2 year Live-in Flip to avoid capital gains!

[Phil Restivo]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,500
Cash invested: $40,000

Bought this foreclosure with a conventional loan and living in it for 2 years while I renovate to avoid capital gains.

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

Needed a place to live, and wanted something I could build equity in.

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

I found this on the MLS and bid 5k over asking.

How did you finance this deal?

I’m self employed and didn’t have 2 years tax returns so got my parents to co-sign for a conventional mortgage with only 5% down.

How did you add value to the deal?

40k in renovations

Lessons learned? Challenges?

Under estimated rehab costs, next time I will put together a spread sheet and do a more thorough SOP

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

Ascend financial group