A rental plan turned major fix and flip in Spokane, WA

[Trevor Reilly]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $35,000
Sale price: $235,500

Extensive full home remodel and structural remodel including a new staircase with pantry built underneath. New kitchen layout includes all new cabinets, appliances, quartz counter top and custom sink. All new modern light fixtures with new flooring and carpet throughout. Upstairs nook gives added space for sleeping, or a cozy study area. Mechanical updates include all new electrical wiring, and updated plumbing. New electrical space heaters and ductless mini split for additional heat or cooling

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

We had originally intended to fix it up as a rental, but a lot of life happened along the way and we ended up turning it into a great home for a first time homebuyer.

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

This deal was on the MLS and we were able to negotiate a lower price initially due to the dangerous electrical conditions.

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Completely remodeled this property doing the majority of the work ourselves with some contracting.

What was the outcome?

We listed on 7/21 and set offer reviews for five days later. We reviewed 5 offers and chose the highest and best. We were able to move through all phases without any price reductions from the highest and best offer.

Lessons learned? Challenges?

You can't prepare for everything, but it's a good idea to have back-up plans to your back-up plans. We had some pretty major delays along the way due to some life events and it would've been better to have some contracting contacts for jobs we had planned to do ourselves. If we had done that we could have been much closer to our original 4-6 months time frame.

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

Chris Ennis was the agent we used to buy the home originally and we had a great time working with him.