Live in Flip Project in Progress

[Alana Reynolds]

Investment Info:

Single-family residence fix & flip investment in Northfield.

Purchase price: $180,000
Cash invested: $50,000

Currently my husband and I are fixing up this home while living in it. We hope to have the spare rooms rented out on airbnb to cover the mortgage before the end of the summer.

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

We wanted to stop wasting money on rent and get into real estate investing. We were in a rush to find a property because my husband transferred units and needed a place to live. He jumped on this property as soon as it hit Zillow because of the great location.

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

He found it on Zillow and it needed a new roof so my husband negotiated the price from $190,000 to $180,000 and received 5k at closing.

How did you finance this deal?

The VA loan covered the down payment and purchase price. We paid 1,000 in earnest money and only 1,000 at closing.

How did you add value to the deal?

We are adding the enclosed back porch to the square footage of the house by converting it into the dining room. We are also adding a third bedroom, updating the kitchen, pluming, new roof, new windows and more.

Lessons learned? Challenges?

We have done some of the work ourselves, YouTube has taught us a lot!