5000 sq foot ranch home completely redone

[Noah T Simmons]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $175,000
Cash invested: $30,000

I bought and fixed up a five-thousand square foot ranch house in northern Spokane. The house was listed for one-hundred seventy-five thousand in cash without inspection. The home owner had tried to sell for more earlier in the year but upon inspection investors backed out of the deal. The house got a complete face lift. The property is now valued in the ballpark of three-hundred thousand dollars. However, I do not plan to rent or sell the place

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

I was looking for a decent place in Spokane for my family to move to from Wisconsin.

How did you finance this deal?

I made a 20% down payment with money I had saved working in Wisconsin.

How did you add value to the deal?

By remodeling the entire house over the course of a year I increased my equity by over one-hundred thousand dollars.

Lessons learned? Challenges?

I learned that when it comes to remodels, snags in the plan and setbacks are natural and that over optimistic projections don't help anyone.