cheap house thats full

[Todd Springman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $33,000

single family home, got it really cheap because there was a hoarder in it. located in a developement zone one house off the spokane river. Just got the floors in and painting already.

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

The location was number 1 one house off the river, the area is across from gonzaga, also went to the city planning office, found out this area will be developed with high end condos in the future. The price was inticing in this crazy market, cash offer fell through I was the only one left. Multifamilies are crazy right now not sure how people run their numbers...

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

mls it was kinda weird listing, accepted offer before you can look at the property, cash offer fell through they came back to me to see if I was still intrested. listed 130 i got it for 140

How did you finance this deal?

conventional, It was a bit of a stretch cause I just closed on a duplex in airway heights and then this popped into my life

How did you add value to the deal?

Getting the hoarder out and the house cleaned out. Paint and new flooring, put in a new stove and fridge also. Now doing junk runs to the dump on the yard. Getting the yard clean this week and ceiling fans going in also. the new tennant moving in Friday they're pretty excited

What was the outcome?

The house has great bones I was able to look past all the stuff and pull the trigger on the deal. Just cosmetic issues already have 100k in equity according to the comps in the area,

Lessons learned? Challenges?

Dealing with a hoarder and spending money to get her moved out so the deal could close, it was kinda a roll of the dice cause the inspection was the worst because of the amount of stuff inside the house.

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

John Rice real estate agent 4 degree
Jason Paull Fairway Mortgage
Kyra Strudwich home pride insection