All Forum Posts by: Richard Rolle

Look for a custom window operation.  Off the shelf sizes, Lowes, HD are hard to beat.  Anything special order, not so much.  There are lots places, like Window Depot that cater to investors.  

All areas have different laws, but if you are a flipper, having a GC license is a good idea.  You can always do work on a house YOU live in, but if you are flipping, it could be a different ballgame, so be careful.  A great example in my area:  I can pull my own electric permit and do the work on a house I sign an affidavit I own and plan to live in for the next year or two.  If I knowingly plan to sell it, I need a licence electrician to pull said permit and do the work. 

Any electrical, plumbing, and framing will probably need a permit.  Without permits, sometimes significant improvements may not count when it comes to sales time.  When a listing goes up, being able to say "renovated" is a huge plus.  No permits, you have some explaining to do or you have to say something like "freshly updated".  Amature work will also stick out like a sore thumb to someone who knows what to look for.  If you don't know for sure, sometimes hiring a pro will actually save you dollars.

As an agent and investor, I look for those little clues and use them as leverage.  Example: "This deck/covered porch looks great, was it permitted?"  Seller "Umm...Not sure, it was built before I purchased the property last year" "Interesting, cause the stamps on the lumber show it was manufactured June 2017"

I'm in and I have some new folks that are just starting to bring as well. 

Put me on the list!  Look forward to meeting everyone.

mike,

I go through Tacoma a lot. 6th ave is the division of north and south. If you are on the other side of 6th you would be in the "north end". And this would be a steal. This unit is on "hill top".  Area is being revitalized, but also lots of construction etc and on street parking only.   Price still seems a bit too favorable and makes me think something is up with the property, like an assessment or major repair needed.  If I have some spare time, I can do a drive by for ya tomorrow. Getting ready to go to Mexico Tuesday, so day will be hectic.  

Gonna try to make it happen for me and my partners.

thank you all. Great information here!

Hello,

Trying to figure out how to take down this deal and I'm looking at a Subject to plan.

FSBO property. I know they want out to move and make a little profit. House next door has been rehabed and is for sale, so they know how they compare and are in a rough spot.

Original Mortgage was ~$95K and they are 5 years into it 5.25% interest rate. Monthly payments are $800.

Looks like it needs about $15K in rehab and they would need about $10k cash to walk away. ARV would be $125-130 with neighborhood improving.

I could rent it for ~$1200 or lease option it @8% for a 2.75% spread.

Good deal or bust?

Hello

Changing careers and becoming a full time investor and social entrepreneur. My partners and I are growing a company that combines real estate investing and supporting a non profit foundation with the goal of reducing recidivism rates.

Looking to learn, network and invest with others in the Puget Sound area.