All Forum Posts by: Ben Freeburg

@Jon Ostojic - have you thought about getting a HELOC on your existing property and using that as a down payment? It seems like would work pretty well for your situation. Good luck!

@Joshua Martin @Michael Quarles  What is the typical cost for a list source or other providers? Is it based on the results? I have no idea.  $0.01/lead? $0.25/lead? $1/lead?   Thanks! 

What if you lowered your rent? Even though you found comps at $750, the market doesn't seem to be taking it. Say $15 lower each week until you find someone?  3 months has cost you $2250 which is a lot of rent!  It could be a combination of winter and too high of prices.  I'd get someone in ASAP and either put them on a short (4month) or long (16month) lease to get you back to turning the unit again during the summer months.

Good luck!

It's always nice to see some Spokane and Inland Empire love on BP.  I'm looking for a trusted contractor in Spokane.  @Ian McDonald, @Justin Folkins - do you have any good contacts you can share? I'm looking for general remodel work for an investment property so need someone who can handle all trades.

Thanks!

-Ben

Hi all, this is a great thread. I appreciate the thoughts all around!  I'm looking at a few properties now with low cap rates. The actual rate is closer to low 4%, but the broker and seller have put together a proforma that shows it selling at a 7% cap rate.  How do you all deal with that discrepancy? What are some negotiating tips on that scenario?  If it's a 7% cap rate, I want that to drive the price to a 7% cap and not rents that don't exist yet.  Does that make sense?

Thanks!

@Marc V. depending on what type of property you are building, two companies in Seattle come to mind.  I would look at Builder's Capital or Blueprint Capital.  If you Google either you will find them.   They both have good reputations in the market.  It may be worth talking to both about your ideas to get different viewpoints and pricing. This looks like a great case study if you keep track of the numbers, etc. Good luck!  

@Chad Clanton I thought these were great tips! Thanks for providing them!  Do you have any other thoughts about doing out of town remodels?  My business partner and I are exploring this route, but one of our major fears is how to monitor the contractor doing the remodel when we can't drive by the project each day.  Of course, finding a great contractor is key, but I always feel the motto "trust buy verify" applies greatly in these situations.  I'm curious how you managed the process before you moved closer to your projects.  Thanks in advance!

Has anyone integrated Slack or Microsoft Teams into their business systems?  If so, have you found any advantages with one or another??  Thanks!

Hi @Scott Ellis I'd be interested if you had any good contractor/project managers that you like in Spokane. I have a 1-2 introductions in the works, but could always use a few more good connections!  One thing I'm really interested in though, is any good banks that also act as portfolio lenders.  Did you have any in mind that you have worked with?  Thanks in advance!

Hi all, 

Did anyone have any luck with finding a good contractor in Spokane?  Or any luck with estimating remodel costs ($/sq ft) in that market?

thanks in advance!

-Ben