All Forum Posts by: Steven Britton

New to area - whats a target area for 5-8 units Multi-family?

Rookie here;

This is the next thing I'd like to start learning - I've got some cash I'm not planning on using for 3-5 years. Can someone either call / email / consult / show / share where to get started with this.

I realize this is difficult and cut-throat from what I understand, but please send me down the road. I'll come back, unharmed, and armed with new knowledge.

-Steve

I highly recommend you get a hold of Jon Martin (owner) of MAS accounting in Ballard. 

Welcome to use my name if you'd like, not required though they're a great firm. Jon is wicked knowledgeable. 

mascpas.com

-Steve

I'd like to pick the brain of a developer, I'm under contract for a house that I think could be a good development opportunity.  Anyone in Seatte area BP could recommend?

I'm working with a seller for an off market home. It's in Mukilteo Harbour Pointe Area. 3 bedrooms, 2 1/2 bathrooms has renters in it that have been there since Jan-2013. Current rent is $1,975, renters pay all utilities, seller is asking $365k. If you're interested email is brittonsm at gmail.com or call (206) 484-four957

-Steve Britton

There is a small condo that just went on the market. I'm willing to live there as my first deal (I'm currently renting).

My question is regarding strategy to get the property. Should I try to get hardmoney and go in all cash to win the bid or is there a better option I should be thinking about.

What is the best way to confirm I'll win the bid?

The short sale will show for 7 years correct; I'm told and I can't get a conventional loan until 4 years after the sale.  I guess I'll have to consider the 7.5%; I just thought I could do better with private money or selling financing.  I'll keep looking.

I recently decided to get into real estate investing and step number one is to “house-hack” my way into land lording. My wife and I are looking to purchase a multi-family home, either a duplex or a single family with an accessory dwelling unit (sometimes called a mother-in-law apartment). The problem I’m having is I short sold my house in November of 2012 and as such am unable to obtain any conventional loans. I can walk through the entire story of why I short sold if the users here think it would add value, but what I’m looking for is advise on where I can turn to obtain financing.

To be clear, I have 20% available for a down payment on most of the properties I’m looking at here in Seattle, WA. I have a good job that I earn a strong ordinary income from; in addition my credit score is already back above 720. I’ve been speaking with a broker who says they offer a “fresh start” program – but the interest rate is over 7.5%. So where do I go now? What are the avenues I should be searching to gain access to funding?

There is a listing that my agent just forwarded to me, in it there is a mother in-law suite that was built on the property.  It was built without permits.  The numbers look good, the location is great, and overall it's a good investment as a rental.

What suggestions do you have for the due diligence?  Do have get it permitted and approved by the city?  Do I just rent it as is?  What inspections should be completed?

-Steve