All Forum Posts by: Christian Pirotte

Hey all,

Just finished my basement unit ceiling. Spent a fair amount trying to make it sound proof and I succeeded with airborne noise, however, footfalls are absolutely terrible. I used two layers of Rockwool, RC channel (big mistake), and a single layer of 5/8" quiet rock. I spoke to a specialized contractor and they said I should tear the drywall down and start over using hat channels and two layers of regular drywall with green glue. Obviously I'm very reluctant to do that as that's throwing away $10,000 in labor and materials. 

I'm more partial to putting up a second layer of regular 5/8 drywall with a layer of green glue in between. Also, pulling up the vinyl plank upstairs and putting in an underlayment with the highest IIC rating. Just wanted to hear others' thoughts on this approach before I spend more money. 

TIA!

@Michael Baum thanks for the input Michael!

@Michael Baum I'm looking at the area near Puget Sound University close to old town and 6th ave. There definitely seems to be demand but I'm just not sure it's enough to cover what homes are currently selling for.

My rationale is Tacoma's growing popularity and Tacoma being sightly more landlord friendly than Seattle. I am partial towards STRs just to avoid problems with the eviction moratorium, however. It's hard to gauge other Airbnb's at this specific moment due to the most recent shut down.

@Sherief Elbassuoni, thanks so much for the reply. As this is my first first foray into the Tacoma market and given the pandemic, I am just looking for more concrete information regarding the state of STRs. Sent you a PM.

Hey All,

I am looking to purchasing either a duplex or an SFR with an ADU in the North Tacoma area with a VA loan. I am planning on house hacking for about 6 months, moving out and then airbnb-ing the second unit/ADU as a separate unit. However, I am currently experiencing analysis paralysis and have missed several deals because I'm having trouble coming to terms with the risk--particularly the inflated Tacoma market and rental demand during COVID. I have analyzed data from Airdna for weeks at this point and I'm reasonably certain that a two unit airbnb in North Tacoma would produce a good return (although I imagine the data is skewed from COVID). However, I would love to hear from the BP community if anyone can see any major pitfalls or shortsightedness in this strategy.

Appreciate any input I can get!

CP

I recently bid on a few mountain vacation homes where I live. I've lost every bid recently to other investors who waived home and/or septic Inspections, even though they had an offer less than mine. The market I'm in is insanely competitive but I've never seen waiving inspections as worth the risk. However, after losing 3 in row for the same reason, I wanted to hear the BP community's thoughts. I can provide extra numbers if that factors in to the decision matrix.

I have an off market deal I've been working in the South Seattle area. Obviously a very expensive area but through networking I found an owner of a lake front triplex south of Seattle. There are a few issues:

1. One of the units needs dry wall and a deck before it's complete. Therefore a traditional FHA or VA Loan is off the table. The other two units are complete. The idea would be to complete the home with an FHA 203k and then refi into a VA loan as soon as I'm able to.

2. This was an SFR that the owner converted into a triplex working alongside his contactors. I do not believe he applied for permits for much of the work and the home is not zoned to be a triplex.

Through BP I was able to find a lender willing to work with my DTI ratio to make this work but the fact that this is registered as a SFR is going to hurt my application.

I'm curious of the BP community's thoughts on the zoning issue. The owner is motivated to work a deal and his asking price even with the required rehab is a bargain for Seattle area water front. My biggest concern is if I get approved for this loan and end up having issues with the city due to zoning and permitting issues. I've heard horror stories stemming from lack of permitting. I'd hate to see the opportunity go but I'm going to walk if it's going to be an issue.

I'm currently located in Tacoma, Wa, which happens to be one of the hottest markets in the country at the moment. Haven't had any luck finding a MF to house hack as I'm either out bid or the numbers just aren't meeting my goals due to the inflated market up here vs comparable rents. I think it is starting to make more sense to rent and purchase a second home locally so I can still take advantage of the residential rate, with the plan to STR the property after the seasoning period. Specifically, I've been looking at land in the local mountains to build a cabin on. I'm interested in any opinions, literature, or guidance on this course of action--particularly any pit falls. I have a lender and contractor lined up and have done an initial analysis and it looks great via comps, but this type of investment would be a first for me, so I'm doing my due diligence.

Hello! I'm moving to the Seattle area in Spring 2019 and looking to potentially enter the STR market in the Leavenworth/Lake Wenatchee area sometime next year. I currently own a multifamily in Charleston, SC and am very unfamiliar with the STR game. I'm looking for any insight into STR in the highway 2 to Leavenworth area. It seems like a Tacoma multi family is going to be the safer route but I'd be interested in taking with anyone who has experience here.