My first live in flip

[Melissa Murphy]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $139,500
Cash invested: $27,000
Sale price: $197,500

My first house! This was a run down single family home on the South Hill. It had a large oversized lot. I remember the kitchen remodel, living in the home and having to make coffee with water from the bathtub. It took us 6 weeks to complete, because we did all the work ourselves. Next, we tackled the basement installing two egress windows and remodeling the bathroom. In 2007, it became a rental property until 2009.

How did you finance this deal?

Traditional 30 year mortgage, and after closing, we were able to secure a HELOC for 20K to do the improvements. Oh the good old days!

How did you add value to the deal?

Remodeled the kitchen, two bathrooms, added two egress windows, patio and fences the whole yard.

What was the outcome?

A great rental property for a few years until it was time to sell.

Lessons learned? Challenges?

Learned the challenges of living in construction for months and months and months.