Fix and Flip in Ballard
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $900,000
Cash invested: $145,000
Sale price: $1,475,000
This was a partially renovated home in Ballard, a great location in Seattle. It already had a great floorplan, didn't need a whole lot of demo, so this was a good investment opportunity.
What made you interested in investing in this type of deal?
I love this location, I do a lot of flips in this area, and it's a great neighborhood that loves a Seattle craftsman design.
How did you finance this deal?
I used a hard money loan from Intrust Funding.
How did you add value to the deal?
This was a to the studs remodel. A few structural changes, we opened up the kitchen to make it a bright open floorplan. Buyers at this price point expect a large kitchen with higher-end finishes.
What was the outcome?
The ARV was $100K higher than we originally estimated, and the property sold after just 15 days on the market. Overall, a great outcome!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Intrust Funding for my lending.
