Run down farm house to family home.

[Keith Homstad]

Investment Info:

Single-family residence fix & flip investment in East Grand Forks.

Purchase price: $115,000
Cash invested: $30,000

I purchased a crime seen and flipped it over the course of a year (with my wife), while living in the home. It was my intention to flip it and sell it, the problem is my family fell in love with the location. I have modified my stratagy to keep this home as my primary and invest in another flix and hold.... If I ever find one that can cash flow.

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

I stumbled on it when visiting family.

How did you finance this deal?

home equity line of credit. Once it apprised I used a VA loan

How did you add value to the deal?

A lot of sweat!!!!

What was the outcome?

I have about $170,000 of equity in my home

Lessons learned? Challenges?

You need to have some help. Doesn't matter if it is your wife handing you tools or a contractor you are paying by the hour... You need help

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I wouldn't consider the realtor a professional. This was the worst home buying process I have gone through.