saving a ton of money while updating this property slowly. Honestly it was a small gamble as Amazon just moved in 40 miles north. I did pay almost market at it is 7 minutes from my job so trying to save a couple grand did not seem prudent for quality of life in DC traffic.

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

Future growth due to fast lanes coming to Fredericksburg and proximity to Mary Washington college. Amazon HQ 2 is also moving in 40 miles north so prices should be coming up according to multiple investors in chat with. I also don't mind doing update on my own instead of Xbox games.

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

Honestly on the MLS with a realtor friend of mine. I was able to knock 5K of asking due to wet crawl space and minor roof damage

How did you finance this deal?

100% VA finance - Caution...the fee is roughly 4,000 dollars.

How did you add value to the deal?

New landscaping and updated bathroom and redoing kitchen currently.

What was the outcome?

Waiting for 1 year mark to rent or sell depending on market.

Lessons learned? Challenges?

SUPER inspect the home before closing. Take a few hours and be super picky. I found many little things once moved in I missed when in a rush due to missing work. In a hot market around DC you don't have much time to second guess so you may have to take a risk or miss out on deals. This property has already gone up 27,000$ in 6 months so I have been blessed.