All Forum Posts by: Julie Berks

@Evan Polaski Thank you for your kind words. I could not agree more with your last statement- "Live-in Flips are an investment and home improvements are a lifestyle." So important to realize the difference. This strategy has been a great way to begin REI on a small scale, as my husband and I both have other jobs. It has given us a lot of confidence and resources. I see it as a stepping stone, but now we are focusing on buy and hold properties that need slightly more work than just a little paint, but not as in depth as our current project. I can't say that we will not do another live-in flip in the future, but it is time to move along in our education and find a strategy that will have a quicker timeline to profitability.

@Scott M. Thank you for your reply. I will look deeper into this avenue and try to connect with a few HR offices. I appreciate your input.

@Jared Hottle Thank you for all of this valuable information. I have sent you a message to connect.

@Eric James Thank you for the clarification and yes so true.

Hey BP Community!  When I research for medium term rentals, the majority talk about traveling nurses specifically and only refer to "other professionals".  Can anyone give me more examples of other professionals and specific industries who utilize medium term rentals? Thanks!

@Eric James Thank you for the reply!  Yes factoring labor is an important element. Can you speak more to "risking your investment cash"? I am not exactly sure what you mean. Thanks!

Hey @Kevin Ivey ! We are in the property for a minimum of 2 years so that are not taxed on the profits.  The last house we were in a lot longer since we had 2 kids and a job layoff during that time.  It was a good location and we had a good amount of appreciation in addition to the sweat equity we added. Thanks for the reply!

Burnout is a real source of stress when in the middle of a live-in flip investment. Trust me, I know! We are in the middle of live in flip #3.  I have been thinking about tips I might be able to share to help other investors.  This is what I have experienced to be true.

1. Before the investment has begun, completely understand and accept that:

-Timelines will not always be perfect

-Budgets need to be reviewed regularly and expenses accurately tracked

- Obstacles WILL happen, but solutions WILL happen too with the right mindset/ attitude 

- Do not fall in love with a specific design if you choose to do something custom

2. When you move into the job-site (I mean home).

- Create a space to be completed as a high priority that is your own "nook". It can be a room or a space in a room- it just has to be organized and free from clutter.  It is meant to be a space that is yours and an escape from the construction chaos.  (In this current project- my space is the bathroom.  It has an amazing tub that allows for long Epsom salt soaks; which is helpful after a long day of remodeling and for a quiet place to allow me to think, dream, & decompress.

- Try your best to complete projects before moving on to the next.  Sometimes this is not possible due to supplies, contractors, dry times etc. However, if you jump from project to project the house feels like a disaster zone.  This means if you install a baseboard- caulk and paint it asap.  This will also help keep your motivation for the project going.  It is way harder to go back to an unfinished project once you have moved on to the next. Speaking from experience!

- Since you are living in the space take the time to clean up the job site. One benefit is living where you are working, but it can also be a down fall.  It isn't necessarily efficient to put all tools back in the garage or toolbox everyday.  Instead put all supplies and tools into the corner of the room rather than all over. Also consider investing in a moving tool cart for even easier transportation/ storage.

3. If you have kids, like I do, this is a FANTASTIC opportunity.  Get them involved!!! My boys love it. 

-They help with voting on colors and design- after all they are living there too.  

- Give them small projects to earn a little money.

- Take them to Home Depot and have them help with project estimates: Is this light fixture more or less expensive than that light fixture?

4. Lastly, ALWAYS think of the big picture!

- Know your WHY and trust the process!!

- Be ready for some self-consciousness when telling other non-investors, family, neighbors, and friends.  It can be challenging to always have to explain to others who do not understand your strategy. 

-Surround yourself with other real estate investors so you do not feel so alone- it helps combat the self-consciousness.

- Look forward to that future "payday"! You are working your strategy and it will pay off. I have 2 successful live in flips under my belt and the 3rd one is moving along nicely.

Ok this post could be a blog- but I do not have a blog so here it is.  

Have I forgot anything? Please add your tips and tricks below- I am always learning too.

Hope this helps and encourages other live-in flippers! Keep up the good work!

@Michael K Gallagher Exactly. Thank you for the information.  I do not qualify either, hence the goal. Interested in sharing that goal? 

@Jonathan Styer- Accredited Investor term is used by the SEC and refers to investors who are sophisticated and have a reduced need of protection provided by regulations.  The individual has to meet certain criteria to be classified as accredited. Once an investor meets these standards, more opportunities are available, although they will be at a higher risk- they will also be higher reward.  I am still in the beginning phase of educating myself.