Live in Fix and Flip

[Matthew Haraminac]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $40,000
Sale price: $215,000

My first investment was a live in fix and flip. I completely remodeled the interior and partially remodeled the exterior of the property doing the majority of the work myself. I managed contractors for the installation of new HVAC and electrical systems and laborers as needed. The remodeled property was sold yielding a $55,000 profit.

What made you interested in investing in this type of deal?

The appeal of tax-free gains.

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

We found this as a short sale in the MLS. We went under contract but the short sale did not go through. We watched the MLS for the property and when it returned to the market we pounced on it.

How did you finance this deal?

We used traditional financing and our own cash for the repairs.