All Forum Posts by: James Lusk

Marna N. It makes sense to me. And I have been wondering the same thing. I am new to the brrrr process and was considering an all cars acquisition. Seems odd there would be a seasoning period still. I would love to know the answer!

Congrats on making a step towards your first multi! I am currently in the same boat. My wife and I just put a triplex under contract. Have you tried running this property through the BP rental property calculator? It is a great way to make sure you don't miss one or more of the major, common expenses you will incur. Just as a frame of reference, I will give you our property details. Acquisition- Purchase price: $240k Plurchase closing costs: $5000 Total Cost: $245k Income- Current gross rents: $2001 Market Gross rents: $2748 Loan- 25% down: 60k Loan amount: 180k Conventional 30 year @ 4.75 (confirmed as actual rate) Monthly liabilities- Mortgage (P&I): $938.97 Utilities: $267 Vacancy: $137.40 (5%) CapEx: $137.40 (5%) Insurance: $100 Repairs: $137.40 (5%) Property Management: $219.84 (8%) Property taxes: $266.67 (from assessor's website) Total expenses: $2204.67 Monthly cash flow~ $543.33 NOI~ $17,787.52 This is just about right at a 10% ROI. *I am in the greater Seattle, WA area so I don't have to account for snow/ice removal as you may. Hopefully this helps you. All the best!

What is your end game for this property? Seeing as you said house I assume this is an SFR? Are you planning to occupy the house? There are restrictions around who qualifies for a 203k. You have to at least plan on occupying the house. Do you have any retirement funds you can borrow from? This is a great way to scrape up some funds. I borrowed against my 401k at 4.25% and all the interest you pay goes back into your account. I was limited to borrowing half of my account balance. If the deal is really good, post it in the marketplace and seek an equity partner. Just a couple ideas. Good luck!

Hi Zia. I have a flooring guy I use around Shoreline. He does laminate and hardwoods. He has a guy he subcontracts to for the tile. They took care of my rental quick, and for what I believe was a fair price. I will message you his info.

@Account Closed If I can't track down the documentation I will give Tim a call. Thanks

Hey Robert, congrats on acquiring your first property! So I just use Home Depot as they carry Jeld Wen around here which is a pretty reputable manufacturer. They also have different "levels" of windows. I have gone with the cheaper ones for my rentals. They are still a great upgrade over single pane. The next step up isn't much more expensive either. The biggest obstacle would be if you need non-standard window sizes. These could be back ordered many weeks if they need to be custom made. Check your sizes and quantities and make sure they stock them so you don't end up holding up your job waiting on windows. Best of luck!

Hey @Beth L. It is buried. I believe that around here, that is fairly common. This is the first time I have dealt with a property of this age though. I am wondering if it will only be a concern when we go back to sell down the road? In this case, we are putting in our offer acknowledging that it might not be decommissioned. Thanks for your input.

I am putting an offer on a home in Lake Forest Park, WA built in 1916. The home used to run off oil but has since switched natural gas. The owner claims the oil tank was decommissioned but can't seem to come up with documentation. Two questions here. First, where could one check to see if it had indeed been decommissioned? Maybe city permitting? Second, if it has not been decommissioned, what problems could this possibly pose for a homeowner? This will be a personal residence in this case. Thanks!

I know @RylandTaniguchi is a good contact for this opportunity. He has the experience and contacts. This does look like it could be a meaty deal.

Welcome to BP! This is the place to be. So many helpful folks and great contacts. Good luck!