Custom built Moses Lake rambler with peek-a-boo lake views

[Lacey Hunter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000

Custom-built 3 bed/2 bath rambler with single car garage, fully fenced backyard, covered deck/porch and peek-a-boo views of Moses Lake. Less than a mile from the public boat launch/lake access and minutes from hwy 17. Home is located at the end of a dead-end street.

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

This home met our investment criteria of 3 bed/2 bath/fully fenced backyard and garage, It is wakling distance to an elementary school and less than a mile from the public boat launch so figured it would make an excellent long term rental and potentially an airbnb.

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

MLS and submitted own valuation to listing agent. Seller had already moved and originally listed the home for well over defensible valuation ($250k); seller was still paying on the note without a tenant in place so used that knowledge to my advantage when negotiating the purchase price.

How did you finance this deal?

Conforming 30 yr bank note

How did you add value to the deal?

The home was a custom build including custom interior paint and carpet that included one bedroom with bright pink walls and purple carpet, another bedroom with bright blue walls and green carpet, and the interior of the garage painted red. The owners had left christmas decorations up and two gingerbread houses in the oven (note the date the deal closed..)

What was the outcome?

Minimal investment including new paint and carpet (grey and grey!), staining the deck and landscaping work resulted in this home being occupied since August 2018,

Lessons learned? Challenges?

Always figure out what the sellers motivation is and how much (if anything) they owe on a property. This will ultimately help you gauge how much leverage you do or don't have when making an offer for below asking.

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

Jennifer Kron from MLRG represented us as buyers agent and continues to represent us as our property manager for all rentals in Moses Lake.