Lacey Flip in Spokane Washington

[Ryan Kinney]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $30,000
Sale price: $87,000

This was essentially my summer job while I was in college. My first flip purchased with hard money and sold via off market sale.

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

Honestly I was thrown into it my father was a builder and had run some of his own investments and flips. He mentored me through this first one.

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

We found this via the MLS and our Realtor at the time.

How did you finance this deal?

Hard Money (8%) added to the total loan value.

How did you add value to the deal?

Remodeled kitchen, remodeled bathroom, moved some walls, new paint, new carpet etc...

What was the outcome?

We made about $10,000 and had a buyer before it was finished.

Lessons learned? Challenges?

We learned a ton: 1) Paint colors matter very little 2) There is always a lot that you can't see 3) We may have undervalued the home but also didn't payout for commissions