SFR rehab buy and hold Kitsap County Washington

[Brian Glasspoole]

Investment Info:

Single-family residence buy & hold investment in Bremerton.

Purchase price: $215,000

SFR fixer upper in B class neighborhood.

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

Primarily appreciation in the area, but made sure property would cash-flow as well.
Tax break (depreciation) is a bonus.

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

MLS/Agent

How did you finance this deal?

Traditional

How did you add value to the deal?

Sweat equity and converting space into a bedroom
Painted/minor remodel primarily with my wife and I by ourselves.

What was the outcome?

Hold onto cash-flowing property with great appreciation

Lessons learned? Challenges?

Challenges were finding contractors and financing.
Multiple contractors flaked so I wound up doing most of the work myself at night and weekends for several months.
One contractor gave me a price, said he would start the next day, then never showed up and stopped answering my calls.

Financing required jumping through multiple hoops as most of you are familiar with. I am a 1099 business owner, so it was actually a more difficult that if I was a W-2 employee.

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

Yes, Joe Simon who is in Kitsap County, WA.