All Forum Posts by: Candice Rambo

Good morning!!  have two small apartment complexes in Aberdeen & Hoquiam that I am analyzing. One is a 7 unit, one is 11.   The 11 unit states that the vac rate is 20%. Is this normal?  seems pretty high.   Thoughts?  Also what would be some methods of bringing this number down?

Pay for a professional appraisal, then submit to the county.  That's what I would recommend and do here in Wa state. Although Im in Thurston County and the deadline to appeal was july 31st.  You would know the appraisal value before you submit to the county, so they wouldn't know if your appraisal  was higher.  Appraisals right now range from about 600 to 1000+ depending on your location.

nice work! thanks for the numbers. Im a real estate agent and sometimes still have a really hard time w ARVs. my latest project, i did the same as you low balled it. (220$) but just repulled comps after talking to an appraiser and put it 250-275. which is great bc the whole roof...THE WHOLE ROOF needed to come off. ps I love the backsplash in the kitchen.

@Will Gaston What is the worst they can say? "nope..sorry" but I just had a conversation very similar to this last week. Reach out and ask. I also agree that the rate you have on those is pretty close to a conventional number! good luck!

imo, do a couple deals close to home first. they may not be as profitable as other markets but you will learn so much and be ready to take on a deal further away with some new knowledge. I understand how you feel...im in the seattle market which is stupid. buuut you can find good deals- you just have to have you nose down! good luck!

Even if after I refinance I develop the front parcel as another home.  (its on the .57 ac) and then rent both?

What is your cash flow per unit now? IF its more than the 200$ that you'd get for sprucing up the interiors then I would leave the 30k put.  But if its less than that it makes sense.

 My latest aquision is a 1.57 ac property with two parcels in Olympia Wa.  Stick built in the back and an older double wide in the front.  The septic on the DW is not permitted.  And turns out i got this property for a steal bc DWs are titled like cars.  So when they forclosed on the property the DW did not come with.  So now I have land and a house and something I need to get rid of.  Thats cool...I budgeted for that. I know people that have big machines that can make that DW go away. 

Oh wait....its not that easy.  If I just demo that DW that is a junky empty pit the title will still be there.  I cannot refinance or sell. So insues the hunt for the title holder.  Listing agent said she and the bank had been sending him letters for a year~ nothing. 

I spent a week driving around to every known work address, LLC address (there was alot) and calling a VM that was 1) full 2) had been disconnected. nothing. I finally found through the MLS that he is a licenced DB in the state and active with the bar...got his email, and politely emailed him every day for two weeks. until he finally responded.

It is a work in progess right now, but looks like i should have title in hand soon. 

So; for those that don't know, especially in WA state;  Do not demo a junker mobile unless its been Title elliminated.. 2) if you cant reach the owner of the mobile you can 1) wait three years 2) go to court and have the judge rule that its abandoned 3) be persistant..

Hello all!  I am busy working on a total gut job in the PACWest.  And I am waffling between refinancing it for a hold or selling it after we are done.  The property is 1.57 ac with a shy 1400 sq foot single story house. (It actually is two lots.) I bought the property for 96k with 20% down hard money & am using my own $ for the rehab budget.  (budget 50-70k ~ which includes demoing  a POS double wide on the front half of the property). 

FYI:  Aftert the listing agent for this property said she'd spent a year sending letters to the title holder of the double wide (it was NOT forclosed on ~ has back taxes and has been vacant for years) I had to do this my self.  which is another story all together.

We are adding a third bedroom, and a master 3/4  bath with a nice tiled walk in shower.  When we bought it, it was 2/1.  took out the massive wood stove and am adding a nice split system for heat and ac.   Big covered deck.  kitchen is big, apron sink, island, all brand new.  THe house actually sits at the very back of the property in a stand of huge cedars so its very private and quiet.

I am having a bit of a hard time coming up with comps for it. ( I am putting the ARV at 230-270) and will probably pay to have it appraised before I list if that's the way forward. (I am a local real estate agent...and am still a little stumped as to a solid price.) So with that being said; I should be able to do a cash out refi and pull all my expenses out, have 25% equity and rent the house for 1500-1600. ORRRRR do I sell? What would you do?

Thanks in advance for input..When I'm done ill post before and afters!   

as a agent, when im marketing high end...there is always a 3d tour and a drone involved. drones are a fantastic way to showcase the property from a ton of different angles!