All Forum Posts by: Zach Schwarzmiller

welcome ian! I write up all my own leases and what not to avoid joining organization's and it's all been through reading online and becoming best friends with RCW 59.18 - saves money and it's MUCH more thorough / specific to my property than a general form

BP is awesome for questions

Hello Kevin!! I am in Everett but do business over in the TRI as well. Hope to run into you sometime.

If you get to the point and are interested in having buyer representation, I focus strictly on 2-50 unit multifamily brokerage in Washington State.

You outlined a decent option: sell home and 1031 into another unit and use your saved funds to owner occupy 2-4 units with 3.5% down. You can find a single tax parcel with two duplexes on them sometimes which creates another opportunity to subparcel, sell off one duplex and owner-occupy the other for 1 year and then 1031 out of that one and into another as well. Or find SFR's which can be subparceled, get building permits and plans and sell off to a builder for profit and keep the house you purchased.

Definitely. I love meeting new people and getting some coffee's if your ever around and interested : [email protected] & 206-571-5632 (call/text). Look forward to meeting with you in the future.

Welcome!! I have a 16 unit in need of rehab for sale in Spokane. Washington State is one heck of a hot market rite now. I've been writing offers for clients main in Spokane, Tri-Cities, Snohomish/King County and properties are being absorbed extremely quickly often times with multiple full price offers no finance contingency. It's a bit crazy. Only reason 16 unit is still on the market is because I am representing the bank on the sale and they have auditors in their office so they can't respond to any offers at this time. Just closed on another 12 unit downtown Spokane that went for above list price as well. Would you interested in a 26 unit rehab in Aberdeen, the sell wants it gone and will negotiate a good deal.

I don't know any wholesalers, but I've attended some REAPS meetings and a lot of wholesalers are at the meetings.

Nonetheless welcome to BP! I am in Washington as well (Everett).

@Jon Holdman; my situation is a bit different. I am planning to purchase, invest $1,000 in each unit and sell it immediately after. I will manage this building the entire time during that. I didn't mention any of that as I was more just showing what I had taken into account in my figures. DCSR is on the 2nd sheet and does not factor in disposition. I really just put in there numbers which correlated with inflation in the case that something happen with economy and I had to hold it instead of sell it like I plan. I should factor in repairs over the long run for that analysis as well, but hoping just to sell within 6-9 months! Thanks for the notes though.

I would agree on the speculation of condo market improving 9%, I wouldn't gamble on that either, especially not in this area. It's a good area for a rental however.

I personally think this is a good area to build. There are going to be some new developments coming (confidential at this point) in the next 3 years which will make living in this area a lot of attractive. I am looking into building some multifamily in this area. Your expenses seem a little light, but I've never dealt with a condo investment. Does the HOA take care of any capital improvements needed within the individual condo? You may want to set a little aside in your budget for capital reserves. Personally I think cap rate is not worth considering in properties under 5 units, I would base it off a gross rent multiplier, but then again I've never done anything with condo's and am unfamiliar with that investment structure.

Here is a sample of how I underwrite to see the perspective I am coming from. I am sure others would find flaws in mine as well.

https://www.dropbox.com/sh/apqcnjv3ugq24xu/SGBlSs158x

Question for anyone and everyone:

I am buying a triplex to owner-occupy and not sure what I should be looking for in a multifamily insurance policy. I now have three quotes which are all different. I really don't know what I should be looking for here to help make a decision. Does anyone have any guidance or direction?

Thank You!

Hi Brian! Welcome. I am new as well, as of Monday. They have some local meet ups as well which sound fun.