All Forum Posts by: James Dainard

Awesome! Any reason you went for a 10% down instead of a 3.5%? I'm assuming the numbers worked better?

Congrats!

 Hey Anna,

The ideal situation is to ink deals that pencil both ways.

If you're getting through the reno and rates go down to increase the demand for your product from end-users then you can decide to sell. If rates continue their current trend you want to make sure that your rental calc has those refi rates padded so you're not going to be losing money each month.

Just make sure you're getting a deal on the buy and you'll have an easier time with disposition.

Hey Paul,

If you think that the additional income from the STR will help you pay down the HELOC faster than the refi you should go with that option since you'll be saving a ton of money in interest and it will help you move on to the next deal a bit faster.

If it makes you more comfortable to have a slightly higher payment with a refi then that's a safe option as well.

Either way, it sounds like you're being thoughtful about it so you should be just fine!

 Hey Keith,

Usually, LLC's have to file contact information with the state, either an email or a phone number. You can look those up online through the Secretary of State website most times.

Hope that helps!

 Hey Matthew,

You can use Rentometer.com, they've got great metrics to get you more accurate numbers. You can also try reaching out to local property managers to see if they have any units nearby to give you an estimate of what you might get for your units.

Use the above in combination with a blend of data from Zillow and/or Redfin and you should be pretty close!

Best of luck!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $540,000
Cash invested: $156,000
Sale price: $970,000

Contributors:
Dominic Turco, Jennifer Haffner

This fully renovated modern home exudes casual elegance while offering views of the sound and multiple decks for entertaining. Step into a stunning open floor plan with banks of windows providing bright, airy living spaces. The kitchen features large quartz waterfall island, upgraded appliances, soft close cabinets and a wine fridge. Indulgent primary suite has sitting area and view of the deck. The primary bathroom features luxurious 5 piece bath with dual shower heads & rain shower.

What made you interested in investing in this type of deal?

Fix and flip investment property for a client.

How did you find this deal and how did you negotiate it?

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Check out the Heaton Dainard team!

 Hey John,

Talk to local agents if you can. They should have a bead on the inventory within the market and how quickly things are moving. Most agents have tools to grab the data you're looking for and package it up for you to review.

Flipping is viable in any market where there's consistent end-user demand. Check the local jobs market to make sure you have stable long-term employers.

Find some listings that have recent sold that were well udpated. You can often look at the history to see when it was purchased for the flip, how long the project took, and how long it took to sell.

Hope that helps!

Best of luck!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $410,000
Cash invested: $156,000
Sale price: $800,000

Contributors:
Dominic Turco, Megan Halter

Here is a gorgeous 1920’s remodeled home in one of the most desirable locations of North Tacoma. This thoughtfully designed open concept features 2,826 square feet home with lovely warm finishes, brand new kitchen with shaker cabs, quartz counters & SS appliances. Living room fireplace is gorgeously tiled while remaining true to the original charm. Look up and observe the gorgeous, exposed beams in dining room. There is additional flexible space with access to back deck.

What made you interested in investing in this type of deal?

Fix and flip investment property for a client.

How did you find this deal and how did you negotiate it?

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Check out the Heaton Dainard team!

There should be an agent working almost any deal to help you get going!

If you're having trouble getting an agent to work with you, you can consider partnering with them on a deal to show them that you're serious.

You'd be better off leveraging the cash you have on hand to take down something with a bigger equity position/swing to it. If you can use a down payment assistance loan or a low down owner-occupied loan, you can keep your cash on hand for a renovation and keep the house as a rental.

Best of luck!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $340,240
Cash invested: $72,000
Sale price: $555,000

Contributors:
John Whitney, Katie Kepler

Come view this thoughtfully updated rambler now available! Walk into open living spaces with new finishes throughout. Kitchen features new shaker cabinets, quartz countertops, ss appliances & spacious island. The primary suite has multi-functional room, perfect as a home office or nursery & has spa-like ensuite bathroom with a walk-in shower. There are additional two guest bedrooms, full bath & spacious laundry and craft room. The family room features ample natural light.

What made you interested in investing in this type of deal?

Fix and flip investment property for a client.

How did you find this deal and how did you negotiate it?

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Check out the Heaton Dainard team!