All Forum Posts by: Tarl Yarber

Thanks Rory! Lets keep doing business together!

@Chanté Owens

 Hi Chante!  Its in Greenwood, north seattle.

Hey everyone! 

I just wanted to share a recent success story (will know if really a success in a few months after re-sale) all due to Bigger Pockets and the community here. 

About a month ago due to one of my previous posts, I received a colleague request from @Rory Boone. Rory is a local wholesaler and real estate investor here in Seattle and he wanted to connect.  No big deal, that's what we do, accepted the request and then forgot all about it.  One month later I get an email for a property (see pic below) in Seattle from some Rory guy.  I couldn't remember how we met, until I realized it was from BP!

Rory had tied up the property off market, and remembered me saying that I bought in Seattle/Tacoma, so he figured "why not! I'll send it to this guy and see if he is legit." We then met at the property, and the next morning we signed the Assignment Contract!

Don't stop networking, ever, in this business.  I can personally say that the majority of my success from this business is directly related to my network and meeting great, professional people like Rory Boone. 

And now the Deal:

Purchase for me: $385k

Rehab: $60k

After Repair Value: $565k-$575k (hard to believe, but its Seattle)

Profit Projected: $71,350 - $80,550

ROI: 15.9%-18%

This is a hot area with NOTHING on market, so im sure it will move fast and will possibly sell for more.

Hey Thomas! @ me on your post when you do, id like to check it out for sure!

Hey Stephen, its 1/2 inch laminate planks with the pad already attached.  This brand is Savannah, and its a 10mm Handsculpted Laminate with a 2mm attached pad, the color is Sable Brown

Hi Jin, prior to buying a property we run comps on the area for other flipped properties or well taken care of properties that sold in the last 6 months no more than .5 miles a way (preferably .25). That gives us a strong idea on the After Repair Value (ARV). Then once rehab is done, we run comps again with our realtor to see if we can sell for higher or stay what we thought, then we list it and pray we did it right.

D'Andre, thanks for the comment and question.  It really boils down to networking over the years with other investors.  Whether at the auction steps, at properties, events, word of mouth, friends with money, networking, networking, and more networking.  But doing all of that has made me a large list of people that want to partner when there is a deal AND more importantly, that list is also a list of people that want to partner with me when THEY have a deal.

 Thanks Esaul, puberty is no fun though and can be very uncomfortable in this business.

Thanks for all the responses everyone! I hope these updates help someone

As Bryan stated, you get taxed at your tax bracket. In our case, we do everything inside of our LLC's, so make sure to expense what you can.