152 Locust Street, Walla Walla, WA

[Sean Wilkinson]

Investment Info:

Single-family residence buy & hold investment in Walla Walla.

Purchase price: $205,000
Cash invested: $20,000
Sale price: $275,000

This is actually our current primary residence that we are now selling... We have done a significant amount of work to with adding a bathroom and bedroom for a "master Suite" in the basement. We also added a entrance to the basement because we also had our house as an Airbnb! So we stayed in the basement almost every weekend and were able to pay the mortgage AND MORE that way.

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

Needing a home for my me and my new wife :)

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

Saw a for sale by owner sign and called them up.

How did you finance this deal?

Being young and not having long credit history, banks still did not want to work with me so I asked if they would owner finance AND do a wrap around on their current loan... Got really creative with that one.

How did you add value to the deal?

Added bathroom and bedroom in basement for a master suite.

What was the outcome?

It is still unknown, though our realtor says it should sell :)

Lessons learned? Challenges?

Airbnbing is awesome and don't be afraid to ask sellers to owner finance if you can't qualify with a bank