Backyard Investment Buy and Hold

[Melissa Murphy]

Investment Info:

Single-family residence other investment in Spokane.

Purchase price: $310,000
Cash invested: $70,000

Our next project! Will update with some great photos to detail the before and after of this project. To date, this is our most significant project.

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

Knowing the neighborhood well, it is highly desirable because of the vicinity to downtown, and walking distance to many area parks. A friend reminded me that when I bought my house 4 years ago, I stated that if the neighbor were to ever sell, I would buy their house in order to grant a boundary lot adjustment for my current home, allowing for the option of a 2 car garage.

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

I saw the property come on the market at a price that wasn't in line with the condition. After it sat on the market, I offered a quick closing using a private lender for the financing.

How did you finance this deal?

Private money, with 100% for the rehab, and 20% ARV.

How did you add value to the deal?

In progress. Check back for photos.

What was the outcome?

The end goal is our primary residence.

Lessons learned? Challenges?

So many lessons.
-Formal asbestos testing protocol
-Working with architects and engineers
-Removing trees and "politics" associated with it, even if the trees are compromising the house
More to come!
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