All Forum Posts by: Stacy Davis

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $215,000
Cash invested: $12,000

SFR in high demand rental area, 3 bed/2 ba, adding 4th bedroom.

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

High demand area, good rents per pricing of home

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

MLS, Local agent

How did you finance this deal?

Hard money/transferring to conventional

How did you add value to the deal?

Kitchen update, new roof, adding bedroom

Lessons learned? Challenges?

Hard money lending and switching over to buy n hold can be expensive. Budgets have to be watched closely.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $408,000
Cash invested: $12,000
Sale price: $479,000

Bought property to update cosmetically. Sold FSBO in 4 days, no agent fees.

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

Cosmetic value add options, fast equity gain, and high demand area.

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

Local agent

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Cosmetic updates, bathroom remodels

Lessons learned? Challenges?

It's a large property, which was more overwhelming due to the land.

Spokane and Tri-Cities would be favorable choices for your outlined goal. You need to do your due diligence on areas in both cities. Meaning, understand the areas you’re purchasing in. Richland is great for the tri-cities. Spokane has lots going on, but there are still areas that are very questionable if you don’t want to deal with vandalism, theft, low class tenants. 

@Jay Garrison

Offer a shorter lease commitment, ex. 6 mo instead of a year. If the tenant doesn’t stay long then it sets you up to be in a better time to rent it again. Don’t give up deposits, you’ll attract problems. 2nd idea- You could give some ‘thing’ away Free w/approved application, ex. gift card.

@Anna Gogos

FB Marketplace and Cozy are other good listing options.

Hard money lender. Then you could refinance the loan, ideally getting most of what you put for the down back out. BRRRR

@Ashley Crump ‘Rich Dad, Poor Dad’ is always high on the list to create an understanding of how your assets create income for you.

@Ashly McGlasson

Have you considered short term rental options? Wasn’t the original goal, but the home could sustain itself and create a good cash flow if you set it up to do that. You could potentially sell it off as a short term rental property after awhile.

@Michael Walker III

BiggerPockets podcast is full of all the answers to your questions that you might have. Such a great free resource that allows depth in learning.

@Dylan Cronkhite

Spokane has gone crazy in the last 6 mo. It’s getting harder to find deals because rent hasn’t caught up to the housing price increases yet. Still opportunities, but you have to know where you’re buying.