Gonzaga area property in need of DEMO

[Melissa Murphy]

Investment Info:

Small multi-family (2-4 units) other investment in Spokane.

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

Fire destroyed duplex. Close to Gonzaga University.

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

I saw the property pop up on the MLS. Within minutes, there were multiple offers. The first buyer backed out, and my offer was the second highest.

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

MLS. Had a full price cash offer submitted without minutes of the deal being listed.

How did you finance this deal?

Cash.

How did you add value to the deal?

To be determined. There is a lien from the City of Spokane for a zoning violation. Asbestos testing is necessary. After following all protocol, we are confident that we can build a very high quality duplex.

What was the outcome?

To be determined.

Lessons learned? Challenges?

Currently, and we will update accordingly, we are learning about the Code Violation process and asbestos abatement prior to demolition.

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

Prime Real Estate Group and Align Investments.