Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000

I have completed the beginning portion of my first "live-in flip". We have fixed up a house that we want to live in for 2-5 years, and I am proud to say I am done with the "fix-up" portion! Purchase price was 245k, cash invested to fix up was 60k. All-in at 305k. My estimate was 45k in repairs, and I was waaaay off. I could probably sell this today for 350k. This wasn't my best flip ive done, but at least I learned a ton in the process. I wil post some before/after pics here as well.

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

We wanted to try a "live-in flip" style, and we needed to move to a bigger house anyways.

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

MLS, regular negotiating using a realtor. We did renegotiate after my inspection due to a couple items I had missed.

How did you finance this deal?

HELOC, that I will cash-out refi after 6 months of ownership.

How did you add value to the deal?

By completely renovating the house

What was the outcome?

House is beautiful and I could probably walk away with 20k cash, however I went over budget about 16k. I learned so much on this deal though. I should have stuck with my guns on my first offer at 225k, instead of paying 245k.

Lessons learned? Challenges?

I should have stuck with my guns on my first offer at 225k, instead of paying 245k. Trust my gut feeling. So many unforseen challenges that I didn't think of.

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

Yes I did