All Forum Posts by: Brandon Vukelich

@Jason Brown I'm not sure why anyone (that's not an attorney) would draft their own contracts.  Any real estate attorney in your state should already have a contract to provide you or customize something for you for a few hundred bucks or so.  Keep in mind you are transacting in real estate and that comes with A LOT of liability.  As others mentioned, you may also try connecting with a licensed real estate agent in your area and they may be able to assist with a pre-printed document available.  

@Pepper Bradford yes very subjective.  For example, we have many in the greater Tacoma area that are 80+ years old.  Really depends on what has been maintained and updated over the years.  There can be a lot of issues with knob & tube wiring, galvanized pipes, orangeburg sewer lines, etc. But as an example, one of my clients purchased a 1910 duplex that is in very decent condition and doesn't give them much headache.  Although I love the character in the 100-yr old properties, as a personal preference, I prefer to stick with 1950's or newer.  I just like the design/solid construction of most mid-century properties better and the larger floorplans. Plus the more traditional styles that developed over time, such as a side-by-side rambler duplex or stacked (shoebox) 4-plex.  Best wishes on your search!

Hey @Jim Doyle, house hacking a SF with ADU/DADU or small MF is the way to go. If you go FHA, yes, it will be tough to get properties in the Puget Sound region to cash flow after a year or two with only 3.5% down. Properties in our area need a good chunk of down payment (equity) to reach +CF. Otherwise, you would need to find something that is really underpriced (with maybe great seller financed terms) with room for rehab and catching up the units to market rents. If you're new to investing locally, I urge caution for Seattle. Landlord-tenant laws are nuts in our area, particularly Seattle and now Federal Way with many other cities following their lead. Western WA is still a great place to invest. Historically strong jobs, good appreciation, rent growth, etc. If you're trying to stay near to Seattle core, you may want to consider the better areas of Renton or Kent. Best wishes on your journey!

Not sure if you're speaking about multiple offers on a wholesale deal or traditional listing.  We're not seeing many multiple offers anymore on traditional listings but if that occurs (and don't have a pre-set offer review date), I'll notify all parties to submit highest and best by (day/time).  Give them all a day (or whatever the seller prefers) to revise their offers, if they decide to do so.  Then I will plug in all of the significant terms and conditions into a spreadsheet in order to summarize each offer for the seller.  The seller is given all offers to review in their entirety but we use the spreadsheet to highlight best terms in each.  I'll answer any questions or provide input as needed but ultimately the seller needs to be the one making the final selection.  

I will notify all parties before updating the listing status.  This is VERY important and missed by many agents.  It looks really bad for a buyer to get an update on their app about the listing going pending before they hear it from their agent.  Don't be that listing agent.  Notify all parties about the decision prior to updating the status of your listing.

If it's a wholesale deal, same.  Let all potential buyers know a day/time to submit highest and best.  Pick one and notify all parties.  Don't leave them hanging.  Does that help at all?

I'm in WA (with rentals here) but I wanted to invest in more landlord-friendly states.  I originally looked at Austin, TX and Boise, ID.  Selected Boise.  Ended up determining I wanted a shorter flight (when needed) and picking a location that I would want to live myself down the road, should I leave WA.  Also, finding a solid property management partner was the most important piece of the puzzle for me.  Now when considering Airbnb properties, I only look in areas that I want to enjoy personal use for my family.  If I don't want to vacation there, I don't want to invest there.

@Mike Schorah you can thank gurus, social media, podcasts and sites like this for the explosive growth in wholesaling. Many without much cash to actually invest and buy properties start with the wholesale route.  I've seen many out of state/area wholesalers working my market as well. A lot of them tying up properties at unreasonable prices.  I'm on some distribution lists and regularly see "renegotiated price" on offerings because they can't unload them at the contract price + their fees.

@Matt Roberts I highly recommend you don't use generic contracts you find online or via some other random source.  Any good RE attorney in your state should have some decent docs already available to sell you for a few hundred bucks.  They don't have to reinvent the wheel just for you.  Keep in mind you're transacting in real estate and not selling magazines or something that rarely involves a law suit.  Real estate comes with a lot of liability, especially when done poorly or sloppy.  

Hop on just about any social media platform and start following those agents that work with investors, own investment properties themselves, etc. in the areas you're interested in.  Look on Zillow or Loopnet for listings you're interested in and contact those agents/brokers.  As previously stated by others in this post, call/text/email/msg them.  Anyone like me should respond in a timely manner.  The #1 question you need to ask them is "Do you own (or have you ever owned) any rentals?"  A big mistake I made in the past was using a "Realtor" to help me find investment properties in Las Vegas. She never invested herself or really knew the game at all.  

Network, network, network to build relationships and have discussions about real estate.  If you're short on capital, find a partner.  The capital should flow if you locate a worthwhile deal.  You can also follow my buddies, Cody Davis and Christian Osgood, they have 100+ units all on seller financing with very, very little into the portfolio.  They offer a reasonable educational course under themultifamilystrategy(dot)com.  It teaches creative ways to find deals and negotiate with sellers.  They have a couple of very young students in CA that have secured some deals in TX.  Best wishes in your real estate journey!

My buddies, Christian & Cody, have an educational platform on the subject.  Check out themultifamilystrategy(dot)com.  Off market, seller financed deals is all they do and preach.  They have one pair of 19-year old students that have acquired a couple MF properties in TX.  Best wishes on your search!