All Forum Posts by: Caitlin Daniel

@Mike Lorence wow, that’s a lot of movement coming in!

@Justin Goodin thanks for that, it was kind of my thought, it’s just getting discouraging see how much over everything is selling for. 

@Justin L. it’s very probable. I feel like I was just 1 year shy of a great deal! I definitely don’t want to just buy anything, but it does feel rushed when things sell within a day or two of hitting the market. Sad that the wages here are definitely not keeping up with these prices, a LOT of locals are going to get priced out of owning a home. Wealth divide could get even worse  

@Haydn Halsted interesting you mention that, I was listening to one of the BP episodes yesterday and I was thinking about trying to find some wholesellers and see if they had anything. I’ve never worked with them before so it would be a good thing for me to connect with! 
And that’s really sound advice, what I’ve been feeling like is probably going to end up happening. Going to have to keep my eyes peeled! I did see the ones in Cheney yesterday, need to look at what rents could go for down there but good option!

Brand new, just got my approval loan papers last week and have seen 5 duplexes, run about 10 numbers/reports things to see how good of an investment it would be, and submitted one offer. (Which got outbid by 25% in cash)

Looking for a side by side duplex around or under 200k, over 600 Sqft with yard, needing updates okay just not a major rehab. I want it to be rentable immediately as I work full-time plus overtime and don’t have time for major reno. It will be owner occupied. Plan to update the side I live on and then switch when finished.

I have the opportunity to stay where I am at really good rental price thru September.
This market is INSANE and homes here are going more than 20% above asking and the average is rising every month. I’m quickly getting pushed out of good deal territory. 

Opinions wanted: would you wait out the summer and meanwhile do more education/numbers and try again in the fall? Or is no downturn in sight and I’ll be out of a deal by fall?
or is that a newbie perspective and there are always deals to be found 🤔

Update: home went for 25% above asking with cash. Wow, this is insanity. 

@Jody Sperling  that’s a really good tip about the vacation idea and short term! I am not interested in the idea of my traffic on the commute on 90, but it might have to be that way. I’ll look into it. Thanks for the tip. 

@Jonathan McKay yea, I got the “seller appreciated your letter but got more than $50k above asking in cash” wow. I’ll have to look into the short term market a bit. 

@Paul Choi that’s great! I’m glad it’s working for you. Maybe one day for me. 

@Evan Dobrowski that’s also an idea! Because I work full-time plus over-time the thought of a complete remodel sounds daunting right now. I’m also brand new to the area so I’m still working on having a network and team. I would like that idea maybe as my 2nd investment after I purchase one that gets my cash flow started. But I won’t discount it and I’ll keep my eye open. 

HI! 

I recently joined and am learning as much as I can. I just put my first offer in! I'm a first time investor and buyer. I decide to move to Spokane Washington and by the time I got here and got a job and am ready to buy a multi-unit house to begin my real estate empire, prices have risen over 20%!! In one year!!

I am about to put an offer on a property. 1950s 1/4 acre lot in a good neighborhood. 2 side-by-side 1b/1ba 490sq feet each. One unit fully renovated in 2019, other unit is in good condition with an updated bathroom, needs kitchen update and W/D. Has a 2 car garage with barn doors and a wood heat stove. Plumbing and electrical have also been updated. No basement. Garage roof leaks, needs a new roof, honestly the whole house looks like it needs a new roof and I think needs new siding. 
Due to the rapidly rising costs of living, rent is also going up so I could likely rent the updated one easily for $800-$1100 and I'll be living in the non-updated unit while I do some sweat equity.

BUT they already had 3 offers the first day it went on the market. Here in Spokane more things are being sold over the first weekend, and for over asking. I offered asking because I'm trying to stay near the 1% rule. I did send a smokin "love letter" to the seller that's owned it since the 90s and currently rents it to family that pays 1/3 market.

I've got one pre-approval letter, I just applied for another one thru my local credit union that I bank with. I have 800 credit so I should be getting the best rates, Looking to do 3% down.

Any advice is appreciated about the home-buying process. Inspectors, insurance, closing costs, etc. I'm a vessel for your knowledge!! Especially if you are an investor in the local Eastern WA area.

Thanks so much!