Cincinnati OH (Madisonville) Live-in Flip/BRRRR

[Jordan Noble]

Investment Info:

Single-family residence fix & flip investment in Cincinnati.

Purchase price: $155,000

Single Family Live-in Flip

$155k Purchase + $50k Rehab = $205k Project Cost
$250k Appraisal
$200k refinance mortgage

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

This was a live-in flip that my fiancee and i completed. My reason for this type of deal was to gain additional flipping/rehabbing experience while mitigating the risk with it being a property that we were going to live in.

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

MLS - listed i believe at $172k and purchased for $156.5k. Small structural issues that came up during inspection which had scared off previous buyers, allowing us to negotiate hard on the price.

How did you finance this deal?

5% down conventional loan and then cash for the rehab

How did you add value to the deal?

Gut down the studs remodel. Remove 2 first floor walls with engineered headers and added a half bath on the first floor.

What was the outcome?

Appraised at $250k (probably would be $265k by now).
Cash-out refinance at $200k

Ended up with about $5k left in this property.

Lessons learned? Challenges?

The biggest challenge on this property was the budget - being as it was a property that we were living in we ended up doing things that i wouldn't have done otherwise / would have done them in a more cost efficient manner.

Learned how to schedule and manage subcontractors as i was doing about 75% of the work on this property myself and subbing out trades (plumbing, electric, drywall, HVAC).