All Forum Posts by: Account Closed

@Account Closed Careful with "raising capital". Once you start soliciting funds you're treading into SEC territory. As far as not having funds secured by a property, you'll probably want to speak with the lender who's originating the MF loan as well. If your plan is to reposition a MFR, they're probably going to want to document your source of funds for the down payment / renovation.

@Levi McDaniel  From a fellow Harborite (Hoquiam), glad to see you escaped and welcome to BP!

I love the passive income.. but maaan this is getting old lol 

Time for a PM!?  

Does any one else flip/develop only etc? I think it's time to pivot.

@Account Closed If you're flipping properties to buy and hold investors, or rehabbers, your property is priced correctly, and you already have a pool of buyers..there's no reason to list it on the MLS and fork over 6-10%.

Classic example: ARV $100k, you buy it for $50k, clean it up, clean it out etc and you want to sell to an investor for $60k cash. Would you take it straight to an investor and net $60k cash, or would you list it with an agent and net $54k-$56k after commissions and closing costs? Easy answer right?

Buyers generally want off market deals because the vast majority of agents focus solely on retail buyers and are not "investor friendly", meaning they often don't know what constitutes a "deal" and often over complicate something simple like a cash transaction. 

That being said, if you're rehabbing and selling retail, absolutely use an agent. Selling retail FSBO will lose you money 99% of the time.

@Adrien C.  nailed it. 

@David S. Seriously complaining about people sending you deals?! lol Maybe put your "pet peeves" aside, get off BP, and get some of those deals done :) 

Master walk in closet not only has no shelves, but still has the original 1960's "board and a bar" wood shelving supports in the wall. 

@Hannah Stephenson 

I don't think proximity to the interstate is your problem

Just going off the photos / 3D view:

The electrical outlets and light switches look original, with new covers slapped on them.. and they look absolutely hideous even in the photos.

The master bath looks awesome, but the other two baths...

The vanity in the larger 2nd bath looks ..meh..like something you got for cheap and threw in there.. with the greys and whites it looks out of place

The back bath though! ..  old oak looking vanity with polished brass knobs.?!  polished brass?... in a $500k house..? come on.

With that, brushed nickel in some rooms, chrome in others.. and brass? Pick one and run with it (just not the brass!)

So bottom line, the first thing a buyer (and buyer's agent) is going to ask themself is "What else did they cut corners on?"

Hope ya get it sold! :) 

@Account Closed Private money. Friends, folks i worked in AFG with, private lenders from our local REI group.

@Dara Diallo It is highly highly unlikely that the bank is going to allow you to assign that contract. It's probably a good question to ask them before you fork over $5k

But there is a REAL easy way to do this! Find private/hard money, buy the house, resell it for a profit. Good luck! :) 

@Steve B. I'm no fan of government interference either, but having grown up there in the people's socialist republic of Washington, I understand the extent of the state's (over) reach into real estate activities. 

Would advertising a property that you do not own, not fall under brokering real estate without a license?