Bend - Central Oregon

[Adriel Liwag]

Investment Info:

Single-family residence fix & flip investment in Bend.

Purchase price: $270,000
Cash invested: $500,000

Still under construction due to Historical condition and city process...

How did you finance this deal?

Equity from primary home

Lessons learned? Challenges?

Never flip a historical home again

[Adriel Liwag]

@Natalie Kolodij I’m not quite sure what repetitive comments of how pathetic it is to invest in Bend you’re talking about. I would definitely invest in Bend again any day if the opportunity is right. What I’m referring to is specifically dealing with any historical home anywhere. If you reread my post you will see that as @Karen Margrave mentioned, It’s not Bend that I’m complaining about, it’s the process of renovating a historical home. I have a good friend in Bend who did a historical flip in Idaho and the process was the same and the same goes for Los Angeles. 

I understand the concerns and feelings of locals with people moving into Bend and “ruining” it but I’m not one of those people. As a full time flipper/investor I take pride in the quality, design and type of renovations I do as I do not do the “lipstick on a pig” renovations that many investors do. I restore and renovate homes accordingly to their design and era. If you actually go and see my project and see the end result you may actually be surprised because as far as my current knowledge goes, there hasn’t been a historical home in that specific area that has been renovated to the degree of my house where it’ll be fully renovated and restored to its originality, essentially being brand new with mostly the original features. So my point in saying this to show your that I’m actually coming into the area and improving it. The complaints of locals sound the same as renters in LA who fight gentrification. It’s really sad because although I can understand the feelings of people who are against any type of change/gentrification, they obviously do not see the bigger picture. Do you not appreciate economic growth, more job opportunities, safer neighborhoods, higher property values etc? Too many people spend too much time and energy complaining about gentrification when it really is a positive and it cannot be stopped. It’s the natural progression of  the world. As population increases, the need for gentrification will continue. 

@Tom Price the only reason I have that much money into it was because it was a project that went wrong from the start. Basically I trusted the wrong guy who wholesaled it to me site unseen. It was my own fault which I humbly but painfully admit. The original play was to buy it for $270k, he claimed that rehab would be $40k and we could sell at $430k. Pics he sent me indicated that the $40k rehab budget was accurate. Once I closed on it and got onsite, it was evident that there were major foundation issues, it needed all new plumbing and electrical, all of which he did not tell me. So once I started to rip into things it just went downhill from there. But I look at this “failed” project as a step forward to make me stronger and better going forward. I will post pics as soon as it sounds completed. 

I love Bend and hate those who come in from Cali and who bring the bad Cali attitude, I can’t stand them myself. 

I apologize for any typos as I’m responding from the BP app which isn’t that great.