All Forum Posts by: Natalie B.

Update: we were able to cash out refi with a local bank and move into the property!

We are interested in buying and living in a property we flipped. It was purchased and renovated with a hard money loan under our LLC. We'd be taking out a personal mortgage. One broker told us we could take a mortgage out and the other said we'd be better to cash out refi. Anyone ever done this or have suggestions?

Hi all! Thanks for the encouragement. We ended up receiving a cash offer waiving inspection and appraisal with a two-week close for $320k. Not ideal but long story short a similar house on the next street was listed at $305k the day after we went live, our open house was completely rained out and a few other things (staging, half bath) contributed to a low number of offers. Also, we may have jumped the gun on dropping the price to drive traffic. In the end, it did generate two offers but I think we should’ve waited at least 7 days against the advice of our realtor. I inserted the link to the listing.. open to feedback. Hope everyone is thriving! Thanks again!https://apps.realtor.com/mUAZ/...

Investment Info:

Single-family residence fix & flip investment in Richmond.

Purchase price: $255,000
Cash invested: $40,000

This property was acquired off-market from a local wholesaler. Owner occupied brick rancher (3/1.5) in excellent condition with original hardwoods, new HVAC, vinyl windows and encapsulated crawl. Renovations were mostly cosmetic and took two months to complete. We plan to list on 8/4 for $339k.