All Forum Posts by: Colin L.

Sorry if I feel a little suspicious of all the "Turno" recommendations. Have you all personally used them and tried them in Seattle? 

I'm setting up our basement apartment as an Airbnb and need a recommendation for a reliable cleaning service. They would have to be able to serve the Wallingford area of Seattle. 

Any referrals would be helpful!  If you also have tips and things to look out for, I'm all ears. 

Thanks!

 Contacted a few. Thank you.

Hi All, 

EDIT: Just contacted roofers that do flat roofs to improve drainage. Thanks for the advice. 

Colin

Hi All!

My partner (not yet married) and I own a couple of rental properties (Idaho) and a primary residence (Seattle). We think it's the right time to establish formal agreements about these co-owned properties, but we also need to establish a business entity to Airbnb our basement ADU in Seattle.

1. What professionals should we consult to pick the right entity? To get it established? 
2. Any trusted professionals (legal/tax/planning?) you have used for this purpose? 

Thank you!
Colin

 Did you have trouble finding someone to do the build?

 Thanks for the information. We don't have enough time or expertise right now to DIY. It sounds like getting a contractor will be next to impossible, so we should be looking at move-in ready and "ready for at least 1+ years" places. 

Investment Info:

Single-family residence buy & hold investment in Meridian.

Purchase price: $379,000
Cash invested: $94,750

This one sounds the same as the last because we just repeated! Buying the same SFH 3/2 in that area would cost $410-420k now 4 months later. Corby Goade at Boise Turnkey helped us locally (usually works with out of state investors), but Corby's wife's property management company was going to working with us, so our long-term incentives were aligned. It has been 100% hands off since we did some basic work on the house to clean it up, make it safe, and make it look fresher and more modern.

What made you interested in investing in this type of deal?

We wanted cash-flow neutral properties in a safe high appreciation market for the long-term and Boise was the best place to be. We chose just below median priced single family homes in nice areas where there was just a little bit of polishing up to do to make it a great modern home for families. These 3 bed, 2 bath homes tend to be robust during recessions, but also attract quality tenants.

How did you find this deal and how did you negotiate it?

Corby Goade at Boise Turnkey helped us find the deal and another one soon after (we were local, though he specializes in out of state investors). We did a simple offer with an escalation clause and had a pass/fail inspection contingency. Nothing fancy. We got outbid on some less nice, higher risk places the previous few weekends, but just got lucky that there was a weekend full of hot homes and one fell off the radar of the other bidders. Happened twice. Took only 3-4 weekends to get each one.

How did you finance this deal?

Conventional. Nothing fancy like hard money loans on our side. We have a good amount of liquidity and can probably get a cash out refi in less than a year.

How did you add value to the deal?

There was some work done on the house, but there were lots of small details and finishes that needed fixing, so we handled that (e.g. adding nice affordable trim to mirrors, privacy on windows, touch up painting, caulking everywhere, etc. and Corby got his trusted contractors to deal with most other things. Having all the wood trim and kitchen cabinets painted made the place look 20 years younger. We also made the yard look a ton nicer and longer-lasting by doing xeriscaping, planting, etc. Basic stuff that makes a difference.

What was the outcome?

After startup maintenance, we've been getting about $300/month cash flow (probably around $0 net of typical maintenance through the year), but the place appreciated ~15% already in 4 months.

Lessons learned? Challenges?

I was skeptical of both using conventional mortgage and MLS-listed homes in such a hot market, but the return is great and with much less effort than trying to find off-market deals and go with hard money lending. We are busy with good enough incomes that we didn't need to over-optimize, but these are still great investments either way.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend Corby Goade at Boise Turnkey and his wife Heather's property management company Cohesion Properties for either local or out-of-state investors. Having them tied to our long-term success was a big factor for trust, but they were also both just extremely kind and trustworthy during the process. Very helpful, lent tools, happy to chat and answer questions.

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $335,000
Cash invested: $83,750

Buying the same home today would cost $400-420k now - Boise is growing like mad, but is still very safe city with some great areas. Corby Goade at Boise Turnkey helped us locally (usually works with out of state investors), but Corby's wife's property management company was going to working with us, so our long-term incentives were aligned. It has been 100% hands off since we did some basic work on the house to clean it up, make it safe, and make it look fresher and more modern.

What made you interested in investing in this type of deal?

We wanted cash-flow neutral properties in a safe high appreciation market for the long-term and Boise was the best place to be. We chose just below median priced single family homes in nice areas where there was just a little bit of polishing up to do to make it a great modern home for families. These 3 bed, 2 bath homes tend to be robust during recessions, but also attract quality tenants.

How did you find this deal and how did you negotiate it?

Corby Goade at Boise Turnkey helped us find the deal and another one soon after (we were local, though he specializes in out of state investors). We did a simple offer with an escalation clause and had a pass/fail inspection contingency. Nothing fancy. We got outbid on some less nice, higher risk places the previous few weekends, but just got lucky that there was a weekend full of hot homes and one fell off the radar of the other bidders. Happened twice. Took only 3-4 weekends to get each one.

How did you finance this deal?

Conventional. Nothing fancy like hard money loans on our side. We have a good amount of liquidity and can probably get a cash out refi in less than a year.

How did you add value to the deal?

There was some work done on the house, but there were lots of small details and finishes that needed fixing, so we handled that (e.g. adding nice affordable trim to mirrors, privacy on windows, touch up painting, caulking everywhere, etc. and Corby got his trusted contractors to deal with most other things. We also made the yard look a ton nicer and longer-lasting by doing xeriscaping, planting, etc. Basic stuff that makes a difference.

What was the outcome?

After startup maintenance, we've been getting about $300/month cash flow (probably around $0 net of typical maintenance through the year), but the place appreciated ~25% already.

Lessons learned? Challenges?

I was skeptical of both using conventional mortgage and MLS-listed homes in such a hot market, but the return is great and with much less effort than trying to find off-market deals and go with hard money lending. We are busy with good enough incomes that we didn't need to over-optimize, but these are still great investments either way.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend Corby Goade at Boise Turnkey and his wife Heather's property management company Cohesion Properties for either local or out-of-state investors. Having them tied to our long-term success was a big factor for trust, but they were also both just extremely kind and trustworthy during the process. Very helpful, lent tools, happy to chat and answer questions.