We lived, rented, and flipped our first home

[Tamara Berndt]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $285,000
Cash invested: $100,000
Sale price: $520,000

This was our first home. We lived in it for 3.5 years, did a few renovations, began renting for 2 years, and did a complete remodel. Equity in the area was very high and we wanted to capitalize on that to get seed money for furter real estate investments.

https://www.redfin.com/WA/Renton/404-Cedar-Ave-S-98057/home/226998

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

The market was at it's lowest and interest rate was at an all time low. We knew this was not going to be our forever home but knew this house had a lot of potential. The neighborhood was a very sought after location (Renton Historical Hill).

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

Found it by driving by. We did not do any negotiation.

How did you finance this deal?

We purchased using a VA Loan with $0 down.

How did you add value to the deal?

Increase the value by updating the home.

What was the outcome?

Sold and made over $200K.

Lessons learned? Challenges?

Do a huge remodel by yourself is hard and lonely.

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

If you are in the Seattle area we worked with Christina Jarvis from Windermere. We have bought and sold homes with her.