Starting our first fix and flip

[Evangelyn Major]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $585,000
Cash invested: $585,000

First Fix and Flip

3B/2B/3Car

2239sqft

5 Acres

Spanish/ Mediterranean Style

Close to JBLM, Tacoma, Seattle, Mt. Rainier

Country living on 5 private wooded acres. Expansion from the city in happening into this rural area pushing prices up towards the million dollar mark.
We are living in this house and renovating it to bring it up to code and make the inside a bit more user friendly. New Furnace, AC, and Tankless Propane Water Heater are in the works.

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

Listening to BiggerPockets Podcasts and reading Rich Dad Poor Dad

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

Found it on the MLS. We have been looking for acreage to fix and flip so we ran the numbers, researched our area and went for it.

How did you finance this deal?

We used our VA Loan, planning on re-financing out of it and using it again on our next deal.

How did you add value to the deal?

The owners wanted out. Taking care of five acres was a bit much. we could have offered them less but didn't see it benefiting them. And with what is projected in our area in 2-3 yrs, we will get double our investment after rehab.

What was the outcome?

Got the property while giving the previous owner what they needed.

Lessons learned? Challenges?

Challenges will be tackled when renovating, older house = lots of hidden problems

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

I am a Real Estate Broker