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All Forum Posts by: Aaron Farr

Aaron Farr has started 9 posts and replied 76 times.

Post: When will the multifamily deals hit the market?

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

The Spokane market does indeed receive a lot of attention which has definitely caused cap rate compression on multi-family.  Once a property hits the market it is very unlikely you will get a "deal".  In my opinion, it is imperative to have a local agent who is well connected and regularly finds off-market properties through relationships.  Although the seller may not sell at a steep discount an investor may be able to purchase at a fair price without the competition found on the open market.

@Eric Cheng absolutely!  I'll message you

@Sean Poulos no those are not mine but I know the investor who built them.  Mine are in north Spokane.  Mead area

As stated in the other posts, Spokane is a great market to invest in for a lot of reasons.  The problem is that Spokane is no longer a secret and is now very difficult to find a deal on the open market.  Most of the deals that pencil out tend to be off-market deals.  I've personally turned to building new construction duplex communities and have also partnered on a couple of buildings downtown.  We are converting the downtown buildings to multi-family apartments.  We get an 8-year tax exemption for doing so.  I think it requires thinking a bit out of the box right now in Spokane.

Post: Getting Started in Spokane

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

@Nick Talarico I’m a Spokane agent who works with investors and invests myself. I have a great network of contractors, vendors and property managers. I think I could be a good resource for you. Let’s meet up!

Post: 8 unit multi family. New construction

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

This will be a great one!!

Post: Homeowner has plumbing issues on the flip I sold...PLEASE ADVISE

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

I had a similar situation this year involving one of my flips. Literally the day after closing we had a HUGE rainfall and water entered the basement soaking the new carpet, drywall, etc.

Buyers were out of town and didn’t go in the house until about 10 days after closing. This is when their agent sent me pics of the water damage and that white fuzzy looking mold growing on the base trim.

I’m an agent and investor with a good reputation in the community so although I may not be responsible I decided to take care of it. It was a tough decision but the potential health issues from the mold scared me.

In total I spent about 12k to fix everything and prevent further issues. I believe it was the right thing to do. I maintained my reputation, kept a good relationship with the buyers realtor whom I’ve done several deals with, and the buyers were very grateful.

Post: What would you do? Financing 5 quadplexes

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

@Daniel Dietz is there any value add? If so, find a hard money lender who will do 10% down. Perform the value add and refinance with a local bank or credit union that you have a relationship with. Essentially a brrrr. Might have to wait 6 months to refi.

Just make sure hard money costs still make it work. If you don’t have 10% find a partner like others said who can put up the 10% and any rehab costs.

Post: Wholesale Deal in Spokane WA!

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

@Cody James Cressey it was awesome working with you and @Ali Olson on this one! Look forward to plenty more in the future!!

Post: Landlord for 5+ yrs now read to start investing more! Orting, Wa

Aaron FarrPosted
  • Real Estate Agent
  • Spokane, WA
  • Posts 77
  • Votes 57

I would love to connect and hear what type of investment properties you would like to target.  Spokane is a great market to be in!!