All Forum Posts by: CW Clark

Hi Aaron,

  Great thread and good luck on your project!  In regards to modular, I actually have been developing a fourplex that I plan to build several of in Spokane Valley, in a modular build style with Champion Homes out of Weiser, Idaho.  The process has actually been a lot more difficult and taken far more time then I was originally thinking and has been going on for two years now, hoping approval comes in the next month or so.  I keep thinking there has to be an easier way, and maybe I have missed a builder that knows the process better, but everything modular going up in Washington has to go through Labor & Industries (L&I) back in Olympia to my knowledge, and that has caused most of the delay.  If I had stick built, plans and approvals would have been done in 3 months.  On something as straightforward as duplexes and you likely needing to build spaces larger than is common in the modular industry to get those rents, I would not suggest using modular.   Hope this helps.

Good luck,

Will

Hey Aaron,

  I would greatly enjoy joining you at the meeting, if you would send me the details or the Facebook link, really would appreciate it.

Thanks,
Will

Hi There,

I have gotten commercial loans before, but currently going for one with an investor partner in my LLC on a six-plex. Our deal was to be 50/50 ownership and cash flow split, but the banks I have talked with have all indicated any owner with more than 20% would need to sign/guarantee the loan, which is not something most investor partners want to do (including this one) and signing on the loan is part of what I offer for my share of ownership and not putting up all the cash.

Looking for your thoughts, if you have encountered this and how you may have solved the issue with your partner. Currently looking at dropping the ownership percent for the partner below 20%, but than in the LLC Operating Agreement, artificially ensuring he gets the same amount of cash flow.

Thanks for any insights you might have.

Thanks for arranging the meeting, I plan to attend, really great!

Hi Mark,

  I've used Champion Builders out of their Weiser, ID factory, but they have multiple locations all over however.  It's been an interesting go, but they have been challenged by the state approval process in Washington.  Going on 6 months for approvals, but hoping by year end to have them. 

Cool Pic!

-Will

Hi Everyone,

  Just wanted to reach out and finally provide an opening post.  I am developer investor in the inland Northwest and focused primarily on Spokane and the surrounding areas.  Having grown up in a real estate family, I think was always going to wind up in this business and am so pleased to have found this site and all the helpful information everyone here provides.  My portfolio is under 10 units, but hoping to cross that mark in the next year with new construction of 4 townhomes using Modular construction and other acquisitions.

Anyhow, the reason for this post is that I am looking at another deal, a potential residential to office property flip and looking for info on lenders that might work for such a deal.  Very likely a short term hard money will be the way to go as my current process with a traditional bank and construction financing on my other deal is just taking too long to do again.  Any thoughts on inland northwest lenders?

Anyhow, it is really great to be on the site and look forward to interacting with you. 

Thanks,

Will

On the permit side, have you found a way with the City to get the third unit permitted, what would be involved.  I am from California and knowing how arduous and expensive permitting can be, I wouldn't pay for 3 units if it isn't permitted for 3.  Financing rules will likely only get tougher and you want to think about the exit strategy.  That is where you may have real value add potential in just correcting the permitting.