All Forum Posts by: Dayne Winters

@David Bardwell thank you for the reply. I first go by the 1%, but am conversing with the Seller today about what expenses the tenants are responsible for, Cap expenditures done recently, etc. would you mind sharing what ratios you target?

Hey all. I recently decided to drive for dollars on 20 properties I wrote down that were distressed, as I’m looking for my next deal. I called an elderly couple who said my timing couldn’t have been better. They had, just two days prior, talked about selling the property, before my ohone call. They just recently completely renovated one side of their A House Duplex and added another bathroom. The other side has renters who have been there for 10+ years. They would like to give me first crack at purchasing the property because of my phone call. I believe to be emotionally invested in this because I found this property myself. However, the numbers are as follows and any input would be greatly appreciated: Asking price-$270,000 Unit A Rent-1400 Unit B Rent-900 (10+ year renters) PROPERTY APPRAISAL-$260,000 THIS DOESNT MEET THE 1% RULE, BUT WOULD WITH UNIT B AT MARKET. THANKS GUYS!

@Wes Short thank you for the reply! I will scour the forums.

@Wes Short I really enjoy that method and use it for potential rental properties. Using the County Assesor’s website I find the owner. Do you have any better methods for obtaining phone numbers for the owners? 

@Preston Lam will do and good luck!

@Eric Adobo I would also respectfully disagree and believe I heard your quote on a podcast recently :)

@Joshua Top welcome! I just moved from the Seattle area in November and am glad to see so many people joining from Washington State. I’m not familiar with the area that you are from, but it sounds like you are on your way to greatness :) let me know if you have any questions!

@Preston Lam absolutely! I bought an H House where I live and it was a foreclosure. Got it for $126,000 and it had a mother in law suite added onto it. The HVAC, Electrical and Box, and Roofing are all fairly new being updated within the last 5 years, so the big ticket items were covered. It is a unit that was full of dogs and cats, so you can imagine what kind of shape both units were in. I am using the BRRRR strategy (Buy,Rehab, Rent, Refinance, Repeat) and will live in the small unit, the mother in law, and rent out the larger unit. I will be House Hacking this property and rents for a 3 Bed 1Bath in a mile radius of this place are averaging $1250, but going as high as $1450. With the money spent on rehabbing I will be at $136,000 total invested. I will ask for $1300-$1350. This is close to the 1% rule so I will be living for free with decent cash flow. The BRRRR Strategy and House Hacking come compliments of Brandon Turner and BiggerPockets. Hope this helps and let me know if you have any more questions.

@Dustin Davis I really enjoy the Spokane area. Not as familiar with it as I’d like to be though.

If you’re in the area let’s me up and talk some real estate.