All Forum Posts by: Brandon Vukelich

A great alternative strategy for some to consider for sure. It will greatly depend on each municipality's level or red tape, etc. I'd bet some towns are a breeze and others are a bureaucratic nightmare. I would suspect that carrying costs on projects like this are heavy and it takes more cash than more would think to fund the deal and see it through. Seems like the best approach for a noob would be to JV with an experienced partner, for the wisdom/experience and share the risk. This trend has been growing significantly the last couple of years in the greater Seattle-Tacoma metro market.

@Cory Quinn welcome to BP! What are you bringing to the table for potential investing partners? You may want to define your buy box a little further beyond 10+ units and "strong Seattle" area deals. Have you familiarized yourself with local landlord-tenant regs yet? 

@James McGovern usually it is their ignorance, incompetence, greed or a combo of all three.

@James McGovern You seem to post a lot about agent commissions and agents. I recommend you get your real estate license. You'll save so much in commissions and won't have to worry about underperforming agents. It would be a win-win for you.

From what I've seen/heard, most agents that rebate are desperate for a commission check. I believe buyers/sellers would not prefer to work with someone that is working out of desperation for a paycheck. I generally only offer credits/rebates to clients that are selling and turning around and buying immediately...or specific situations where too many repair items come up and buyers/sellers are at a stalemate. I'm under contract on a deal right now where the listing broker is coughing up a $2k credit to my buyers to keep the deal together. 

IMO just asking an agent to rebate because you feel entitled to it is not a good approach to building a long term business relationship but both agents and clients can definitely assess things deal by deal as each sale is its own unique situation. A client would need to be doing multiple transactions a year with me for me to agree to a standard rebate.

I've used DMP in Auburn. I didn't do a short plat but they helped me do Boundary Line Adjustment last year. I was happy with their service. Also look up Jeff McCann. He's a RE broker but also a land consultant. That guy knows his stuff. Best wishes on your plans!

Thanks for sharing @Henry T. I'm an investor and broker. My brother and I sold our Seattle property in 2017 and invested in Boise. I will (likely) never own in Seattle again which is heartbreaking considering we had hoped to grow our portfolio in our home town. I work with many smaller investors in the area and encourage them to consider outside the city limits of Seattle but many are still very bullish on the appreciation, strong jobs and rent growth...all long term. I believe that only deep-pocket investors or funds will be able to assume the regulatory risk in Seattle. The mom & pop landlords are being pushed out. I won't, in principle, own in the city and pay taxes to Seattle or help fund their RRIO program. I watch apartment buildings being purchased in Seattle every week. Best of luck to them!

Yep, that's their model. It can work for some sellers but not all. Most people still prefer agents they know and trust. There is more to listing a property than pics and videos. Just some things to consider when you select an agent: market knowledge, years of their experience or their team's exp, pricing strategies, transaction management (after you're under contract), etc.

@Francisco Garcia If you are making an all cash offer (as most wholesalers do), any competent real estate agent is going to ask you to provide proof of funds, usually a bank account statement for the individual listed as the buyer on the PSA. Not to mention a serious amount for earnest money, not the $100-1000 that most wholesalers offer.

In our area, using a HML isn't consider "all cash" but must be disclosed in the offer and in that case, a pre-approval letter would likely be required for any offers on single family or 2-4 unit properties.

My recommendation is to always be straight and honest with agents or sellers. Not cool to present yourself as an "investor" with cash to close when all you plan to do is flip the contract for a fee. But I realize that is how 90%+ of the wholesalers operate.

Agreed @Henry T.  My PM in Boise suggested raising rents 15% on a recent renewal. My brother and I opted for 7% as we believed it was fair and wanted to retain good tenants.

WA landlords didn't have a chance this time. It was passing. Too many tenant (votes) at play and the career politicians are avoiding the supply problem. Only wanted to deliver an immediate "solution" to look good for constituents which many are renters.