3 bed/2 bath single family home with VA loan "Live in Flip"

[Greg Nickels]

Investment Info:

Single-family residence buy & hold investment in Valdosta.

Purchase price: $121,000
Cash invested: $25,000

Live in flip single family home, 3 bed/2 bath. First home purchase. Used VA home loan to purchase with $10,000 down. Improved property and moved to new location. Rent is $1275

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

I bought this as my first home with my wife to live in.

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

MLS on Zillow. Seller wanted $129k, purchased for $121k. Year was 2014

How did you finance this deal?

VA home loan

How did you add value to the deal?

Simple bath and kitchen makeover, new laminate floors in common areas, painted all rooms, painted exterior.

What was the outcome?

Rental property since 2017 which now produces $247 cashflow each month, which includes property management fees taken out.

Lessons learned? Challenges?

Buy homes that need a facelift, use professional photos to market your rental. Time has made this a better rental investment, but at first it was not cash flowing but only paying mortgage and enough to cover capex, vacancy rate assumption, and property management fees.