Updated about 5 years ago on . Most recent reply
1910 Vancouver WA Bungalow Flip
Investment Info:
Single-family residence fix & flip investment in Vancouver.
Purchase price: $155,000
Cash invested: $109,000
Sale price: $359,000
1910 Bungalow. Full renovation and update of a 2BR, 1BA, 840 square feet on Main with a partially finished basement.
What made you interested in investing in this type of deal?
Off market distressed property in a desirable area of Vancouver.
How did you find this deal and how did you negotiate it?
A past client referred me to the Seller who had just inherited the property from her deceased husband's estate and who needed to liquidate it. She was not in a financial condition to afford any renovations herself and wanted quick cash.
How did you finance this deal?
Hard money for the purchase. Our own funds for the rehab.
How did you add value to the deal?
Full high-end renovation. Restored all of the main floor hardwood floors, removed walls, reconfigured bedrooms/closets, brought laundry facilities to main floor, all new kitchen, new lighting, new HVAC, new roof, new windows, all new doors/trim/hardware. Rebuilt original porch, new landscaping, new hardscaping, new fencing, added a private courtyard and lockable carport storage.
What was the outcome?
End result was stunning. Property was under contract within 14 days above asking price. One of our most successful flips to date. On time, on budget, no major surprises and $59,000 net profit.
Lessons learned? Challenges?
Off-Market deals are really where the money is. Always remember: "You make your money when you BUY the house." It is critical to buy properties for the right price so that you can afford to do them right, cover all of your costs, and still make a reasonable return on your investment.
Most Popular Reply
@Joseph Bruzda
Wow, beautiful reno! Congrats.