All Forum Posts by: Joe Pankiewicz

I have a question on Multi-Family properties in Washington state especially as it pertains to possibly wholesaling them.  I understand that the best way to stay completely clear of violating the equity skimming legislation (RCW 61.34 I believe) is to not work with any owner occupied properties.  But what if the owner themselves occupies the multi-family unit?  (I understand that the best answer is to consult a lawyer, but I'm just curious if anyone can impart any experience on this.)  

Thanks

Joe

I’ve come across a motivated seller on a deal that I would be looking to wholesale, but the circumstances of the property are such that I’m a little stumped on an offer. So I’d appreciate any advice.

The house is currently rented out per room to students. The exact location of the house lends itself to student renters, but there are also some very nice neighborhoods with expensive houses that are largely owner occupied in the area.

Given that there are a number of leases to these different renters, the house doesn't seem like it would be suitable for the single family type buyer – more for an investor. But the price that would be needed to make the cash flow metrics worth it is far below what the house would likely be worth on the single family market. And the seller obviously wants a price closely to the top of market for the SFHs in the surrounding neighborhoods – not to mention that the house is well worn from years of renters versus the nicely staged houses on the market.

I’m just wondering if anyone can impart any experience on how to work with a property like this?

Great, this sounds like what I'm looking for.  I just registered and I'm really looking forward to it.  I appreciate you taking the time to answer my question.  Hopefully I'll cross paths with you at one of these meetings.

Joe

Hi,

Brief introduction, I'm new to Bigger Pockets but I've been blown away by the amount of content on here. I'm interested in becoming more active in real estate investment and I've been very intrigued by the wholesaling strategy. My question is specifically around an upcoming continuing education class on wholesaling that is being offered by the WA REIA at North Seattle community college. The topics looks like they would be great for someone starting out, and I'm also really looking for a chance to meet other investors, but I'm curious if anyone has any experience with this class and if they can relate it here?

Thanks

Joe