All Forum Posts by: David Hisaw

Hey Sergio! We have a real estate meet up the 2nd Tuesday every month at Fuse in Richland. That could be a great spot for you to connect with people and perhaps find a mentor. If you want the details shoot me a message. 

I understand where you are coming from. My wife and I haven't seen eye to eye on finances for the better part of the 10 years we have been together. We were involved in a MLM company that I KNOW would have paid out big time had we stayed with it. That being said, what it came down to is her vision for our family's life didn't involve that. She has thought I was crazy about the real estate investing for the last year and a half until she finally got fed up with my work schedule and me being away so much. (I come from heavy industrial construction) She finally is understanding my ideas of time and financial freedom. I agree with what some others have mentioned about taking the time to have the discussion about where you guys as a family want to be in 30 years, 20 years, 10 years, 5 years. Let her speak. Have compassion. Listen. She is your wife and the best way to lead her to what you want, she needs to know that you are going to care about what it is that SHE wants. 

Good luck!

After some due diligence I decided that it wasn't a great deal. During the inspection we got into a pary of the house that was boarded up and a root from the tree had drove up the foundation and cracked the asbestos flooring. I decided that to many factors were making this one a no go. On to the next one! 

I live in the Tri-Cities, what size multi family and price range are you after? I get the Listings and have ran the numbers on several here locally. 

That's pretty much what it looked like to me too, thanks!

From what I have found on the State Legislature site, you the owner of the property, must be a  General Contractor that is Licensed and bonded, in order to flip a house legally. No where did I find a specific "flipping" License though. Maybe @Brandon Turner has some insight on this subject?

Today I had an inspection on a house I am under contract on. When I got to the house the inspector was there already, had peeked around a bit and told me that he would feel guilty charging me for an inspection because the house clearly needed to be gutted and redone. Nothing I didn't already know but then it got interesting. He is also a contractor and flips houses himself. After letting me know about himself a little bit, he informed me that in the state of WASHINGTON you have to have a flipping license. With that, any house you flip you are on the hook for, for 7 years after you sell it. My question is this, who here in Washington has heard of this? Is he blowing smoke or is there something to it? I've never heard of such a thing, and neither had my contractor that met us at the house. 

Thanks Chad! I am comfortable with the ARV, I used my agents numbers from recently sold comps in the area. I have a feeling after the inspection I will be able to get a Hard Money loan, however, I am curious as to which institutions that do rehab loans on Non-owner occupied homes. Also, I may be able to wholesale it and still make a little if it comes down to it. I just don't want to abandon ship too soon! I really need to get the experience of the flip under my belt.

Some advice I got from a local seasoned investor is that commercial is where it's at. He prefers the Strip Mall investing over the Apartments for a number of reasons. Here are a few: 

1. Less time investment on your part. A strip mall will have a lot less maintenance. 

2. Your tenants will be in it for the long haul. If you get Sprint, Master Cuts or some other big name business in a unit, they won't just walk out one random month the way a tenant in an apartment would.

3. You can buy one suite at a time. Today it is easier than ever to get started in Commercial Real Estate because you don't have to buy the whole $1 Million+ building on your first deal.

If you do your homework, whichever route you take, you will be glad you did. Just go as far as you can see, and when you get there, you will see a little farther. Keep moving forward and good luck with your business!

I have my first deal under contract! It's a fix n flip property that has been vacant for 30 years. It's currently a 4 plex, however the zoning in the area has been re-zoned single family and since it has been vacant it must now be converted. I have it under contract for $38,000 and it needs about $35,000 by estimation from my GC. ARV is $160,000. I will be walking through with him and the inspector on Wednesday to get a solid estimate.

Here's the sticky, stress producing side of it all. I only had 2 days to provide proof of funds, as there was another offer on the table for a few thousand less. Not a problem, it has quite a bit of meat in the deal, I should be able to get funded on this one... but 2 days is too risky for one local HML and the population is too rural for another HML. Time for some good ole CREATIVITY!

What to do? Well having rock solid credit, I decided to leverage what I have and cash advance my credit cards, and prior to that apply for a couple more. I have more than enough to come up with the purchase, but my dilemma now is coming up with money to do the flip. Hopefully, the inspection goes well and I will own a property that a HML will be comfortable with. There is a lot on the line here, but I have faith in this deal and I believe it will work out!