All Forum Posts by: Josh Norris

@Michael Seeker Thanks for the info. Unfortunately the Seattle market is not a great place finding properties that cash-flow, thats why I am contemplating what to do with this home. I wouldnt put as much into it if I was going to rent it out is my other thought. I could rent it out and pull out some of the equity for future flips, I am payin cash for the property so would be able to retain my initial investment without over leveraging myself.

@Haim Mamane Palman

Thank you for your response. This is my first rehab and I will be doing it. Gotta get your feet wet at some point and while there is a lot of work and probably easier deals to start with, I believe there is enough equity built into it to allow for some newbie mistakes. I have already had an inspector out and have bids on roof, siding, water damage repair, foundation, etc. Looking at the numbers, which are all on the high side I have a lot of room for error. I have also looked at J. Scott's book and that has helped to estimate repairs. I appreciate the advice on an itemized scope of work and will be reaching out to the contractor connections I have to have them assist with that.

I am getting ready to close on a property I put under contract about a month ago, the owner was very accommodating in letting me do my due diligence based on the condition of the house. I have so e questions about what my end game should be on this deal. I have I under contract for 88k, I am paying closing on a cash deal, ARV is 220k on the low end. The home is a complete redo with a leaky roof, slight hoarder house, unoccupied for the last 2 years, asphalt siding, new electrical......., you get it. I would like to hear people thought on fix and flip it or fix and hold? This will determine my costs and what I put into it. Rent would be around 16-1600/month.

Also as a side not can I paint asphalt siding and do they still even sell the stuff?

Thanks a ton,

Josh

Welcome Brittany from another Seattleite! This is an amazing place with an unlimited amount of information from the best in the business. Good luck with all of your ventures. We should definitely get rolling with a Seattle mastermind group, there are some great people from this area on here and to get everyone together would be great.

Josh

Welcome Greg from another newbie. I'm also in north Seattle startin to get going while still workin my full time job. Would love to catch up sometime and talk shop. Good luck in all your endeavors.

Perfect! You read my mind. Any way to make it convenient for both the snohomish and king county folks, maybe lynnwood or Edmonds area? Either way I will plan on being there.

I've been able to find all liens and mortgages and there is only around 70k owed with comps of about 220k so it could definitely be a goo deal if I can make contact to make an offer.

Brian,

Thanks for the great advice.

So I'm having an issue that I haven't had to deal with yet and I'm counting on the countless brilliant real estate minds on Bigger Pockets to help. I found a property in the Seattle, Washington area that is definitely abandoned. When I look up the parcel number and search for all records with the owners names all I can really find is an ASSIGNMENT DEED OF TRUST/MORTGAGE record, what exactly does this mean? Is this showing that the property has been put into a trust? I cant find any other properties under their name, no death certificate, not beneficiary info. Under the tax records they are up to date on their taxes and the property address is where the taxes are being sent. I am looking for any other tricks to find who I can contact to make an offer on the property.

Thanks in advance

Thanks Mitch, I'm not quite sure if I'm gonna flip and sell or fix and rent the house. The market here is crazy right now and I don't see it slowing down much. I'd love to know about any deals you have available, I'm always looking. I have the fortune of working with many wealthy individuals in my day job and plan on seeking investor money once I get some better experience and deals to prove the experience.

One last thing how the heck do you type the @(persons name) in a hyperlink form?