Caledonia Beach Single Family Residence Browns Point Washington

[Nanci E Keate]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $500,000
Cash invested: $500,000

1967 cape cod style home overlooking the Puget Sound.

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

The previous homeowner wanted to get out of paying the mortgage and was willing to sell the house for about 10% more than what was owed on the loan. The home is adjacent my own home and I wanted to control who moved in. I completed 90% of the renovations myself.

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

The previous homeowner had decided to take a job elsewhere and start his life fresh and really didn't want to deal with listing the home or cleaning it out

How did you finance this deal?

cash

How did you add value to the deal?

The home was abandoned with the previous homeowners belongings still in the home. I held a garage sale after the transfer was complete to fund the renovations. Also hired a junk removal company to take away non-saleable items as well as construction debris.
I installed new LVT, carpet, paint, bathroom millwork, faucets, plumbing fixtures. Did landscaping myself and installed a fence

What was the outcome?

Even with renovations, this house has a bit of a grandma vibe. It was listed for rent around Thanksgiving 2022 and I didn't get an appropriate tenant until April 2023

Lessons learned? Challenges?

I would consider listing it for rent prior to every detail of rehabbing being completed.

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

I worked with an excellent property manager to select a tenant, but I will manage the home myself once the tenant moves in.