All Forum Posts by: Jacob Evans

Investing full time in Spokane County since 07'. Wholesaling about 4 per month & flipping 2, currently.

@Stacey Marsh I think it would be tough to get into a clean, rent ready Duplex for 120k. Most are selling in the 130k+ range. If it's clean and rent ready I would expect a 130k duplex to conservatively rent for roughly $800 per side.

We target any and all properties with our wholesaling efforts and have structured a lot of creative financing deals lately, which could allow you to leverage your cash. 

Hey Stacey,

I've been investing in the Spokane area full time since 2007 and am primarily focused on finding wholesale deals for investors at the moment. I'd be happy to help you out with any questions and/or point you in the right direction. 

- What neighborhoods are good for SFH investing on a budget of $100k-$120k?

I agree with Rance that Shadle is a good area for this price point. I would continue to pay particular attention to the neighborhood you buy in rather than the house because Spokane can have some rough areas that you'll want to stay away from as an out of town landlord.

- I've also been considering multifamily. What's a typical price point for a B-class duplex?

Multifamily is a very competitive subsect of Spokane at the moment. Most turn-key properties are selling with a 6% cap, but if you're willing to do an out of state rehab you should still be able to realize a 10% cap or better, after construction. A 100-120k multifamily property will certainly need to be a fixer that would require a 30k+ rehab. 

- Does anyone recommend a good contractor, especially one who works with out-of-town investors?

Contracting is also very competitive at the moment. If you find a good one, hold on tight and don't tell anyone about them. Also keep in mind that generally you get what you pay for. I wouldn't suggest taking the cheapest bid while managing the project from afar. 

- Do you have any recommendations for property management companies?

Someone posted recently about their property management search within Spokane and they had some good incite. I manage my own and don't have any recommendations at the moment. 

Hope that helps. Good luck!

~ Happy Hunting

Hey Hayden,

I've been investing in Spokane since 07' and have purchased quite a few tax foreclosure properties. I commend you for your ambitious and tenacity because door knocking is something 99.9% of the population would never even have the guts to do, let alone, execute on. 

My suggestion would be to just portray yourself as a friendly neighborhood chap who's looking to purchase a property in their area. That simple. 

When I'm door knocking I generally don't bring up the tax issues because I find that it can tend to put the seller on the defensive and degrade the conversation and trust with them. 

The ideal frame of interaction is just a simple transaction between a buyer and a seller. If you, as the buyer, can help them by closing quickly and buying in as-is condition, well then, all the better for them and you're more likely to close the deal. 

If you put yourself in their position then you can imagine that they're hopeful that, regardless of their current circumstances, they'll be able to sell for top dollar. So the ideal buyer in their mind and the person they're looking to talk with about selling is someone willing to pay top dollar for their home. Now, the person who's willing to pay top dollar isn't the sharky investor who's talking to them because he knows they're in a tough financial spot, but is the buyer who loves THIS particular house, sees its potential and will be a live-in occupant or contractor looking for a bit of a project to earn sweat equity on. If you play that "part", you'll get the deal. 

Their situation only gives you a higher chance of buying the house and scoring a deal during negotiations around price, but it isn't something that guarantees a deal and it isn't something to focus the conversation with the seller around. It can however, be used to inspire urgency and illicit emotional motivation, which you can subtly use in your favor during the negotiations process. 

"Hey my name's Hayden, I know this is kinda random, but I saw your place over there on __ St and I was wondering if you might entertain an offer on it?" I just got some new funding put together, don't really like paying realtor fees and I'm looking to buy a house like that one, in that area..."

Your letter should state something similar, but a phone call is always more effective.  

Best of luck! 

If you'd like help structuring this deal, or buying one of our wholesale fixers, we've been wholesaling in town since I began and I love talking shop with anyone who'll listen ;-P

Later!

If you're a serious buyer, looking to invest in the Spokane, WA area, please contact me to be added to my VIP buyers list. 

We're currently wholesaling 3-6 deals per month at steep, "sell today", discounts and most of our deals don't make it past our VIP buyers before being posted here and emailed to the distribution list.

If you're serious about pulling the trigger on an investment property I'd love to personally work with you to help you find the perfect deal for your goals. Since I started investing in Spokane in 2007 I've completed over 200 flips and I have a keen eye for the details of this business. 

If interested just reply with your email address and the type of investment property you're interested in. 

Thanks for your time! 

~ Happy Hunting

--

- v/r -

Jacob Evans

CEO | Broker

(509) 413-6539

Spokane's Superior Solutions LLC

601 W Maxwell Ave Ste #3

Spokane, WA. 99201

www.SpokaneSS.com

Licensed Real Estate Services provided by

4407 N Division St, Suite 200

Spokane, WA 99207

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The easiest fixer of the year, in one of the best neighborhoods!

A great little project for the low-stress flipper or landlord.

Property is vacant, so showings are easy. Just contact me if interested in taking a peak.

509-413-6539

This seller just inherited this property and is ready to liquidate.

Video walkthrough

County Info

Best Comps

Pictures

Address: 7624 N Hughes Dr, Spokane WA Purchase Price: $179,000 Rehab Costs, est: $15k - 30k

Resale Value, est: $250k - 280k ~ Depends on what you do to it.

Flip Profit, est: $20k - 40k

Gross Rent, est: $1,750+

Property Stats:

Currently, a 3 bed, 1.5 baths with about 2,600 total sqft and a 2 car attached garage. Partially finished basement with room for a 3rd bathroom.

Backyard includes a maintained in-ground pool with newer heater, pump and filter.

Vinyl siding, windows, newer; furnace, roof and water tank.

I suggest completing a high-end, cosmetic remodel, finishing out the basement and adding a bath to sell this one for top dollar as a 4 bed, 2.5 baths, 2 car, near Mead.

You'll also want to get rid of the pet smell ;-)

Or ...just put about 10k into sprucing it up, put some long-term, low-interest financing in place and then rent it out for immediate cash flow and ride the current appreciation wave for a few years, THEN sell!

With a little elbow grease, this place would easily qualify for traditional financing.

To secure this deal please complete all of your due diligence and deliver a check for $2,500, non-refundable deposit.

12 month - 5 year financing available with little down!

Happy Hunting!

--
- v/r -

Jacob Evans

CEO | Broker

(509) 413-6539

[email protected]

Spokane's Superior Solutions LLC

601 W Maxwell Ave Ste #3

Spokane, WA. 99201

www.SpokaneSS.com

Licensed Real Estate Services provided by

4407 N Division St, Suite 200

Spokane, WA 99207

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Welcome Jason. I've been investing full time in this market since 07'. I love talking shop so feel free to hit me up anytime.

Good luck! 

Hey Nick, I'm a wholesaler in Spokane and have flipped over 200 houses since 2007. 

I'd be down to talk shop sometime. Feel free to hit me up. 

Later!

Hey Michael - Boise is the closest city pound for pound to Spokane holistically. We have a great rental market with sometimes amazing cap rates on deals. Spokane is also economically reliable and in many facets sheltered from big city storms.  All the best and good energy to your investments. $$$

SSS

Nick - This is a great post with awesome insight!  Last time we saw each other was at the Mirabou REI meeting I think. My partner and I bought 7 homes last week and have about 20 in construction phase for a flip. Our listings our obviously selling quickly which is nice.  We have a few rentals/flips left for wholesale right now. We should get together again and have a brew!  All the best Nick. 

To your success.