All Forum Posts by: Brian Fouts

SF method.  Light, medium, or heavy rehab.  $10, $20, or $30 per SF.  This is very rough, but can quickly tell you if it is worth proceeding or not.  

$10 would be some paint and carpet.

$20 would be same as above, but with something major, such as a kitchen ($8,000 for medium kitchen upgrade, $10,000 for all out kitchen upgrade as long as it is not a huge kitchen).  May include a light bathroom upgrade.  No major mechanical or electrical.

$30 would be same, but would typically include bathrooms, maybe a roof and maybe electrical or plumbing/mechanical.  

These are rough, use your own judgement.  Major structural issues are outside this.  

Fastest way and best way are not the same.

Best way though, call a contractor.  

We are a Seattle based real estate investment firm and have been investing in real estate for 15 years.  Our current fund holds approximately 300 properties in the portfolio in addition to other asset classes.  We often cross-collateralize private loans with properties we own outright for additional security for the lender as we build a relationship.

We currently are acquiring 3-5 properties per month for rehab.  The majority of our projects are in the Seattle/Puget Sound area of Washington State, although we do have a couple projects ongoing in other parts of the US.  

As of 8/22/15, we have three properties that will begin rehab shortly that are available for private lenders to participate on.  We have multiple options for lenders and work with lenders in whatever capacity allows both parties to be comfortable.  In addition to lending, we also work with private individuals through joint venture partnerships.

I have pro forma reports available on the projects above as well as informational pamphlet on what we do and how we operate.  

I would love to speak with anyone that would like to work together.

Regards,

Brian Fouts

[email protected]

Of course, Jimmy and I are looking for the same!

Find a real estate meet up or club and go.  Read the Bigger Pockets e-book and wholesaling and real estate.  If you can, find a local mentor or someone who can set you up with their resources.  

Get some education, decide what  you want to do in real estate, look at marketing, and take action.

You don't mention what it is you want to do in real estate.

And last, welcome to BP.

Congrats @Jami Morton!  Always great to hear others getting started.

We help others invest with their IRAs, it is a great tool to help build retirement. Most individuals eventually want to get current income from their investments and seem to move away from their IRA or put long term holds into their IRA. We have members of our Fund that invested their IRA into our fund for passive income since the returns are high and then they went out and did Real Estate outside their IRA to increase their current income. So, people just need to realize that they are not increasing their current income (can't spend it) from profits when using their IRA, it's for the future.

@Account Closed, we use RealTrust IRA here in Washington as they are very investor friendly. I would recommend them. I just got done using them for a new Fund Member and once again, they were great to work with and understand the paperwork and process.

@Allan L., how about Spokane?  It's economy is actually pretty steady, it is not as impacted as much by outside influences, low price point for homes, 60% rent market, local, population has increased steadily along with income (follows inflation).  And is somewhat local.  

Veristone

https://veristonecapital.com/

You must have a contractors license.  After July 24th, that requirement is no longer in effect.  The Governor signed it in April.  This is House Bill 1749, see below link and confirm this for yourself.  You can perform the flip for now and take the risk, hire a licensed GC, your choice.  Regardless, I would recommend insurance to cover yourself if you are not hiring a GC (who would have insurance).  

http://apps.leg.wa.gov/billinfo/summary.aspx?year=...

Can't reply for Oregon.  

Welcome to the site @Akash Thakkar, there are quite a few of us in Seattle.  What type of investing are you looking at doing?

Yes, it's a great option that many people do.  We also do remote rehabs which I know many investors seem negative about.  The less time I spend going to a property, and instead have a team do it, the better.  Of course, that means that you have to have a team in place and put in the effort to know the market you are going into, know the risks, etc.

Who do you want on a team to do remote wholesaling?

Agent(s) - To find the deals and put together offers (if MLS)

Inspector(s) - To inspect property to help with rehab cost.

Local attorney - Know state regulations and help with closing.

A lot depends on how you are going to do your marketing. Yellow letter, post cards, MLS, etc. I tend to lean towards giving a criteria to someone else, have them make multiple offers, I we look at the ones that go through.