Snohomish WA Flip: $100,000+ Profit

[Vayna Jerabek]

Investment Info:

Single-family residence fix & flip investment in Snohomish.

Purchase price: $170,000
Cash invested: $95,000
Sale price: $392,500

This home is on just over an acre, it sat off the main road for years untouched. It had rats, mold, and the structure was in disrepair. Once we got the property we stripped it and installed new drywall, plumbing, electrical, etc. Kitchen appliances and fixtures were all brand new and we used extra cabinets from a previous flip that worked perfectly in the kitchen. We finished off with fresh paint inside and out and got the whole thing done and sold within a few months!

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

I personally love doing flips because when the deal is right, the returns are very high for a short period of time. Plus, the creativity involved makes the deal that much more fun.

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

My team door knocked this house and worked with the seller to take it off his hands.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

I added value to the deal by assuring the seller that we would be able to take the property off his hands for quick cash. I used my connections with contractors to get the work done at a great price to maximize profits and finish the deal quickly to avoid paying too much interest on the loan.

What was the outcome?

The flip was completed and sold within a few months! Several neighbors stopped by frequently to thank my team for improving the neighborhood and fixing up the home that was a complete eyesore.

Lessons learned? Challenges?

We had several structural issues arise that weren't obviously present when we planned the project, but luckily we had enough breathing room in our profit margins to fix them up and get on with the project.