First Live-In Flip!!

[Cory Cox]

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $113,500
Cash invested: $10,000
Sale price: $145,000

First house I ever bought! I lived in this house for 3-ish years and renovated it while I lived there. Most of it was just updating all the lighting, paint, etc. Since the housing market has rose so quickly I decided to put it on the market and got a full price offer! Will actually be closing on this 12/4/20. Very happy with the results of this one and it got me started. I planned on keeping this to add to my portfolio and would be a nice cash flow opportunity but I believe the cash-out is king with the current environment!

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

This was basically just purchasing my first property to live in. I had always lived in apartments and wanted to buy my "home". I knew it was in good shape and just needed to be updated. Keeping it as a rental for many years was the plan but I'll take my cash now and move to the next project! I will always cherish my first!

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

MLS. Agent/Friend closed this with me.

How did you finance this deal?

Conventional Loan - Bank

How did you add value to the deal?

Updated throughout. Flooring, LED lighting, Granite, etc.

What was the outcome?

I had a full price offer in less than 24 hrs! Their financing fell through and the following weekend when I put it back out there I had another full price offer! Happy day! Will be closing on this in a couple of weeks with minor repair requests.

Lessons learned? Challenges?

Just owning a home and taking care of all the repair requests yourself. Knowing what to actually do and not do and what will add value later on down the line. It's hard because you want to do it ALL but it just doesn't always make sense from an investing perspective. It was cool to sign that dotted line and I have kept the snowball rolling since!