All Forum Posts by: Anna Strausbaugh

@Don Spafford thank you! Yes, a deal like this is hard to come by in this market. We used cash for the purchase, no lending. 

Thank you @Kory McCain! That means a lot!

@Dave Spooner Hi! Yes, I think I would PM again. Especially now that I have my favorite subs to work with and good relationships with them. Also, I learned a lot and feel like I could be more efficient and cost-effective on my next flip. However, I would want to do it during a time that I wasn't so busy as a real estate agent, which right now feels like it will be a long time. I'm not eager to jump into another project right now, just trying to enjoy this win. I rolled the funds into a cabin in McCall, ID that we are going to turn into a short-term rental (when we aren't enjoying it ourselves).

Investment Info:

Single-family residence fix & flip investment in Eagle.

Purchase price: $440,000
Cash invested: $80,000
Sale price: $650,000

High end flip property on 1/3 acre on the golf course in highly desirable Eagle, Idaho. Home was well cared for, just never updated from the 70's. We renovated the entire house. New kitchen, new bathrooms, added lighting, new flooring and paint throughout. Didn't make any major floorplan changes. I am a realtor so I was able to save on commissions by selling to one of my own buyers which added to my profit. Here's before and after photos below.

What made you interested in investing in this type of deal?

I know this neighborhood well and knew it was a great deal when we saw it listed. We paid cash above list price and still got a great deal.

How did you find this deal and how did you negotiate it?

On the MLS. We had an offer in within 4 hours of it being listed and offered a one week close with cash.

How did you finance this deal?

Cash.

How did you add value to the deal?

Renovated the entire home with high end finishes to get the best price for this neighborhood.

What was the outcome?

Profit of $130,000

Lessons learned? Challenges?

Painted too early in the process and ended up having to repaint the interior twice because of so many mistakes. It was a challenge trying to PM the project myself with subs since I already work full time as a realtor. Had I been able to PM more closely fewer mistakes would have been made. Could have netted more if I had time to do some of the work myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I'm the real estate agent and investor and PM for this project.

Welcome to BP @Larrian Davis! First of all, thank you for serving our country! My husband is an Army veteran and I love helping out military service members and veterans whenever possible! I have some great lenders who are VA loan experts I can message you their contact info to start understanding all your options. House hacking is an awesome strategy when you have the flexibility in your lifestyle like you do right now. The market here in Boise is crazy, but there are still some good options that pop up from time to time for house hacks, you just have to be ready to move FAST when the right one comes along. I'd love to connect sometime and tell you more about the area and what the market is like here!

Hi @Gilda VanderHeyden! I have an awesome property manager who covers all of the Treasure Valley her name is Pamela Schank (she's not on BP). Look up her company IPM - Investment Protection Management. I recently referred @Blake Thompson to her and he's been very happy as well, if you need a reference you can reach out to him.

Thanks @Jason Phillips!

@Jorge Valdez congrats on taking that first step! I have several clients doing the same thing moving to the Boise area now that their jobs are allowing them to work remotely indefinitely. There are some great house hack opportunities here in Boise, I’d be happy to show you guys around when you come visit! Best of luck to you!

Hi @Mark Anderson! I'm a Boise area real estate agent, I'd be happy to help! I'm always happy to share the info of my favorite lenders and other professionals I work with. I'll send you a message.

Hi @Shannon Robnett! It's been a challenge lately, for sure! But I've been having good luck helping my clients find deals in new construction and securing the properties before they hit the market or sometimes before they are even built. It's been much more difficult to find deals on existing resale properties because of the competition and multiple offers bidding the prices up. I'm also finding better cashflow with the newer construction single-family homes because they can get better rent, have lower overhead and attract a high quality tenant who typically takes better care of the property. That's the little niche I've been finding the most success in and the best cashflow! 

Multi-family is getting harder to find decent cash flow, but not impossible. I have one client who has found good success in finding land zoned for MF and then doing the building and development himself (partnering with a builder). It's very time intensive, which I know not all investors have the luxury of being able to do, but it's a strategy that's working for him since we just weren't finding the type of deals he wanted in existing inventory. I hope that answers your questions!