1009 S. Lundstrom St., Airway Heights WA
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $75,750
Cash invested: $76,158
Single family home in Airway Heights near Fairchild Airforce Base, two blocks from a park, two blocks to a library, three blocks to restaurants
What made you interested in investing in this type of deal?
It was a HUD foreclosure.
How did you find this deal and how did you negotiate it?
MLS.
How did you finance this deal?
Cash.
How did you add value to the deal?
It needed a new roof and we put new flooring everywhere. Added a second bathroom in the basement. It was sad to see the condition it was in after the last tenants were out.
What was the outcome?
Cash flow was good while I owned it.
Lessons learned? Challenges?
Just because a tenant pays rent on time doesn't mean they are a good tenant. I heard all kinds of stories after the tenant moved out. Having a management company in the same town or meeting the neighbors may have been advantageous. Avoid jurisdictions that prevented evictions of non paying tenants during the pandemic.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Acted as my own real estate agent.
