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All Forum Posts by: Pete Perez

Pete Perez has started 53 posts and replied 362 times.

Post: Service Panel Replacement

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

Going through inspection on a duplex and need to replace both electrical service panels. They are 60A Zinsco panels and need to upgrade them to 100A. I will be getting quotes this week, but does anyone have a ballpark on what they paid to have this done?

Labor in my area has gotten expensive. I am assuming ~$65 an hour. I just don't know how long it should take, and how much the material should cost?

Any help? Thanks!

Post: Negotiation Question! Please Help!

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

Hi Everyone,

I am in the process of purchasing my first duplex and I have a question about asking for closing credits. We had inspection and sewer scoped today. Sewer looked great, both service panels need to be replaced, and sections of the siding are rotting under shower windows, and just a lot of cosmetic work. This house has gone pending 3 times previous to me. 

The property (if in tip top shape) comps at $430k and we are purchasing at $365k. We are thinking of asking for closing credits to the total of the cost to repair the panels. We are going to get 3-5 quotes on replacing both panels and come to an agreement on a price to ask for. 

My Question!

Would it be better to have this meeting to ask for this face to face and discuss it in person? 

Thanks!

Post: *Rich Dad Poor Dad* Book Review #1

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120
Originally posted by @Aaron Mazzrillo:

@Pete Perez the point I was hoping to make is that it is not the degree that is the issue. Unlike designing a bridge (or whatever engineers do), the math is never going to pencil out perfectly. Myself and a fellow investor were talking about this exact issue this morning over breakfast; at the end of the day, we call ourselves investors, but we are really just gamblers with a 6 figure betting habit. We try to stack the deck in our favor (budget for expenses and profit) and take a look at the dealers cards (comps) before we place a bet (make the offer), but it all boils down to taking lots of risk. Crossing that threshold gets easier and easier with experience until you get to the point you can make offers over the phone without ever seeing the house, and close on it without losing a wink of sleep. Unlike that bridge/building which better pencil out before a shovel hits dirt.

Actually, I get quite excited when I hear a 'yes' from a seller (and sleep better!) and I am downright in the dumps the few times a year I don't have an escrow going. As my mentor says, "learn to enjoy the slow times!"

I agree with your point. I have been retraining my brain for the last year because of the degree I received. A lot of skills are transferable, but the risk tolerance that is built into engineers is what I had to overcome. I used to think in terms of "achievements". "If I graduate college I will be happy, if I get this job I will be happy, etc." Now I just view life as one big resource collecting game. The more resources I have the more time I have to go fishing, or kayaking with a cooler down a lazy river. Thinking of it like a game makes the fear much more manageable. Its a simple mental change, but profound effect.

Also an update: I am 2 months into a 6 month marketing campaign of "test" letters that I wrote personally after reading Claude Hopkins, System's Business Correspondence, and Robert Collier. I am sure my media sucks, but I am focusing on improving my message right now. It will get better. Thanks for the tips about those books, again.  

Post: *Rich Dad Poor Dad* Book Review #1

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120
Originally posted by @Aaron Mazzrillo:

That engineering degree is going to set you back in your real estate investing. The phrase "Paralysis by Analysis" was created to explain why engineers look at hundreds of deals, but only buy the house they live in.

This is probably the most true statement I've ever read on BP. I've had to retrain myself to think in order to overcome "Paralysis by Analysis". It has been an uphill battle, but I am conquering it at every step of the way. Still have a ways to go. 

Post: Owner Hunt from Returned Yellow Letters

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

@Ethan Summers

lol damn food allergies. Forgot about those! 

Post: Does this affect your Investing-Seattle plans for nuclear attack

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

@Account Closed

The city of Seattle is also proposing an income tax on people that make over a certain amount of money. I think they are going back and forth on what that number should be. But no state income tax has been a big appeal of this city for a long time. That might be going away. There is also a team at the state level trying to do the same for the entire state. That might put a dent in the velocity of home sales. 

Post: Does this affect your Investing-Seattle plans for nuclear attack

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

@Account Closed

The North Korean dictator can't be that stupid. A nuclear attack on U.S. soil would surely mean the end of that country forever. There is a reason that such a large portion of the U.S. budget is placed in defense. There is also a reason that it is so publicly advertised how much is spent. I believe he is just trying to be taken seriously. McCain probably shouldn't have called him a fat baby.  

Post: Need help on a great flip in north Tacoma!

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

@Bryan Collins

Just sent you a PM

Post: Owner Hunt from Returned Yellow Letters

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

I'd go to the county assessor's site and type in the address of the vacant property. Someone has to be on title. If nonowner occupied their mailing address should be listed on title. If owner occupied, but vacant you will have to try and skip trace, or some other method I am not aware of. Maybe take some cookies to the neighbors and ask if they have a phone number?

http://www.adacountyassessor.org/propsys/TermsCond...

Post: Looking for home in auburn area

Pete PerezPosted
  • Engineer/Real Estate Investor
  • Renton, WA
  • Posts 368
  • Votes 120

@Ryan Substad

That has been my exact experience lol. It is VERY scarce. That is why I am trying to get some off market deal flow happening.