The Adventure of Buying an Investment Property: From Foreclosure to Short-Term Rental in Queen Anne

I bought a house!

Even as a managing broker for Ron & Don Real Estate, venturing into the realm of investment properties can still feel a bit daunting. You’d think that years of guiding clients through the complexities of real estate would give me an unshakable confidence when it comes to my own investments, but the truth is, it’s still a bit scary—especially when you’re partnering up, purchasing a property on the brink of foreclosure, and planning a complete remodel for the competitive short-term rental market.

That said, I’m excited to take you along on this journey. We’re transforming a home on the crown of Queen Anne,  and turning a distressed property into something amazing. It’s a mix of excitement, nerves, and a whole lot of hustle.

I didn’t want to say anything on social media until it was a done deal. There were so many moving pieces with the mistakes made by the previous owner. They had no permits and were red tagged by the City of Seattle.

By this time next year, the plan is to be entirely complete with the project. I’m going to tag these posts #RonsReno if you want to follow along.

There’s a long way to go, but I wanted to put my money where my mouth is. We talk a lot about the power of real estate to change your financial future. This is a big step for me into that future.

I’ll see you soon with more posts. Wish me luck. 

The Beginning: Spotting the Opportunity

The Queen Anne property wasn’t exactly on our radar at first. It was set for foreclosure, tucked away in a prime neighborhood, and at first glance, it didn’t scream “dream investment.” The exterior showed years of neglect, the interior was dated and tired, and the sheer scale of what needed to be done was overwhelming.

But that’s the beauty of real estate: opportunities often look like challenges. I’ve seen my fair share of homes in rough condition turn into gems, and I knew the potential was there. So, with my partner, we made the decision—this was going to be our next big project. Even though I spend my days helping others navigate transactions, it’s a different feeling when it’s your own money, your own project, and your own risk.

Why It’s Still Scary (Even for a Broker)

Being a managing broker does offer some advantages. I know how to assess market conditions, negotiate deals, and predict what buyers or renters might want. But when you’re in the thick of it, putting your own finances on the line, there’s an emotional weight that’s hard to shake off. Plus, with a partner, you’re making decisions as a team—each with your own risk tolerance and vision for the property.

The financials alone were enough to keep me up at night. A foreclosure means you’re inheriting a house that might come with hidden issues—plumbing, foundation, wiring—who knows what we’d uncover once we started ripping out walls?

But this is where calculated risk comes into play. Real estate is about seeing what others might miss and being willing to take the plunge. And besides, there’s something thrilling about the idea of taking something rundown and making it new again.

The Plan: Transforming It Into a Short-Term Rental

Once the deal was closed, it was time to roll up our sleeves. The goal is to remodel the house from top to bottom and convert it into a high-end short-term rental. Queen Anne is prime territory for this—its charm, central location, and proximity to Seattle’s iconic sights make it a top choice for visitors. But to stand out in the short-term rental market, we know we need more than just a pretty remodel.

We’re bringing in our team of professional contractors, each one a trusted hand I’ve cultivated through years of experience. From flooring to landscaping, the house is getting the full treatment—new kitchen, modern bathrooms, smart home features, and even some unique design touches that will give it that Seattle charm.

This project is all about balance: restoring the home’s historical beauty while giving it the upgrades today’s renters demand. And while there’s a long road ahead—permits, inspections, budgeting—we’re motivated by the end vision.

Taking You Along for the Ride

Throughout this journey, I want to share the highs and lows—the unexpected hurdles, the little victories, and everything in between. Investing in real estate is never straightforward, even for those of us who live and breathe it. There are always risks, always things you can’t control, but that’s part of what makes it so rewarding.

This project is personal. It’s not just another transaction or another investment—it’s a chance to create something lasting, a place where visitors will experience the heart of Seattle. From foreclosure to fully remodeled short-term rental, Queen Anne is about to welcome a new gem.

Stay tuned. We’ve only just begun.