All Forum Posts by: Brandon Vukelich

One thing I don't see mentioned, connect with local commercial/MF brokers at CBRE or MM.  Those brokers are in the trenches daily, making cold calls, etc.  They won't give you any preference on deals unless you can show them you are serious with funds/investors but you can start working to build those relationships now.  

Also, my local title company will pull reports for me based on the criteria I send them for $2.50 or so, for the entire report.  They are pulling from public data like anyone else but it saves me a lot of time. Best wishes on your journey.

I'm not a "realtor" but a licensed broker. LOL! I enjoy doing sales and invest personally, among other things like wholesaling. I do hold one STR rental property (3 units) but even if we add more, I do not have any intention of letting my license go. I love the various "tools" on my belt to find deals, solve real estate problems for people, make investments, facilitate transactions...you name it. But you should do whatever brings you balance and happiness while achieving your goals. Best wishes on your journey!

I had experience managing nearly 300 units in the Seattle area.  I agree with most comments above regarding rates.  Check your comps in the area. I feel that the biggest part of marketing rentals is price.  Show your property owner the data.  If you are priced in line with competition, there is something else that is deterring applicants and it's probably the construction...or lack of parking, homeless people sleeping outside the building or ???  Shorter lease terms are attractive and provide flexibility. Consider the total move in costs compared to your competition. Maybe lower security deposits or cleaning fees a bit, or offer half off last month, not the first.  Best wishes on your journey!

My buyers don't hesitate on any deal for the right price. Maybe it's our local market, it's still hot and inventory is super lean.

@Laura Shinkle - I did not personally move to Boise, just moved our investments funds from Seattle to Boise.  Tenant laws, taxes, crazy city council...you name it.  Solid jobs and incredible appreciation but no longer worth it, IMO.  My brother and I had enough of our hometown.  We do still own properties in Tacoma. Yes, it is extremely competitive especially on residential.  Areas such as North Tacoma, we easily see 10% over list price (that's $40k on a $400k listing btw) and 7+ offers on most SFRs, selling within the first 72 hours.  If it doesn't sell in the first week, we typically see a price reduction.  

Solid MF deals are moving quick as well but there are stragglers out from sellers pushing it on price.  For example, in Tacoma we have had 49 (2-4 unit) deals close in the last 90 days, average days on market 22, avg price $443k.  Again, the decent deals move in less than a few days.

If you are truly looking to be a reputable "business" by wholesaling properties, you should form an LLC. I wish all wholesalers would take it serious enough to operate as a legitimate business. I used to have an LLC in CA and recall the min $800 tax plus $600 or so to renew, so about $1400+ min just to maintain it. Yes, that is crazy expensive compared to WA and other states but that isn't much of a business expense when you consider the lack of other expenses needed to operate as a wholesaler. Plus if you intend to have revenue, one would generally want to take advantage of business deductions. I can't see operating just about any business these days as a sole propreitor. Best wishes on your journey!

Sorry @Darrel Howard, I don't.  I highly recommend that you have a local attorney draft up appropriate docs for the state you plan to operate in. It's an investment you make once and will be able to confidently use them over and over again going forward. 

Ditto to the Schlage Encode.

Assuming you're talking specifically about a residential flip opp because it really depends on the deal. If a flip opp, you need to know what the market can handle. What's the ARV, how much approx rehab, how much a flipper needs to target for profit, etc.? Some deals I turn for a quick $5k because it was a competitive area, others I've been able to add $40k. There is no black & white answer to your question. Know your market, know how to assess rehab and know the target profit expected by your end buyer. Don't be greedy. Make sure the seller gets a fair price and there is enough meat left on the bones for your end buyer. You'll want them coming back for more, and they will, if they make a killing on the deal. Best wishes on your journey!

Probably easiest and best option is to find a solid partner-agent in the area to list it and pay you a "marketing" fee for the lead.  Be sure everyone involved complies with RESPA rules.