A Flawless Fix and Flip
A premier Veristone client executed a successful fix and flip on this Lynnwood, WA property located a short distance north of Seattle. The 1,3790 square foot home has 3 bedrooms, 2 ½ bathrooms, and a number of new features that transformed it from two small units, to a beautiful single family residence.
This house now boasts, an updated and upgraded kitchen with gorgeous granite and stainless steel appliances. A master bedroom with a 5 piece en-suite bathroom, two large second floor bedrooms, skylights, and a new laundry room. Outside the property was finished with a fenced yard, new deck and generous private parking.
With help from a Veristone fix & flip loan, our clients acquired the property for $189,900. Based on their experience, they were able to redesign the interior to maximize the utility of all available spaces and manage the renovation project themselves. Based on their experience and planning, they were able to keep the fix up costs $89,000. As a testament to their hard work, the home was on the market for only 8 days before they received an offer for the full asking price of $350,000.
The market continues to show high demand and low supply. Properties throughout the Puget Sound region, including homes like this in Snohomish County continue to move fast. We are seeing many investors with solid local knowledge capitalizing on strong activity with this type of project.
This is a great example of knowing your subject property, knowing the local market and having a solid rehab plan – also known as flawless flipping. Veristone is proud to contribute to the success of its clients by making the lending process easy and fast. We are already working with this client on two more fix and flip deals along with countless other investment oriented professionals. Building solid partnerships is a cornerstone to how we approach the lending business. Give Veristone a call today and let us help you leverage your next opportunity.