My strategy on a 2-year live in flip

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I am under contract on a home in N Asheville that has a large lot, adjacent stream, and across street from country club golf course. I could chip to the green on #6 from the front yard. It also has some downsides. It's in a flood zone and house is very dated. And there are some repairs that need to be made that I'm requesting the seller pays for. I've got them covering $5,000 of my closing costs so that I can save some cash for rehabbing. The good news is that it has an unfinished basement I can turn into additional square footage, it's got incredible views, and a ton of potential. Thanks to the location, I truly believe and intend to make $200,000+ when I sell this in two years.

I would sell it after two years and avoid any capital gains tax I made on the property. Profit that's tax free. Even if I chose to hold it, I would be able to BRRRR the property and pull cash out of it. It needs a lot of work and I have little rehabbing experience. I plan to do a lot of the work myself. But will need a fair share of professional help. I'm sure stuff will go wrong. I'm sure it'll be a major wake up call at times. Im going to pull most of the money out of my 401k penalty-free for this (look up 401k withdrawal under CARES ACT). I'm tired of sitting on the sidelines paying rent. It's a risk but I'm going for it because I feel this is my first logical step to financial freedom. If you don't believe you're a real estate investor yet, speak it into existence and you'll start to believe it yourself. So will others. Study your market. Look at every transaction. You'll learn what's a good buy and what's not. Think creatively! How can I make this property profitable for myself? Manipulate loans, grants, insurance rates everything and make it work.

Hi Cameron,

Good on you for looking at the upside and having the proper mindset to take on this project. It does sound like a winner down the road. I will be moving to Asheville next year and plan on doing similar projects. I have some construction knowledge and a bit of experience doing handy-man projects here and there, definitely not afraid to get my hands dirty and even learn as I go. Keep us updated on the project! If you would like to connect I'd be happy to help and talk.