Live-In Flip Advice for a Newbie

[Josh Sisley]

Hey everyone,

I am looking to purchase my first investment property and would like to purchase a live-in flip. As you all know, the market in this area is pretty hot right now and I am looking for advice from others who have purchased a live-in flip in the Triangle region. 

In particular, I am curious how others found their property and any general advice that you have about the process. I'm also just curious what others experience was doing a live-in flip in this area.

Thanks in advance!

- Josh

[Kyle Bostelman]

Josh,

Live-in flips are a blast!  However, they come with a decent amount of headaches as well.  @Jiri B. is exactly right, they will always take longer than you plan.  

I have a property under contract currently here in Durham, in the Woodcroft area, that is going to be a live-in BRRR on a 5% conventional. This property I found on the MLS, but be aware if you are going to make a deal work from the MLS you have to be balancing on the edge of just barely getting the lender to give a loan on the property (distressed) so you can add value to create equity. On the other hand, if you have large amounts of capital to put into a property, you can get off market lists from some local brokers.

Reach out anytime!

Best,

Kyle