2nd investment property via live in flip

[Sergio Roman II]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $127,500

Took advantage of a relocation for work to turn my primary residence into a rental property. New floors, paint, kitchen, and fixtures.

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

It was my primary residence. I had to relocate for work so i took the opportunity to add it to my rental portfolio. The location is a great town that has continuously grown year after year. New shopping, jobs, hospitals, and attractions being constructed every month.

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

MLS about a 7 years ago, utilized an agent and a VA loan to secure the property.

How did you finance this deal?

VA lending.

How did you add value to the deal?

Renovated the home as the move date approached. New flooring, paint, fixtures, painted kitchen cabinets, added storage, and updated the tangibles things like door knobs, cabinet hardware, vanities, etc.

What was the outcome?

Handed the property to my property manager to get listed and rented.

Lessons learned? Challenges?

When doing a live in flip, do the flip sooner rather than later. As i finished the renovations i regretted not doing it earlier and living in a nice updated home before leaving it.

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

Would absolutely recommend Frank Moore and Co. property mgmt if you're in the Savannah area.