All Forum Posts by: Jacob Evans

@Minji Wu I own a wholesaling company in Spokane and have been investing here since 07'. 

Feel free to reach out if interested in checking out some of our upcoming deals. 

Welcome to Spokane @Zachary D Waite ! The biggest, small town in the states. I've been investing in Spokane full-time since 2007. Feel free to reach out if you ever want to talk shop.

Cheers! 

Welcome to the site @Taft Love

My business partner Terrance and I have been full-time investors,  here locally, for over a decade. 

Let's connect sometime. 

Congrats @Jerry Butler

One step closer to financial freedom and the start of what will surely be a rewarding journey. 

Thursday, Nov 30th, correct? 

Hey @Nghi Le , sorry, but I've tried multiple times to get him on board for loans out of our area and he just won't budget. He'll only loan on local projects and to borrowers that he gets good "vibes" from. He's a true private money lender. 

But yea, he is typically okay with funding rehab expenses... 

@Bo Baker I use a local private money lender for all of my deals. If you get something juicy under contract within Spokane County let me know and I'll make the introduction. He loans at 11% & 3 points on the 1st loan, but will bring his rates down and will fund the rehab costs on the right project, after he has a good relationship with you. He likes helping with long-term stuff too and will write his notes for up to 5 years if needed. 

I know of 4 other hard money companies in town, but their rates are not as competitive. Typically 4-6 points and 12% + junk fees. 

Sounds like you've got good clarity about what it is you'd like to change and achieve moving forward. That's a great place to be. Spokane can be great for rental properties and has steady growth. Good luck with your investments. Let me know if there's anything I can do to assist. 

My notes at 1st glance:

- If it's cat smell then it's an easy fix with some primer. If it was a meth lab you'll need to contact the city to obtain special permitting as well as testing to ensure that it doesn't have toxic chemicals and is safe for occupancy. In general, unless there is other evidence. other than the pee smell, to suggest that it was once a meth lab then you're probably safe to assume that it's from cats. 

- 154k seems high for a 1/1 & 2/1 on a busy street across from commercial/industrial lot, unless maybe they're in great condition. $750 for rent also seems like a high estimate for a 1/1. Check out www.rentometer.com for rent estimates.

- What is your exit strategy? 

- It would be prudent to get a few bids from local contractors. You won't know if you have a deal on your hands until after you get resale and rehab estimates. 

- Kudo's to you for getting a 2nd and 3rd opinion on your deals. Stick with that habit and you'll avoid a lot of costly mistakes. You make/lose your money when you buy. 

Hit me up if you ever need a second opinion on any of your deals. I'm always happy to help a fellow, local investor. 

I'm a local real estate agent, but I've been using use Jonas Elber for the part 8 years because he does a better job than me or any other broker I've met. Consistently ranked in the top 3 year to year. I'll pm you his contact info.