All Forum Posts by: Tamar Mar

I'm trying to figure this out, as well.  It seems there are only 2 major elevator contractors in the vicinity of the property I'm under contract for.  The financials I've seen on the maintenance expenses are about $4000-5000 annually.  From what I hear, since there are just a few elevator companies, they hold a bit of a monopoly and rake up the prices.  

This is very timely.  I haven't done this for any of my apartment communities yet but I just closed on one that has had a bad rap for years.  I'm doing a full-scale interior and exterior renovation to the community, and have been planning a brand update.  I just can't think of a new name that doesn't sound cheesy to me!  

@Minji Wu, @Ryan Carnahan - I've been investing in Spokane for the last year in the multifamily space; I've purchased 2 properties in the last 6 months.  Looking to acquire more there in the next few years.  I'm not an expert in the area by any means, but I have learned quite a fair bit and am happy to help in any way.  

@Andrew Pugh said above - keep an eye on your DTI and assume worst case scenarios before deciding if you want to use your HELOC.

We have used our HELOC to pay "cash" for 4 SFH on auction, and then turned around to REFI them 6-9 months later. I am also using it for a syndicated deal I'm putting together on MF.

If a bank does require "seasoning" on the funds, you can take the required funds and put them in your checking account at least 2 months before closing.  Banks will only require 2 months of statements, so if the funds have been in there for that long, they will not ask where they came from (in most cases).  Alternatively, if you have transferred the funds over within the last 2 months and see an $50k deposit, they are required to find the source. 

Good luck!

Welcome, @Kimsua Chay!  I think you are lucky to have landed in the Seattle area, if even for a brief stint.  It's my hometown and, in my opinion, one of the most beautiful places in the world (even on rainy days!).  

We have invested quite a bit in the South Sound - Kent, Des Moines, and Federal Way - and are now moving to MF investing east of the mountains.  I'd be happy to share what we have learned investing in that area. Reach out any time!  

Best of luck to you.  

@Tony Karns, in my experience I haven't seen proformas when looking at duplexes - they usually just list the current rent.  That said, I echo what is said above - it won't make the cut for that size of loan.  What are market rents?  Is the lease month to month?  

I have a 15 unit under contract and just did the property inspection yesterday - I was asking the same question about windows.  They are original from 1979.  But the building is 100% occupied.  I'm more concerned about the energy efficiency and making the building look nicer.  Ultimately, I think we decided that we are going to spend our dollars in upgrading the units to attract better tenants and raise our rents to market value.  And then down the road make the larger expenditure of replacing the windows. 

Hi @Dustin Kroeker!  I'll echo the others - GO HAWKS!  My family are die hard fans.  

I was in dental sales in my past life - and thought it's a different field than medical, still some similarities.  

We are investors in south Puget Sound for SFR, and also MF in eastern WA. I understand wanting to have a family business - my three young children are along with us for the ride (and to be great helpers when we are doing work on our properties). I'd be happy to share with you info about the Seattle market if you're interested. It's hot, but if you look hard enough, you can find some gems here.

Good luck!

@Mario Brown, this is great!  Thank you.  @Lane Kawaoka, thanks for the offer on reviewing the numbers - I'm a number wizard myself, so I'm good there.  I appreciate it!  

I just had my very first offer accepted on my first apartment building in Spokane, WA - a 15-unit with rents $250/door under market.  We have a 10 day feasibility period.  What due diligence checklists do you like using?  I'm not seeing anything in the BP resources list. Thanks!