First home / live and flip

[Nicholas Chapman]

Investment Info:

Single-family residence other investment in New Hampton.

Purchase price: $263,000
Cash invested: $50,000
Sale price: $415,000

This was my "first home" with my wife of over 7 years. I worked as a New Hampshire Trooper for 4 years and this was our primary residence. I used a VA Loan and put no money down, but approximately $50,000 in renovations. We stayed in the home over 2 year
to avoid any tax implications. We recently moved to Wilmington, North Carolina where I'll focus my efforts on real estate full-time!

How did you add value to the deal?

We added value by painting and renovating the kitchen, and both bathrooms.

Lessons learned? Challenges?

The biggest lesson I learned was to hire a contractor with experience. I hired a young contractor who did great work, but was never on time and continued to push the deadlines. This was also part my fault because we didn't set "hard" complete dates. Communication is everything.