Burien House - Flip/STR/Development Upside

[Liam Naughton]

Investment Info:

Single-family residence fix & flip investment in Burien.

Purchase price: $350,000
Cash invested: $30,000

Contributors:
James Dainard

Just closed on this one, I'm going to flip it before moving into it.
The renovation should be right around $25k for floors, cabinets/countertops, some electrical/plumbing, and interior/exterior paint. Leaving the bathroom alone for now.
Still doing demo myself, floors are out and ready to be refinished, need to take out the cabinets next.

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

My girlfriend got a job in the area and we needed a place to live.

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

Off-market, the deal was sourced through networking and industry connections.
Negotiations happened between me, the wholesaler, and the seller.

How did you finance this deal?

Conventional financing, I was able to get the contract I needed to finance the deal with 5% down.

How did you add value to the deal?

This will be a cosmetic flip.
Floors, cabinets/countertops, electrical/plumbing, and paint will all be done.

What was the outcome?

Deal in progress.

Lessons learned? Challenges?

Have your money lined up for your renovations so getting your funds doesn't slow down your renovation process.

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

Mike Guild again got me this deal, Caliber Home Loans.
Shoutouts to James Dainard and HelloPad for helping me find and get the deal.