Updated about 3 years ago on . Most recent reply
Great areas to invest in spokane wa.
Investment Info:
Single-family residence buy & hold investment in Spokane.
Purchase price: $385,000
Cash invested: $15,000
Sale price: $525,000
This was my second home that i purchased ..we actually turned a 4 bedroome 2 bath California suit into a 6 bedroom 2 bath. In a high demand area to live in spokane wa.
What made you interested in investing in this type of deal?
In the the spokane area market I seen how investors were moving more towards the single family dwellings, and multifamily homes as well. It was a tough decision between the two. My first home was a single family home I stayed in for 7 years before I bought it. With being able to rent the house out by rooms really intrigued me into wanting more single family dwellings. I figured I could bring in more cash flow renting rooms out. so I got in to subleasing , and I haven't looked back since.
How did you find this deal and how did you negotiate it?
It wa weird It had been on the market for about 12 days way longer then any house on the market at this time. houses were going fast about 3-4 months ago. I came across this house I love the area high potential area seen the potential in the property for higher gains jumped right into my second home.
How did you finance this deal?
I financed this deal throught the bank at a 3.25% conventional loan.
How did you add value to the deal?
I actually converted it into a 6 bed 2 bath instead of original 4 bed 2 bath. I had the downstairs rec area converted into two bedrooms.
What was the outcome?
The outcome is great I am now renting the property for 2900 a month bringing in about 700 extra in cash flow month on this property alone. After mortgages and fees.
Lessons learned? Challenges?
That's sometimes we fear to take the next step. We worry about the what ifs to much ,and other fears that comes along with that. Is a sure way to hold you back from prosperity. I am still learning I want more houses ,and I will prevail without making to many mistakes along my path to success in real estate.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did work with redfin I have worked with the same agent on all my properties.
