All Forum Posts by: Aleksandr Shmidt

 anything is helpful! thank you for your input, I'm new to this and my friends are doing well down south in Portland, OR. However they don't want to get into our market here. Because of not knowing it well. So I'm trying to get as much insight as I can to get going! 

Thanks again Michael 

 Thanks Ran 

This helps a lot as well. What would be the right way to evaluate a piece of land once I have found one? thanks

All the best,

Alex

 Thank you, Marnie 

This helps me understand tremendously thank you! If when I find the right piece of land or property with a house that needs to be demolished on it. And it's too much for me to personally do. How can I find investors with more capital than me that I can wholesale to? 

All the best, 

Alex

There are all these run-down houses in the King County area. Many of them are in a great location. However, most of them want $1M for it but the only valuable thing on them is the land. 

Would anyone like to have a discussion on this? So we can all agree to the value of property in the outskirts of Seattle/Bellevue/Bothell/Lynnwood area? 

Much appreciated! 

All the best, 

Alex

 thank you! I'll try that and see what I can find 

What are the best ways in the Seattle area to find the owner's contact info? I found a house I'd like to buy to flip. It's run down and in a great location. But I can't find the person's contact info! please help :) and thank you a bunch!!!

All the best, 

Alex

Hi, All BP Community!

Looking for some advice to proofread my CL add also can anyone Pro tell me if this is still a thing? Assuming someone's mortgage that is. 

Thank you sooo much! 

Here's the Add:

Looking for a buyer who can ****Assume**** my loan to get the most amazing rate available (probably for the next 10+ years) in trade for paying top dollar for my house.

MUST HAVE $220,000 in cash. If you recently sold your house and did well. AND want to buy a nice house at the lowest possible interest rate. And we will not see another 2.750% mortgage rate going forward (experts are saying at least another 7-10 years). I'm looking for a qualified buyer, who can assume my current loan. And pay me the market difference in cash.

My house is one of the best locations in Maple Valley, recently remodeled, beautiful rambler, perfect for a family or an investment home to rent out. All new kitchen quartz counter tops, new cabinets, new roof, all of the electrical is new, gas stove, and fireplace, near Lake Sawyer, great schools, and neat Washington's highly rated (top 10 list) golf courses, Druids Glenn.

You'll pay $765,000 for the property (Zillow is at $675,000 and RedFin is at $810,000) Zillow does not account for the remodel, which was $120,000 and it was all done in 2019

I'm happy to talk more details. If you are a qualified buyer. Thank you so much for looking at this. I'm happy to help you and you get an amazing rate and you can help me move on to my next venture. I'm a single 34-year-old. And looking to move to a warmer state 😎

Cheers!

All the best,

Alex

Quote from @James Dainard:

Quote from @Aleksandr Shmidt:

Hi, Everyone! 

I'm new here. I'm looking to sell my house this November and would like some advice. I bought it in 2020 for $575,000 and I'd like to avoid paying taxes (legally) which is why I've held onto it this long, and lived in it this whole time. 

My question is. How come the RedFin estimate is at $811,843 and Zillow is at $676,100? The house had $112,000 invested in it by the seller that sold it to me. Completely remodeled. New roof (in 2019). 1,500 sq ft 4 bedroom 2 bath rambler with a nice private paved driveway. The house is perfect. Realistically I'd like to keep it and rent it out. But a part of me wants to sell it. Any thoughts or advice? Thanks!!! 

All the best, 

Alex 

 Hey Alex!

As the market begins to adjust to a new normal (longer market times, higher rates, lower demand overall) the automated calculators on those sites tend to get a bit out of whack. The algorithms have a hard time taking into account renovations as you mentioned. It's also a difficult time to comp things. We're having to limit the comps we're using to avoid inflating our ARV's. We're being very specific on the timing of the comps we pull. The more recent the data the better and older comps with purchased on low rates are being tossed out.

If this is your only property and you're able to keep it as a cash-flowing rental you might consider getting another low-down, owner-occupied conventional loan for a house hack or just another primary. After a year of holding this as an investment property, you can 1031 yourself into a better equity and leverage position using renter-contributed funds.

We're finding a lot of good house hack deals on the market right now. The longer market times are helping us negotiate the terms and prices we need to make deals pencil.

You likely have a decent bit of equity sitting in the house that you could access through a HELOC, either for a down payment on the next property or for renovations.

Let my team know if we can help at all!

 Thanks, @James Dainard I love the idea of a house hack, actually. Thanks for bringing that up! I'm in sales in the automotive industry for my job. And I feel like the higher gross profits from COVID-19 pandemic market pressure shortages are behind us now. We're not out of the shortage part, but we are out of the higher gross profits part. My income is definitely going lower because of this. 

I've been deep diving into creative ways to create other streams of income and recently learned about BiggerPockets, from one of the real estate investing books I've been reading. Maybe you've read it, Rental Property Investing by Brandon Turner. And found out what a great resource this is! For learning more about real estate investing and connecting with like-minded people. 

I'm attending your Investor 101 zoom webinar on September 19th. Maybe I could gather some ideas about my next move.. ideally, (I think) at this point I'd like to get myself into a duplex and rent out one of the units. Hopefully on some decent land for the purpose to build another duplex on it and rent the other units out. That way it could be easier to manage while I live there and learn to be a landlord from my experience. 

This house that I have is a nice home for a single family. I've thought about bringing in roommates, but that is not my cup of tea. I like my personal space. So I think the best move is to sell and find a house-hack-friendly property that works for me. Looking forward to learning more! Thanks again! 

Quote from @Conner Olsen:

Quote from @Aleksandr Shmidt:

Hi, Everyone! 

I'm new here. I'm looking to sell my house this November and would like some advice. I bought it in 2020 for $575,000 and I'd like to avoid paying taxes (legally) which is why I've held onto it this long, and lived in it this whole time. 

My question is. How come the RedFin estimate is at $811,843 and Zillow is at $676,100? The house had $112,000 invested in it by the seller that sold it to me. Completely remodeled. New roof (in 2019). 1,500 sq ft 4 bedroom 2 bath rambler with a nice private paved driveway. The house is perfect. Realistically I'd like to keep it and rent it out. But a part of me wants to sell it. Any thoughts or advice? Thanks!!! 

All the best, 

Alex 

 Don't go off Redfin or Zillow or any of those companies. Call a realtor and they will get you comps for free. When deciding to rent or sell, look at return on equity. If you lived in it for 2 of the past 5 years you can sell it and pay no capital gains taxes up to $250,000 if single and $500,000 if married. My guess is selling it is going to be your best option.

Thank you. I work with Jenifer Hawkins for my loans (she's from Caliber Home Loans) and her sister Kimberly Frighner who is the realtor. They are incredibly knowledgeable and experienced. I was able to secure and close on this property within 30 days, without having a pre-approval ready. They worked quickly! I have a good relationship with them. Kim gave me a value of $750,000 one month ago. 

Hi, Everyone! 

I'm new here. I'm looking to sell my house this November and would like some advice. I bought it in 2020 for $575,000 and I'd like to avoid paying taxes (legally) which is why I've held onto it this long, and lived in it this whole time. 

My question is. How come the RedFin estimate is at $811,843 and Zillow is at $676,100? The house had $112,000 invested in it by the seller that sold it to me. Completely remodeled. New roof (in 2019). 1,500 sq ft 4 bedroom 2 bath rambler with a nice private paved driveway. The house is perfect. Realistically I'd like to keep it and rent it out. But a part of me wants to sell it. Any thoughts or advice? Thanks!!! 

All the best, 

Alex