We Live In Our In Progress Flip Home

[Regan Chappell]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000

Our first home purchase is our primary residence and first house flip. It's is a long term flip; estimated 3 years.

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

The home had great potential and needed mostly cosmetic work.

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

I saw this home in my neighborhood and negotiated with the homeowner a lower price. After remediating the black mold, drying up the basement, painting the interior and cleaning the home, he finally came down on his absurd asking price and we settled on $108,000.

How did you finance this deal?

Owner financed. The previous owner and I are friends now.

How did you add value to the deal?

The home has not been updated since its construction in the 60's. The ensuite bath will be a full bathroom as opposed to its current 16sqft. half bath. The basement stairs entering from the kitchen were removed and stairs were built to code that enter from the hallway. The yard is clear of the overgrown bushes, weeds and vines. The list goes on.

What was the outcome?

Still workin' on it!

Lessons learned? Challenges?

We are slower than we thought! We learned that the friends and family that we have that are great resources are willing to take a look and offer advice and, sometimes, lend a hand.

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

I am a licensed Real Estate agent and represented my now husband and myself on this transaction. My husband is a residential construction contractor and I am a Realtor and interior designer.