All Forum Posts by: Brody Jett

Hey Chris

Spokane is a nice place to work with alot of good and bad areas to flip in. Like said above the inventory that investors use here is now getting touched by everyone it seems. I second the do your own marketing and deal finding. I have gone to that along with auctions and foreclosures. I am more than happy to some foreclosures i have gotten. Also if you need a person to do a walk through etc i have a done a few flips and have a contracting background i would be more than happy to go look and poke around some properties if you are interested. 

Brody Jett 

JETTCO Properties LLC.

I would like this too. I might have to make one. Cant be too hard as i have a monthly already with cap ex, taxes, prop taxes etc all i would have to do is formulate a yearly progress report to include inputs were it can show upcoming repairs for roof hvav etc...  what fields are you looking for in the Spread Sheet? 

@Elisa Zhang Yes those are the areas i spoke of, and the Cliff cannon area is pretty cool. I would say that every block has its own types of good and bad pockets. The lower area consists mostly of lower income houses but has many 4-15 units all over for the reason of its proximity to the medical area. its right by 2 main hospitals. A good number of people that live here are nurses and medical professionals working in the hospital or people needing constant care are also located here. There is also a good number of rehab facilities that provide housing to get clean patients (possible section 8). Last is the small pockets through out of nice older Victorian homes. I have seen a wholesale 4 unit for little over 100k and around the corner was a 425k single family Victorian. Overall i think it has a higher crime rate in lower area as it is close to down town but not the worst but not bad at the opposite end further south by 14th st. The best part is that its ALWAYS packed. I have never seen vacancies for long at all. Hope this helps let me know if you want someone to go poke around a property.

Brody Jett

How was the turn out for this last one? This one fell on my anniversary of course. Cant wait till the next one. Are they going to be 30 days apart? i want to plan for the next one. 

Hello from Spokane

Saw your post and wanted to say nice job on making a good first jump. I have thought of doing the process you are planning as well. I have a few questions if you dont mind me asking about your scenario. Also if your open to it you should keep a journal of your process to maybe show others and shed some light on the journey. I know i would love a monthly news letter lol.

My questions

1. Are you funding this whole deal with your funds? what is your strategy here as i am in the limbo for that. I can slap down the cash per duplex plus the initial land purchase but that is a lot for me at this point or i can find a lender to allow that amount to do an operation that big.

    2. What is your end goal with a deal this size?

3. Are you going to be doing your own Property Management? If so that would lead me into the 50% comment you made. The units will be going to be brand new so I think your maintenance would be about as small as it would ever get, but there is always the unknown factor which in this game we play is tenants. Me personally and my opinion i would go with less for your numbers purposes for expenses if i was doing my own PM and had brand new units until about 7 years.

The design style Duplex, Tri, Quad. its Spokane so im going to base this off our area. It all depends too of what your end goal is with the deal. We own a duplex and we had thought of a 4 plex but the numbers for a duplex and for a 4 plex do differ but there is other factors that we found with our area. The Duplex attracts a certain type of tenant from what we have seen, its a more higher quality of tenant. Your rents are spot on for the new duplex. For the 4plex no matter how nice or how big, with still being cost efficient will the rent Stay that price for very long. Plus the quality of tenant in my opinion can be slightly less for Tri's and Quads.

A community of duplexes has a different feeling than a community of 4 plexs. If you do decide to go with the duplex i dont know your building floor plan idea but the ones with garages in the middle isolate and deaden the noise from each unit in the living area. Giving the most seclusion for being attached to each other than other styles that even with a cinder block wall can have noise issues.

Hope some of my rambling helped or gave some ideas. If possible i would love to hear how it goes or even see your operation when it kicks off. Have fun.

Brody Jett

@Aaron Miley That is spot on for rent increase numbers. The felony flats area is becoming quite the place now. I have always said our rentals on lower Shadle/upper felony flats are would start to boom. This town has really started to take off. =)

@Craig T. I have a constant stream of millennial applicants in the area i spoke of above. The reason is our units (in the lower shadle/ Northwest Blvd area) are at the apex of going to both Spokane Falls Community College or to Down town or Kendall yards. 3-5 min drive really attracts the crowed. Hope that helps.

Brody Jett

JETTCO Properties LLC.

@David Clinton Hello

Sorry it took so long to get back with you I'd love to meet up and get your input on local contractors you have used and such. I'm looking to do a brrr home here shortly. What is your schedule like to meet. I live in the valley and have all next week off so I'm open. Shoot me an email for what works. thanks 

Brody Jett

JETTCO Properties LLC.

@Jake Hottenrott Thanks very much for the input. I didn't realize that was possible for CPA work. Thanks for the recommendation as well, i will reach out to her. She is near my in-laws and where i grew up. 

-Brody 

Hello,

Im trying to get some recommendations for the Spokane area for a CPA. I would prefer if they were good with real estate matters and investing to make things easy. I am getting to the point were 5 properties is getting to be a lot of work. Any help is welcome thanks.

-Brody Jett

Hello BP,

Finally have some time to get on here and binge on BP. I am looking for a GC in the Spokane, Spokane Valley, Mead, Airway Heights area. There are so many here in the spokane area, but i wanted to see if anyone in my area could recommend someone. I am looking for one capable of doing full remodels kitchens, bed, baths's, etc. and not a huge commercial company. These rentals will be buy and hold so i am not looking to re sell. Thaks BP.

Brody & Kara Jett