First live in flip as a married couple

[Kyle Kline]

Investment Info:

Townhouse fix & flip investment in Southern Pines.

Purchase price: $173,000
Cash invested: $30,000
Sale price: $223,000

This was my wife and I's first home as a married couple and in a new city in Southern Pines, NC utilizing a VA loan. We bought it in an HOA, Learned ALOT about those through that mistake..., but lived it in for 2 years while I did 90% of the work myself making it beautiful and a home we fell in love with. We sold it two years and one baby later to start our next adventure in another live in flip!

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

We loved the low price point for the area and the potential it had once we walked through it.

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

We utilized a realtor and MLS to find the deal.

How did you finance this deal?

VA loan with no money down.

How did you add value to the deal?

We remodeled all 3 bathrooms, totally gutted the kitchen, all new flooring, and removed walls making it open concept.

What was the outcome?

We made about $20,000 in the property but learned a whole lot more valuable lessons like investing in HOAs.

Lessons learned? Challenges?

HOAs can be good, but this one was a nightmare and we were lucky to get out alive! Thats a little exaggerate, but I learned a lot about what Due Dillegence I will be doing if I ever think of investing in an HOA again such as reserve funds and crazy rules that could deter future buyers.

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

yes an agent named Jen Dimayo.