All Forum Posts by: Sean Wilkinson

Hey @Kavin Kuykendall and @Tony Wooldridge! Hope all is well. That would be great Tony! Just let me know when you're thinking and I'll try to make it work. Typically Monday and Wednesday evenings work well for me but my schedule is flexible if I know in advance. 

All the best,

Sean Wilkinson

Appreciate it! 

Hi Christine, 

Sorry as I just saw this post here. Walla Walla is a great area with lots to do for a small town so I'm sure your kiddo will love it.

Investment Info:

Single-family residence fix & flip investment in Walla Walla.

Purchase price: $145,000
Cash invested: $75,000

Flip Five: This is a current flip that we are now looking to move into and sell our current home. Great location!

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

The right deal came along!

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

The resident pasted away and his son who lived across the state inherited it. The neighbor called me from a bandit sign I put up and asked if I was interested. The son was in town for a couple days and I gave his an easy way out from it! Creating a relationship and having the want to help the seller is essential in getting a deal done and having them like you.

How did you finance this deal?

Hard Money lender

How did you add value to the deal?

A ton.... Created an entire master suite where the garage was, new siding, new windows, new kitchen, new bathrooms, everything!

What was the outcome?

A realtor told me this home could now sell from 370k to 420k... so by moving in we should have significant equity!

Investment Info:

Single-family residence buy & hold investment in Walla Walla.

Purchase price: $205,000
Cash invested: $20,000
Sale price: $275,000

This is actually our current primary residence that we are now selling... We have done a significant amount of work to with adding a bathroom and bedroom for a "master Suite" in the basement. We also added a entrance to the basement because we also had our house as an Airbnb! So we stayed in the basement almost every weekend and were able to pay the mortgage AND MORE that way.

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

Needing a home for my me and my new wife :)

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

Saw a for sale by owner sign and called them up.

How did you finance this deal?

Being young and not having long credit history, banks still did not want to work with me so I asked if they would owner finance AND do a wrap around on their current loan... Got really creative with that one.

How did you add value to the deal?

Added bathroom and bedroom in basement for a master suite.

What was the outcome?

It is still unknown, though our realtor says it should sell :)

Lessons learned? Challenges?

Airbnbing is awesome and don't be afraid to ask sellers to owner finance if you can't qualify with a bank

Investment Info:

Single-family residence fix & flip investment in Walla Walla.

Purchase price: $95,000
Cash invested: $40,000
Sale price: $179,000

Fourth Flip: This was the first flip I decided I did not want to try to do all the work myself so I hired a contractor to do it. It ended up costing a bit more and taking longer than I'd hoped, but probably only personally put about 60 hours into this deal and still made something.

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

Trying to do a flip without doing all the work.

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

Bought through online Auction – I wouldn't really recommend this.

How did you finance this deal?

Private money lender.

How did you add value to the deal?

Added a bathroom, finished basement, landscaping, paint, carpet, refinishing floors

What was the outcome?

Took a while to sell, but sold and after everything probably made around 25k.

Lessons learned? Challenges?

Things are always more expensive then you think... Plan for double what ever your initial plan is for renovations!

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

Yes.

Investment Info:

Mobile home fix & flip investment in Walla Walla.

Purchase price: $169,000
Cash invested: $75,000
Sale price: $350,000

Third flip: I saw this home come up as a foreclosure but did not have the cash to buy it at the auction. I went to the auction just to see what it would go for... the action ended up being canceled so I went and knocked on their door. I cam back about four times trying to ask if I could sell and help them out. Was able to get a great deal on it and was able to profit nearly 90k.

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

A LOT OF PERSISTENCE. I knew it was a good area and could sell for mid 300's. It was in rough shape and I figured that giving the buyers a quick way out could really help them. I love creating those win-win situations! Got it under contract for 169k

How did you finance this deal?

Had one partner for renovations that required 25% of the profits and a simple hard money interest investor on the purchase (no money of my own).

How did you add value to the deal?

Huge renovation! Added a master Bathroom, new kitchen, egress window in basement, opened up kitchen, new drywall everywhere... fully updated.

What was the outcome?

The project profited around 100k after getting a 350k cash offer. After I paid back investor portions, I made approximately 75k.

Lessons learned? Challenges?

MUCH MORE CONSTRUCTION..

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

No

Investment Info:

Mobile home fix & flip investment in Walla Walla.

Purchase price: $85,000
Cash invested: $15,000
Sale price: $149,900

Second Flip: I had just moved to Walla Walla, WA interning for a tech company. I bought this with partners (no money of my own), and did all the work will I wasn't interning. Then we sold and I made about 10k off the deal after all sale costs and splits with partners.

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

I didn't having a paying internship, so I wanted something I could work on on my time and could make some money doing

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

Found this deal as a foreclosure

How did you finance this deal?

two partners that each got a third of the profit.

How did you add value to the deal?

A simple yet complete renovation.

Lessons learned? Challenges?

Here is where I started really learn construction from plumbing to electrical to framing to drywalling etc.

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

Yes, on the sale.

Investment Info:

Single-family residence fix & flip investment in Yakima.

Purchase price: $65,000
Cash invested: $5,000
Sale price: $95,000

First investment: Bought two mobile homes in Yakima, WA at 17 years old for 65,000 with $5,000 down at 7% interest. I was able to rent each for $550 (totaling $1,100 per month) with payments of around $750. This property by far taught me more than any college course. Going through an eviction, taking them to court, managing people etc. was the best learning experience ever. I moved to Walla Walla, WA and sold these for $95,000 on owner contract with a 15k down payment. Now the buyer an escrow which pays my payment and I still make about $130 per month on it.

How did you finance this deal?

Owner Financed

How did you add value to the deal?

Raised Rents, replaced electrical, new roofs

What was the outcome?

The best learning experience of my life to that point. Taught me the power of cashflow and creative financing. Also walked away with $15,000 (which was a lot for me!), and continue to this day to cashflow $130 per month.

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

No