15 N Madison, Walla Walla, WA
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
