My First Ever Offer Was Just Accepted, Look! What Do You Think?

[Jake DeAtley]

Hello BP Friends! My name is Jake, I have worked an 8AM-5PM, salaried job the last few years since graduating from college were I studied Economics and Political Science. I have recently caught the bug.... Over the last 5 or 6 months I have been studying and learning more about real estate basically every day, as has my brother. I found what I believe is a good opportunity in Olympia, Washington. 

I am really excited about this deal because this appears to be the best cash flowing property I have seen in Thurston County. Although I wanted my first property to be in Thurston County, I had been looking more in Grays Harbor County because the property prices are lower and we do not have a bunch of capital available yet. Once I saw this deal in West Olympia, I knew I wanted it, but my brother and I realized that we did not have the capital to put up 20%. Thus, we are bringing in our father, whom has some money and doesnt know what to do with it, so its a win win. My brother and I are putting up 10%, while my dad is putting up the other 10%. 

Details:

1 parcel, 3.5 acres, 2- single family homes (both 2 bed/1bath), 1 duplex (1bed/studio)

Each house is on opposite ends of the duplex. This property also has a 5 car port, large storage space below the duplex units and a well house.

We offered what they were asking at 385K. This is with many contingencies based on inspection and financing.

I decided to offer what they were asking because the numbers seemed to work, all the units are rent ready, with 3 of 4 units getting recent updates, and I want to get that first deal (as long as it looks right). 2 of the 4 units are vacant right now, as they were a family split between the units and moved together. Gross Monthly Income was $3750 when fully occupied, and I believe with a bit more sweat equity and some paint, along with rising market rents, we could get $3900/month.

My offer was just accepted today, and now I am looking for referalls for good inspectors, as well as other pertinant real estate related professionals. Recommended title companies, handymen, GC's, real estate lawyers, accountants, etc. are all appreciated to add to my list.

Even if I do not need some of these services right away, I would like to build up a list of recommendations for when I need it. I appreciate everyones input. Let me know what you think of the deal! What should I ask the sellers for during my due dilligance? thanks everyone!!

https://www.redfin.com/WA/Olympia/6707-Old-Highway...

Jake DeAtley