All Forum Posts by: Alex Chin

@LaSean Smith - welcome to the community. You should speak with @Ryland Taniguchi, all he does in Seattle these days is development!

@Trina Seever - Why not work more extensively with hard money or private money lenders, at least until you build up enough of a bankroll to finance your own acquisitions? At recent meet-ups in King-Pierce counties, there were a number of lenders who had significant capital that were looking for projects that could meet their criteria.

You can ping @Troy Fisher, @Kelsy Soderlund and @Tiffany Plovie for meeting info.

Hey @Jeremy Benezra - welcome to the site. When you say commercial properties, does that refer to commercial multifamily, or commercial retail, industrial?

You might want to look into attending one of local meet-ups that @Troy Fisher, @Kelsy Soderlund, or @Tiffany Plovie run. Informal affairs to network and try to find resources for your next project.

@Joe Kooner - from flippers I know used to be highly active in the area, it's a combination of not enough meat on the bone and a lack of reliable, skilled contractors as the main drivers that are pushing them out of the market.

These flippers have left the market because their goals tend to be on the order of at least 5 flips per month and there isn't enough profitable inventory in the pipeline any more to support this level of activity. For smaller scale investors interested in doing <5 flips per year, Seattle area is still probably feasible.

@Simon Wold - I have had a good experience thus far with Tim Tran of the Tran Law Group. Just google that name and they'll pop right up, I can't link or write phone numbers on BP.

@Charlie Redding - I have passed off info to Jason (I am a co-worker of his) regarding the agent I have used for my purchases of small multi-family properties in the area. She is very high energy and an excellent communicator, I would say reach out and let her know what you're looking for in an agent and see if she will meet your needs.

Cheers!

I don't know off the top of my head what the rental rate for a SFR would be in the Everett area, however, I do know that the ratio of rents to purchase prices is too far off for me to want any part of it.

CoC: yes, most investors I have spoken with are looking for 8% at a minimum, and that only if there is another angle such as solid appreciation prospects, or a potential expansion and value add.

Off the bat, I would say that your taxes are too high. A local investor can correct me, but last I checked, taxes in Everett were around 1%-1.25% (can't remember exact number). Where did you get that 5% from?

Taking a bit of a harder look at the numbers, this doesn't feel like a very good deal, that is my opinion.

If it was a flip, then the purchase would be all cash and it definitely feels too thin for most investors I know, they'd prefer to see a purchase price around $120K-$150K for a $230K ARV that needed ~$30K in repairs.

If it is a non-owner-occupied rental, then your loan interest rate feels too low, you probably won't get better than 4.25%, probably more like 4.5% on NOO units. The rental rate is also too low to interest most buy-hold investors. Very few I know of will be interested in a <7% CoC return.

If you are owner-occupying then renting it out, the analysis needs to change to account for at least Yr.1 having sharply abbreviated income and differently structured loans.

@Aaron Nelson - I have had a good experience so far with MainLine Drain. Very professional and good about quickly addressing issues. 

Not the cheapest plumbing outfit out there, (I paid ~$200 for them to scope the pipes and do a general inspection and ~$160 to clean up a toilet and shower issue my tenant had) but you probably don't want to work with the bottom feeders anyways. PM me if you need contact info.

@Lyall Storandt - I have used Nia Nguyen with John L. Scott for a couple deals, very high energy and an excellent communicator with a ton of experience.

Message me if you'd like her contact info.