Fix and flip in NE Tacoma

[Vadim Babets]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $280,000

Cash invested: $45,000

Fix and flip in NE Tacoma Purchased on November 1st, listed for sale February 28.

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

MLS listed 300 offered 275 purchased 280k

How did you finance this deal?

Hard Money 10% down. @ 2 points and 12%. 5 month loan.

How did you add value to the deal?

Complete remodel new floors, cabinets, tile, paint, lights, doors and garage door, millwork, deck.

Lessons learned? Challenges?

DONT use hard money loan with 5 months term, my loan about to expire and I'm freaking out because rate will jump to 24%

[Nghi Le]

Nice work! It sounds like you got a loan from Eastside Funding. Those 5-month loans are dangerous. I only get 1-yr loans nowadays, especially in our market that has slowed down.