All Forum Posts by: Ryan Garrison

@John Warren

That has been my focus as well. Trying to find SFRs with a DADU. Also, looking for seller finance properties that are big enough and could be a live in flip while cutting my monthly nut.

You are right. We did kind of "miss the boat". ⛴️

@Chris Mason

Being an agent, I see how crazy of an ask it is. Do you see 4 plexs with 4 bedroom units? I just don't see anything like that. I market to owners, but the criteria is much more difficult with a family.

Investment Info:

Single-family residence wholesale investment in Lacey.

Purchase price: $350,000
Cash invested: $1,000
Sale price: $400,000

Crazy house and floor plan, but additional dwelling, 5000sf, and lakefront.

What made you interested in investing in this type of deal?

I want to find deals, but do not want to be a flipper.

How did you find this deal and how did you negotiate it?

I was tipped off to this house by a wholesaler friend of mine that tried and failed to close the seller. I thought I would send her a letter and give it a shot.

How did you finance this deal?

I did not finance it.

How did you add value to the deal?

I found the deal, worked with the seller to provide her with a winning solution, and found a buyer through my brokerage wholesale division.

What was the outcome?

The seller was happy, the buyer was happy, and I made a great wholesale fee.

Lessons learned? Challenges?

The seller was difficult because she was very emotional about the poor decisions she made with this property, but it is my job to help solve her problems and provide a winning solution.

If I had to do it all over again, I would have gotten an FHA loan for a 4plex in the early 2000s instead of buying a SFR with a 95% loan. I thought I was smart because I bought the house expecting to turn it into a rental eventually, which I did. I actually still hold that house as a rental and it cash flows nicely, as well as being worth about double what I paid for it. Not a horrible SFR, but not a 4plex.

Now I am less ignorant about the benefits of House Hacking. I want to find a house to hack, but there is a catch. We now have 4 kids and need a minimum of a 4 bedroom house for us. Our current mortgage payment is almost $3000 and I am tired of it. 

I have never seen a 4plex with a 4br/2.5bath unit. Much less one that is affordable. Have you?

The places I have seen with DADUs are too expensive as SFRs for FHA. I went into RE full time this year, so we need to qualify for the new property with my wife's 90k salary...or get seller financing (my preference).

I am counting on the BP universe to come up with some great ideas, and also to hear from other people with large families trying to House Hack. 

What should we do? 

We can't give the kids back...

@Aaron Taylor those are all really good additions. With any of them, I would just say it depends how well it is executed.

For example, mailing is great, if getting the data in the system is easy, and merging the info to the mailers is easy, and running the campaigns is easy. But the interface and details might be tough.

Providing tools that help us eliminate other tools that we pay for would provide the most value. Neighborhood data is great. Running lists is great. Stacking our lists would be amazing.

Just as ideas.

All Integrity Matters.

https://www.meetup.com/Olympia...

Bring your current and past deals if you have them. If you don't, come hang out with good people and talk REI in a casual setting.

Meetup Page

Where: Hops on the Hill in Tumwater

When: Friday, October 18th, 4pm

OlyREI Happy Hour is the newest and best event for Olympia area investors.

This is all about relationships.

No hype.

No pitches.

Just solid connections with solid folks.

Come hang out and tell us about your needs, haves, and wants. 

Bring some cards, if you have them. 

Give what value you can, and share how we can help you further your Real Estate career.

OlyREI FB Group https://www.facebook.com/groups/olyrei/

MeetUp Event Page https://www.meetup.com/Olympia-Real-Estate-Investing-Happy-Hour-Meetup-REI/events/264939314/

Did nobody reply to this at all? Had the same question.

@Ken Eck

Hi Ken,

Let's connect!

I have been living in the Olympia area since 2003. I own properties in Lacey and Tumwater, so I know the area pretty well.

I run a REI happy hour meetup each month. When you get here, it would be awesome if you could join us.

I am also an agent with Caliber Real Estate. If you want any info on the area, or just general tips, I would love to chat.

Ryan