It was 2016 and we knew both markets, real estate and stock market ,will go up. I did my resarch. We found the deal thru the MLS and there was a bidding war. House was listed for 155k. Since I'm a contractor we could pay more for the house and still make money. We end up paying 10k more then asking price and we won. At the time when we ran the comps they were in upper 200k (260k-280k). Most of the work i did myself. I sub out electric and plumbing. Since I am a contractor I knew what everything costs. My budget for the rehab was 50-60k. We end up spending 57k or something little bit below 60k. Back then we didn't have enough money to own a house and buy anther one for flip. So we Hacked the flip. We finish one floor and move in. I was living there and renovating. The decision was to live there for 2 years (avoid paying gain tax) and do the renovation during that time. After two years everything was done. In april/may 2018 we put final touches on the exterior and we listed it for sale. Since we bought the house prices went up as expected. Instead of listing the house for 280k we listed for 295k. My agent tried to convince me to list for 299k, but I wanted to create a bidding war and that was exactly what happend. We listed house Monday morning for 295k and same day we had 9 offers. We recived an offer for 310k and buyers include the letter how bad they wanted the house. Next day we accept the offer and house was under contract that day. A Month later we closed on the house and we made 15k more then asking. The flip itself would take 2-4 months, but like i said we didn't have a choice at the time so we had to live somewhere. It turn out to be a good call. We are happy with the outcome and we are looking for the next house to flip.
