SFR rehab buy and hold Kitsap County Washington
Investment Info:
Single-family residence buy & hold investment in Bremerton.
Purchase price: $215,000
SFR fixer upper in B class neighborhood.
What made you interested in investing in this type of deal?
Primarily appreciation in the area, but made sure property would cash-flow as well.
Tax break (depreciation) is a bonus.
How did you find this deal and how did you negotiate it?
MLS/Agent
How did you finance this deal?
Traditional
How did you add value to the deal?
Sweat equity and converting space into a bedroom
Painted/minor remodel primarily with my wife and I by ourselves.
What was the outcome?
Hold onto cash-flowing property with great appreciation
Lessons learned? Challenges?
Challenges were finding contractors and financing.
Multiple contractors flaked so I wound up doing most of the work myself at night and weekends for several months.
One contractor gave me a price, said he would start the next day, then never showed up and stopped answering my calls.
Financing required jumping through multiple hoops as most of you are familiar with. I am a 1099 business owner, so it was actually a more difficult that if I was a W-2 employee.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Joe Simon who is in Kitsap County, WA.