All Forum Posts by: Val Peare

Hi Karen,

Welcome to BP!  What a great position to be in!  I hear Seattle real estate is getting crazy expensive.  Question:  Are your monthly payments of $2060 (I'm assuming yes) Do you have a good tenant?  Are you using a property manager?  I would set about 10% aside (around $280 a month) for capex and repairs/maintenance.  It sound like the location is really great.  Would it be a good short-term rental possibly?   

Val

Add my name please.  I'm from Wichita, KS.  My email is [email protected].  

Thanks,
Val

Adam, I'm going to throw my two cents worth. Why are you putting 20% down on properties? I buy undervalued properties (mostly distressed), rehab, then refinance them (BRRR strategy). I'm more concerned about the 20% you are leaving on the table. For example, a couple of months ago I bought a duplex for $32,500. The rehab costs were around 30k and the property should appraise for 85k so I will be able to pull my initial investment back out. The units will rent for $625 each and I will cashflow just under $400 per month inclusive without coming out of pocket with any funds. I do finance over 15 years, however, I want to retire in about 10 years so I plan on paying the majority of my properties off within the next 5 years. Just my thoughts!

Is this a flip or a rental?  Price range?  Are you painting the trim?  When dealing with slab doors, I like to paint the trim white and all the interior doors black.  You could add some molding or change out for paneled doors (not a fan of louvered doors) depending on your budget and the price point of the home.   https://www.pinterest.com/pin/161144492888372864/

Sounds like you are on the right track!  I just visited Portland in October - what a cool city!  I think paying off debt is the first priority, however, it sounds like you will be able to do some things quickly if you are able to save $5,000 per month.  I would start by making a list of all multifamily properties in the areas you are wanting to live.  I have a program called rebogateway that can scrub data including all multifamily properties within an area, including high equity, out of state owners, title info., mortgage info., etc.  I would try by sending yellow letters (starting by ones that have "for rent" signs or posted evictions - landlords do get tired) expressing an interest in the property and your desire to "house hack".  I would try to put together an owner finance deal (or lease option if there is still a mortgage) with a small down payment and a 5-10 year balloon payment.  I just purchased a duplex with owner financing and a 5 year balloon.  It will cashflow extremely well those 5 years.  Those deals are out there and if you are consistent you will find them.  Good luck!

@Keong Kam Look up Tameka Bryant with Think Realty and The Realty House in KC.  Think Realty is a brokerage geared specifically towards investors.  I also know a wholesaler in KC if you are looking for off-market deals.  Just message me if you would like more information.

Please email me details to [email protected]

Thanks!

Please email me details to [email protected]

Thanks!