Renton Washington Purchase to live in, rehab, and eventually sell.

[Clint Reuter]

Gorgeous ViewsInvestment Info:

Single-family residence fix & flip investment in Renton.

Purchase price: $460,000
Cash invested: $26,000
Sale price: $725,000

Purchased to live in and refurbish. Added a huge deck and did minor improvements to the bathrooms and kitchen. Reroofed the project and added a huge sliding door onto the expansive deck to take full advantage of the killer views including Seatac airport and the Olympic mountains. I will miss this house for many reasons but have sold it to leverage the profits into other properties. Someone got a great home, and if I ever get the chance to repurchase this, I would in a heartbeat.

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

Bought a house to live in and improve, a model which has always worked for me. Buy the worst house on a good block. This was a good, but outdated house on a great block.

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

Viewed lots of properties in an area I wanted to buy. The view sold this house, and I knew adding a deck and a glass slider onto the deck would increase the value 100K.

How did you finance this deal?

Traditional financing.

How did you add value to the deal?

Added a very large deck and sliding door where I window was. Did minor improvements to the kitchen and bath. Removed the oil burning furnace and upgraded to a modern heater.

What was the outcome?

Bought for $460, sold for 725. Not all of that was the improvements, but a lot of it was.

Lessons learned? Challenges?

I learned I needed to pull a permit before the city comes knocking. I also learned that hiring a pro to help solve your problems is a smart way to go.

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

I worked with two. Melissa Moe and Carrie Haymond. Melissa helped me with the vision, inspiration, and execution of every phase of this project. It wouldn't be what it is today without her. Carrie came in later and helped find local professionals to finish what I had started while bringing a new buyer to the table. Both are incredible agents.