All Forum Posts by: Steve A.

Thanks Matt and Joe for your replies and insight!

We own a lot in the Seattle area, our original project stalled out and we're putting the lot back on the market.  We're selling the land, not going to have an open house,  an investor or builder will probably buy it and build.  Does anybody who sold property with a discount/flat-fee broker have any advice?  We are out-of-state, inexperienced sellers but could save thousands using flat fee vs the full 6% commission.  It seems the escrow company does all the detailed work. 

Pros? Cons? Good/bad first hand experience?

@Brett K. thanks for your thoughts. I appreciate all the input and will most probably sell the land to a Seattle based investor who can manage the construction locally.

Last year we purchased a property in Seattle with the intention of clearing the existing mobile home and building a 4 or 5 bedroom home to sell for a decent profit.  We had a partner in Seattle to project manage the construction for 1/2 our profits.  As things often happen, we never got out of neutral, spoke with a lot of people but the project stalled.

Long story short we have approx $220k invested in this parcel of land.

It will cost approx $350k to build a home.

New homes in this part of Seattle are selling for $700k+.    

At this point options being discussed... 

• Sell to another investor (local to Seattle)  
• Add another partner with cash for construction financing and split profits 3 ways
• Manage the build ourselves, from cross-country and get a no-income check construction loan (not a great option)

We're pretty sure  we'll sell the land to an investor but I figure put this out to the experts for your thoughts before making any big mistakes.

Thanks!

Hi Curt, welcome! I'm relatively new to REI too. There is a wealth of knowledge on BP, you found the right place.

From across the Hudson in NYC,

Steve

We're looking at options for financing building a new home in the Seattle area.  

Some points which may be helpful

• I'm not currently employed
• We own the property we are building on w/o any mortgage 
• We also have about 450k of equity in our primary residence

My calls this week shopping for a HELOC all want income confirmation, so not looking like a good option.

What are your recommendations on financing a rebuild? We own the property outright and need financing on the construction.

Thanks!

Hi @Mateusz Prawdzik thank you for your note. Yes, our first investment, a flip, is in Seattle. Appreciate your support! I see you are in Little Ferry, have you been to any of the REI meetups? We've gone to several of Nick Tang's monthly meetings, perhaps we met at one.

I'll post updates on our first investment property.

Thanks!

Thanks for the input, Teri. We're going to do a flip on this property. This one is going to be a cash deal. We'll have more experience for the next deals and perhaps a HELOC will be the way to go.

HI MJ, flipfunding looks like a good resource. Thanks!