All Forum Posts by: Tanya Gruell

We have the opportunity to purchase a relative's home and wanted to know if there are any tips, tricks, or 'gotchas' to look out for.  Anyone else gone through this process before that have any advice?  Would love to learn.  Thanks in advance!

Welcome TJ and Michelle!  My hubby (Adam) and I are also new investors but have lived in Spokane most our lives.  We have also been looking in our area, but are beginning to expand our searches to North Idaho and other states.  It's been a very challenging time this past year, and surprisingly we haven't seen any of the market drop.  So we are holding steady, looking for the right deal and trying to expand our network.   Again, welcome and we look forward to connecting!  Happy Holidays! 

-Tanya 

@Jeffrey M.  I agree, don't get discouraged about the possible missed opportunity.  Sticking with the numbers is your best bet.  We have been looking at many deals in Spokane, and we haven't had the numbers work out on any of them.  Best to stick with your numbers and not get 'attached' to the property.   We have also changed realtors multiple times.  There are definitely ones that are more-buyer / seller focused.  We've been lucky enough to find one that works with investors and does have that frame of mind.  As far as rental costs go, we have some ideas going into an area of town at possible rents and we like to bounce it off of a website called Rentometer.  It's a decent hip-check and can help with a little insight into other rentals in the area/neighborhood you're looking into.  Sure, there are property management companies in town that can support you, but there's always a charge and if you are looking to manage them yourselves, you don't necessary want to incur that extra expense.  We are still learning, so if feel like each opportunity - missed or otherwise - is just a learning opportunity.  Our market is pretty inflated currently, and that has made it more difficult to find a decent deal.  Instead, we are using this as a good time to do our research, run numbers on different homes and get to really understand our numbers.  IF there is a good opportunity, we'll jump, but for now... we're good in just learning and saving, saving, saving for when we're ready to pull the trigger.  Good Luck!!  -Tanya 

Hi Gabe!  Welcome to BP!  My hubby and I are much in the same situation as you. We are starting out, spending a lot of time looking for our first rental or buy and hold.   We did do a heloc, but for us, it was more of a set back. It took us a few years to pay it off.. spent more money paying it back then we did saving toward the investment fund.  Right now, you’ve probably noticed that housing inventory is low, but seems like it starting to increase with the nicer weather.   I think making the heloc work, would happen if you had a property to get into right away so you could focus on using that passive income toward paying the heloc and the new mortgage back... it’s definitely an option, but I think it might be better to have your investment savings.    

Have you gone to any REI meetings? There some on Thursday evenings. We haven't be able go attend one yet, need to do some rescheduling of kid activities to make it happen, so we're working on that. But definitely looking forward to going soon and networking. Keep in touch... we love expanding our network and sharing in our journey! Good luck! Tanya and Adam

@Jeff Wittig.  Great job!!   How long did this project take you with all this awesome work?  Did you use a contractor for any of it?   

@Brian Trent - thank you!

Yes - Washington state.  Preferably in Spokane.

Looking for a real estate specific attorney to review contracts.  Thanks in advance!!

@David Clinton III and @Jacob Evans -  we’ve been looking for the right multi-family.. maybe we can chat.  Would love to connect!

Do you need property or project management assistance?  I am happy to help!   I have five (5) years of managing apartment complexes and another twenty (20) years of project management experience.  My husband and I have done our own construction work in our current home, so I have a very solid understanding of the construction and rehab process.   Through my career, I have developed great vendor relationships and client service skills that is essential for this type of business.  I have also worked in the utilities sector - cable and electricity mainly, and currently work in the IT sector.  Best part of my experience is that I am able to understand and communicate in very technical terms.  I tend to learn very quickly and I don't mind getting my hands dirty!  I'm in the process of looking for our first investment, but would love to work with another investor who is in need of my skill set and someone I could learn from as well.   If this sounds like something you need, please reach out to me!  I'd love to hear from you!  Thank you!  -Tanya