Live in fix and flip

[Kyle Jones]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $196,000
Cash invested: $10,000
Sale price: $280,000

Bought the home to live in and fix up. HVAC needed to be replaced, along with partial exterior fence.

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

Home had been on the market for 100 days, poor photos on MLS, looked like a decent home and the area was growing.

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

MLS, w/ realtor. Owners were in the midst of a divorce.

How did you finance this deal?

conventional loan, we weren't making much at the time and qualified for an assistance program that paid for part of the down payment.

How did you add value to the deal?

Fixed up some of the exterior, HVAC, replaced minor things (ie. updated faucets)

What was the outcome?

We got lucky! They were asking 210k had a good realtor that helped us get it down to 196k, lived in the home for 3 years while slowly fixing up things here and there. 2021 happened and we're closing in May for 280k. Only put in about 10k in the fix ups over the years.

Lessons learned? Challenges?

Originally thought that we could use this home as a rental; however, our numbers were waaayyy off! We figured this would just be our forever home, unless the area appreciated. Fortunately the area appreciated more than we had anticipated, and we're cashing out, renting somewhere closer to work, and planning on being better with our homework in the future.