Fix and flip Miami Way Vancouver Wa

[Sidnee Wolfley]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $235,000
Cash invested: $50,000
Sale price: $350,000

Small 960 sq ft home built in 1950
Over spent on budget (of course)
I had a partner on this deal.
It went really great. I am happy with the turn out.

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

On a walk, home owner was outside on the phone. I went over and spoke to him and he said he would sell it to me right away.

How did you finance this deal?

Hard money lender~
loan for 250k @ 1% a month

How did you add value to the deal?

New roof, windows, kitchen, bathroom, refinish hardwoods, paint. Replace siding on one side of the house. Removed half wall in kitchen to make open concept. New appliances.

What was the outcome?

We made around 40k on the deal. Great outcome!

Lessons learned? Challenges?

Never under estimate the costs. It is always costs more than you plan it to be.

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

I am a realtor and my business partner this is also a realtor so we felt like the we understood the neighborhood and values well.