All Forum Posts by: Timothy Eaton
Timothy Eaton has started 9 posts and replied 21 times.
Post: Seattle Duplex Conversion
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $480,000
Cash invested: $75,000
Purchased as a single family home with a basement and a seperate entrence. Converting the basement to a living space to make a duplex.
What made you interested in investing in this type of deal?
Becasue i can house hack it.
How did you find this deal and how did you negotiate it?
It was my first purchase, did not know a whole lot. I bought it on market and there were definetly some learning lessons here. I did not negotiate. Lesson learned.
How did you finance this deal?
Conventional financing.
How did you add value to the deal?
Built out the basement into a 2 bed/1 bath unit
Lessons learned? Challenges?
Negotiate price always. Do a more thorough uinspection before purchasing and learn what exactly it will cost to rehab it before going all in. Have the rehab budget before purchasing so you dont have to start from zero dollar once you move in.
Post: Questions regarding a multi-family deal in the spokane area.
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Hello buyers in the Spokane, WA area and the PNW!
I have a deal on a triplex in Spokane, and i feel it is a good deal, does anybody have time to answer some questions? I can disclose the property address and details if you would like to chat. I have been told not to do disclose the details on posts...
Post: Questions regarding a multi-family deal in the spokane area.
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Hello buyers in the Spokane, WA area and the PNW!
I have a deal on a triplex in Spokane, and i feel it is a good deal, does anybody have time to answer some questions? I can disclose the property address and details if you would like to chat. I have been told not to do disclose the details on posts...
Post: Questions regarding a multi-family deal in the spokane area.
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Hello buyers in the Spokane, WA area and the PNW!
I have a deal on a triplex in Spokane, and i feel it is a good deal, does anybody have time to answer some questions? I can disclose the property address and details if you would like to chat. I have been told not to do disclose the details on posts...
Post: What do I need from the tenant to do a proper screening?
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Okay! To run the background check, credit, etc. do I just need an id? Or will I need their social as well?
Post: What do I need from the tenant to do a proper screening?
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Hi, I am leasing my first rental and want to make sure I do this right so I don’t get stuck with a bad tenant. What things do I need from the potential renter so I can do a proper screening on them?
Post: 24 y/o, just bought my first house hack. How to avoid poor tenants?!
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Quote from @Alec Barnes:
Make sure that you thoroughly screen your applicants. When screening keep an eye on Evictions, Past collections, Criminal history, Credit score. Additionally you should always perform a rental verification and income verification. Keep an eye out for fraud and actually call the applicants place of employment to ensure that the the company is legitimate and that the applicant actually works there. Hope this is helpful!
Post: First House Hack - General Renovating Questions
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Quote from @Jake Andronico:
Quote from @Timothy Eaton:
Quote from @Jake Andronico:
Quote from @Timothy Eaton:
Hi all,
Just purchased my first home which I will be house hacking. The home has a separate entrance to a daylight basement that I will be renovating to convert it into a second unit. Currently, the house is on one water meter, electricity, etc. Does anyone in the Seattle are have the process for converting the single utilities into two? One that is attributed to the top unit and one that will be for the bottom unit. Does this require permitting? What can I expect for timing on the permit approval if it does require a permit? What my be the cost of the permit if it is required? And how much would you gauge it may cost to convert from one to two utility meters? ( I understand the answer will be highly variable but anything will help)
P.s. I am looking for a mentor that has experience in long term holds, and renovation costs. I have a background in construction and I have a construction management degree from the UW. I would be happy to do free work for any potential mentor. Thanks!
Not sure about Seattle specifically (it may be more generous), but changing SF zoning to MF and having a new meter put in, etc. can be a time consuming and lengthy process. I'm sure that would require permitting, and you'd need to talk to the city and explain what you're trying to do to get a better sense.
We have had investors take advantage of this strategy and property type but simply split utilities in half between the tenants, and not have it be permitted. As long as you're aware of the risks and understand that, you can weigh the pros and cons.
Best of luck, and congratulations!!
Yeah I have been told that too. What kind of penalties are you facing in Nevada if you are caught doing something like this? I know in Seattle, splitting utilities of a property can be done however a landlord would like as long as it is disclosed in the rental agreement.
Okay, yeah as a new investor that sounds a bit scary and risky. But you're not wrong, the housing in Seattle is scarce as is. Thank you!
Post: First House Hack - General Renovating Questions
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Quote from @Jake Andronico:
Quote from @Timothy Eaton:
Hi all,
Just purchased my first home which I will be house hacking. The home has a separate entrance to a daylight basement that I will be renovating to convert it into a second unit. Currently, the house is on one water meter, electricity, etc. Does anyone in the Seattle are have the process for converting the single utilities into two? One that is attributed to the top unit and one that will be for the bottom unit. Does this require permitting? What can I expect for timing on the permit approval if it does require a permit? What my be the cost of the permit if it is required? And how much would you gauge it may cost to convert from one to two utility meters? ( I understand the answer will be highly variable but anything will help)
P.s. I am looking for a mentor that has experience in long term holds, and renovation costs. I have a background in construction and I have a construction management degree from the UW. I would be happy to do free work for any potential mentor. Thanks!
Not sure about Seattle specifically (it may be more generous), but changing SF zoning to MF and having a new meter put in, etc. can be a time consuming and lengthy process. I'm sure that would require permitting, and you'd need to talk to the city and explain what you're trying to do to get a better sense.
We have had investors take advantage of this strategy and property type but simply split utilities in half between the tenants, and not have it be permitted. As long as you're aware of the risks and understand that, you can weigh the pros and cons.
Best of luck, and congratulations!!
Yeah I have been told that too. What kind of penalties are you facing in Nevada if you are caught doing something like this? I know in Seattle, splitting utilities of a property can be done however a landlord would like as long as it is disclosed in the rental agreement.
Post: 24 y/o, just bought my first house hack. How to avoid poor tenants?!
- New to Real Estate
- Seattle, WA
- Posts 24
- Votes 25
Quote from @Taylor Dasch:
Theres plenty of sites that will do the background check, I use smart move. Always be sure to call the previous landlord - I have had a few times where they put fake landlord names ( their friends ) or lied about their standing with their landlord in the application. For a mentor, Id just try and find someone who needs help who is already investing and try to help them in whatever way you can.
Thanks! I will start there.