Closed on our first house! Live-in BRRRR in Port Angeles, WA

[Annalisa Brown]

As a newbie, I just want to post an update on my progress.

My husband and I closed on our first home in Port Angeles, Washington, SIGHT UNSEEN!

Purchase price $170,000, 10% down as a second home loan (no one would finance us as primary because we weren't employed in the area yet)

2 bed/2 bath 790 square feet. 

Built in 1930 on a post and beam foundation that has since settled and it is a LITTLE slanted. Unsure if we will level it yet, will decide upon moving in this May.

Being conservative with nearby comps, ARV estimated to be $230,000. Going to shoot for $250,000 and plan for $230,000.

These numbers are accounting for an additional bedroom being built. Of course I just NOW started The Book on Estimating Rehab Costs, hahaha! We MAY put up to $20k into it. I know, I know....

My father in law has some pretty heavy construction background and wants to do most of the work. Keep in mind that this is OUR FIRST HOME and that I know to account for what the costs would have been if we hired everything out. I know that I may not find a contractor for my "core four" during this deal, but it was time for us to move anyways. We were living in an 11' by 11' cabin in Sequoia National Park. This will be a mansion for us and I don't plan on making any money. I ran numbers on properties and comps every day for months and feel confident about this decision, especially because I am going to learn so much, so fast. My goal is to own the second unit by years end, and my 3 year vision is 10 doors! I will do this!

In 3 years I will be laughing at this post!