Successful Spokane Flip

[Theresa Nardello]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $257,000
Cash invested: $25,000
Sale price: $400,000

This house had squatters in it so nobody wanted to touch it. I saw the potential and knew it would be worth it even if I had to wait 3-4 months for an eviction. I was fortunate to get help from a nice guy who negotiated cash for keys and they squatters moved out within a few weeks. I did very little work because funds were tight, but the market is booming in Spokane and there's very little inventory - and I had multiple offers. I actually had it under contract for $430,000 but it didn't appraise and the buyers did not have the extra funds to pay the difference. I could have started over but wanted to close and move on to my next flip. Cash at closing was over $128k so I can't complain.

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

Too good to pass up

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

Local wholesaler

How did you finance this deal?

Hard money

How did you add value to the deal?

Painted 100% of the interior and exterior window trim, replaced the front door, added tile floors in the bathroom and kitchen, painted bathroom vanity and replaced all fixtures, put in new quartz countertops on original cabinets, all new light fixtures, door knobs and handles throughout.