Fix and Flip in Kirkland

[James Dainard]

Investment Info:

Single-family residence fix & flip investment in Kirkland.

Purchase price: $355,000
Cash invested: $100,000
Sale price: $643,000

Fully updated Kirkland rambler Perfectly situated on a quiet cul de sac with gorgeous mature trees. Inviting open living space perfect for entertaining. Stylish kitchen with stainless steel appliances, gas range, shaker cabinets & quartz countertops.

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

I bought this house when the market was at its peak, the area was selling really well.

How did you add value to the deal?

The house needed a major renovation, all the finishes, the floor, the walls, everything needed to be updated.

What was the outcome?

The house went on the market right as the Seattle market was starting to slow down. It ended up sitting on the market for 96 days, which was basically an eternity after the record 5-day closings we had gotten used to in the area. Originally I had listed the house for $799,950 and it ended up selling for $643,000.

Lessons learned? Challenges?

You can never predict when the market is going to change. I had done everything right, stuck to my budget, and when I didn't price the home correctly combined with a market turn, it cost me a lot more money in carrying costs.

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

Intrust Funding was my hard cash lender.