All Forum Posts by: Christian Bateman

@Marc Luzuriaga Thanks for the response! Just out of curiousity, have you dealt with tenants who either ignored your notices, or wasn't complying? This isn't the case here, but just wondering. Thanks again!

Hey All, 

My wife and I are currently house hacking a duplex, and we had our first tenants move out. They've been great, and found another place that was bigger, and started moving out about 1-month prior to the lease ending. During this time, we told them we'd like to show the unit to tenants, and they told us that they were done with the house and we could start showing about two days ago.

While my wife was over showing the house, the original tenant showed up and started yelling at my wife for being in the house. We didn't tell them that we'd be showing the house on that specific day because they'd already established they no longer needed the house and we could show it.

How have you dealt with showing your rentals between tenants? What type of communication do you need to have with outgoing tenants to make sure you are respecting their rights, but also giving yourself enough time to find someone before letting the unit go vacant?

Thanks!

@Kristel Daugherty What is it about Callow? I noticed there's a neighborhood of duplexes down there, some look absolutely awful, others actually look pretty nice. And there's a cute park near Olympic that right near the water. It's all a little bit tucked away.

Also, what is the deal with all the dilapidated duplexes around Bremerton? I heard there are some old time slum lords that have owned forever and aren't willing to sell. Is this true? Any other explanations?

Hi All,

I'm wondering if anyone has dealt with owner-occupied loans on tenant occupied properties? How does this work? I understand you have to honor a lease agreement when you purchase a property, but does this also mean you can only get owner-occupied loans on properties that are vacant? Assuming the renters aren't month-to-month.

Any help is appreciated. Thanks!

Christian

@Jay Mitiguy Thanks for the update! Was this property a diamond in the rough, or are these kinds of deals common in your area?

Hey Everyone,

Should I be investing out of state where there is better cash flow, or should I continue to house hack/invest in my hometown?

Loaded question, I know. I've been running numbers on duplexes in the area (Bremerton, WA) that I would like to househack, and they might make the 1% rule, but just barely. The one I'm looking at is a 2/1 duplex currently renting for $1050/unit, but market rent is easily $1300. Duplexes in the area are going on the MLS for ~$290+. I'm struggling to decide if I should continue to house hack and invest in this area where cash flow seems pretty moderate and you have to break almost every rule (2%, 50%, etc) to make an investment decision. Note: There is definitely a lot of upside in the area right now due to overflow from Seattle and better transit options into the city, but I don't want to bet on this with the market being where it is right now.

Our current house hack has worked out great and enabled us to save a ton of money. Now we're just trying to figure out if it makes sense to double down on our area or invest where there's less competition and more ROI.

I've got a good job, good income, trying to replace it that with rental income as soon as possible. Any suggestions? It looks like turnkey might be a good segway into out of state investing? Any Turn Key recommendations? I've heard Memphis Invest is good?

Would you buy a duplex for $270K that rents both sides for $1300? 

Thanks!

Hey @Jay Mitiguy, curious if you can give an update on this property 4 years later.

Hey All,

I'm curious what people are actually getting for market rent in the Bremerton, WA area?

I'm currently renting a 3bd-1bth 850sqft unit in a duplex for $1400 in the Manette Neighborhood.

I'm looking at a similar sized duplex in West Bremerton and wondering if rents are similar over there? Zillow rental listings look similar to where our rent is in Manette. Is this actually the case? What is going on with the rental market here? Do you expect to see rents continue to increase?

Thanks!

Thanks for the thoughts! As far as the BRRRRR strategy goes, I’ve wanted to do something like that for a long time. I have a few concerns which probably stem from never having done it. The biggest unknown for me is how these duplexes get appraised along with ballooning rehab costs. Hard money interest rates also scare the crap out of me. I have a cousin that does hard money loans in AZ, and his rates are ~15% for 6 month loans, or something like that. It just sounds like a ridiculous amount of interest. I always thought hard money really made sense for flippers. Have any of you done the BRRRR strategy before? What was your timeline for the rehab? Did the costs of the rehab exceed your original plan? What did you fix up? How did the rehab impact your reappraisal and refinancing? How was the hard money loan structured? Any advice or education to help me overcome my BRRRR fears also welcome.

Hi All, I'm a newbie to the real estate investing game, currently house hacking a duplex in Bremerton, WA and working in Seattle. My wife and I have a goal to get 10 duplexes here in the area over the next 10 years, but we're realizing it will be difficult to do that with just the money from my job.

To get around that, we have some private money lenders who we've spoken to willing to do private loans for a 20% down payments (~$40K, 5 YR Term at 7% interest, works out to about $800/month) on deals that cashflow close to the loan payment. Duplexes in the area go for ~$245K and rent $850-$1100/month/unit. Mortgage payment for a $200K 4.25% Interest Loan + Taxes + Insurance would put us at ~$1.2K/month. The area has occupancy rates around 95%, pretty good renters market, and factoring in $200 of maintenance/month puts us in the $1.4K/month area.

Is this a way you have made deals work in the past? Is it kosher to get private money loans for down payments on conventional loans with lenders? I know some lenders don't allow it, but is it possible? Would you structure a deal like this? Why or why not?

Thanks for your thoughts!