Updated almost 7 years ago on .
Live-in Flip Columbia, SC
Investment Info:
Single-family residence fix & flip investment in Columbia.
Purchase price: $82,500
Cash invested: $15,000
Live-in flip
What made you interested in investing in this type of deal?
Bigger Pockets :)
How did you find this deal and how did you negotiate it?
Called other foreclosure agents and let them know "I need to find a home!"
How did you finance this deal?
203K Homestyle Conventional
How did you add value to the deal?
Approximately $23K in renovations
What was the outcome?
30K+ of equity in home
Lessons learned? Challenges?
Use 1 General Contractor for 203K Homestyle loan. All extra contingency, inspection, credit from reno costs is applied to your principal loan amount (you don't get your $ back from Fannie Mae!). If you can prove through 2nd appraisal that your renovations have improved the house such that your LTV is less than 75% you can get PMI removed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the real estate agent for my own purchase. Oscar Haselden with Foundation Mortgage did a great job on the 203K loan.