Hoarder Fix & Flip in Central Washington

[Peter Welch]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $152,105
Cash invested: $50,000

2000 sqft 5bd 2ba split level converted to a 4bd 3ba with a master
1000 sqft shop on a city lot in a nice neighborhood. It was the dog on the block that we're all looking for.

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

We were willing to do the gross work that it needed....so...much...stuff!

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

On the MLS. 15 offers the day it came out. Were put in the second position. The first buyers backed out because the current owners were not getting out. We took on the challenge.

How did you finance this deal?

Hard Money for 6 months

How did you add value to the deal?

complete remodel of the house and the shop

What was the outcome?

still in process of remodeling. I'll let you know the outcome in about 2 more months.

Lessons learned? Challenges?

Challenge was cleaning up all the stuff left by the previous owners, and getting those owners out of the house.

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

I am a real estate professional and my partner is a certified home inspector.