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Updated over 5 years ago on . Most recent reply
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Single family 3:2 fix and flip in Willamette valley wine country
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $230,000
Cash invested: $10,000
Standard cosmetic 3 bed 2 bath home in up and coming wine country area about 45 min from Portland, Or
Going to be putting in roughly $35k and selling for $325k when done
What made you interested in investing in this type of deal?
Great neighborhood, close to schools, and the home really just needed cosmetic clean up
How did you find this deal and how did you negotiate it?
Wholesaler brought it to me. There was no negotiating the price. They offered it at $230k and stated if I didnt want it at that price they would send it out their other investor pool. I could have waited to see if it sat for a week or so and maybe shaved off 3-5k but the numbers for us made sense at the asking price
How did you finance this deal?
I used private money investor for the down payment and inital fees (paying them a flat 8% on borrowed monies ie: borrowed $50k owe them $4k at end of project, no fees and no payments) Then I used hard money to fund the purchase and renovation costs
How did you add value to the deal?
I am a realtor so that helps when we go to sell the home. Adding value to the home was easy in that it needed new flooring, paint, vanities, kitchen cabinets/counters, and landscaping.
What was the outcome?
Still in progress...TBD
Lessons learned? Challenges?
Home is an hour from my personal home and my GC partner. we were fortunate that our contractors were willing to travel for the work (cost us a bit for travel time)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lending Home (Dane Fitch) on the hard money side of things
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