Short sale purchase for my families first house to live in

[Brian Swanson]

Investment Info:

Single-family residence fix & flip investment in Puyallup.

Purchase price: $176,000
Cash invested: $15,000
Sale price: $365,000

3/2.

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

This was my families first house. We never saw it as a flip until I looked more into real estate investing.

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

Our real estate agent was willing to purchase a short-sale for us. It needed a lot of work though and we took many years to do some of that.

How did you finance this deal?

Traditionl loan.

How did you add value to the deal?

New floors, new doors, Killz (heavy smoke smell), kitchen remodel, new roof, shed addition, awning addition, french drain installation,

What was the outcome?

Huge profit, for us. To remove the obvious increase in value over the years - when we purchased it, the comps in the neighborhood were selling at $220K to $240K. So if we sold a few months later that would have been a 45K profit.

Lessons learned? Challenges?

We learned that we can invest in real estate.

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

No.