Buying in one of the most expensive counties in the northwest

[Brian Lacey]

Investment Info:

Other other investment in Hailey.

Purchase price: $172,000
Cash invested: $12,000

Live in flip while stationed near Sun Valley, ID

Refinanced to $216,000

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

Needed a home for work. The numbers worked.

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

Realtor, Jay Emmer.

Had 9 people living in it. It’s a 2/1.5 townhouse.

How did you finance this deal?

Traditional financing.

3% down through Quicken Loans

How did you add value to the deal?

Paint, wife provided a lot of labor to the aesthetic appeal on the inside.

What was the outcome?

Closing on a refinance from $172,000 purchase price to $216,000.

Purchased 11/2019
Refinanced 6/2019

Lessons learned? Challenges?

Find a bad property in a great area.

The first step is the hardest.

Live in flips work well if you’re patient & can take the punches without any cash flow from the property for awhile.

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

Jay Emmer - Realtor in Sun Valley, ID