All Forum Posts by: Michael Paul

Now accepting offers and putting the finishing touches on a completely refurbished duplex in good South Everett Location. 4 min to Trader Joe's, 5 min to Everett Mall, 5 min to 112th St park and ride.

Approx 750 sf per 2/1 unit. Refinished oak hardwood in living room and hall. All new flooring elsewhere throughout. New windows, appliances, cabinets, bathroom fixtures, millwork and doors, LED lighting inside and out. Updated electrical and plumbing. Stackable washer/dryer, new insulation and moisture barrier in crawl space, new roof, new sidewalks. Large yard off rear unit, small side yard off front unit. Ample space for parking.

Pictures will be updated accordingly and both units complete and ready for tenants first week of Sept.

Asking $305K

That's great! Thanks

Thanks for the update

Thanks all

Pay him to leave!?

Thanks Bryan, sound advice!

Yes, but by definition if I fix and flip a property and sell without occupying in under a years time I am a "Contractor".  

The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.

(1) "Contractor" includes any person, firm, corporation, or other entity who or which, in the pursuit of an independent business undertakes to, or offers to undertake, or submits a bid to, construct, alter, repair, add to, subtract from, improve, develop, move, wreck, or demolish any building, highway, road, railroad, excavation or other structure, project, development, or improvement attached to real estate or to do any part thereof including the installation of carpeting or other floor covering, the erection of scaffolding or other structures or works in connection therewith, the installation or repair of roofing or siding, performing tree removal services, or cabinet or similar installation; or, who, to do similar work upon his or her own property, employs members of more than one trade upon a single job or project or under a single building permit except as otherwise provided in this chapter. "Contractor" also includes a consultant acting as a general contractor. "Contractor" also includes any person, firm, corporation, or other entity covered by this subsection, whether or not registered as required under this chapter or who are otherwise required to be registered or licensed by law, who offer to sell their property without occupying or using the structures, projects, developments, or improvements for more than one year from the date the structure, project, development, or improvement was substantially completed or abandoned.

The law is currently being modified but as it stands now in order to fix and flip the contractor must appear on title. Of course until the law changes I could always get a GC license myself but not wanting to.

I've found a property that has had four offers accepted and then the buyers have backed out. The property is currently off market. I plan to contact the sellers and and determine if they know why it's being rejected by the potential buyers and what they would be willing to take for the property. I believe the prop. is owned free and clear but either way my thought is to agree to a price with the seller with a closing date 120 days out, make the necessary improvements and assign contract or sell. I estimate a $100K spread between purchase price and ARV. If repair costs pencil out in the equation, what would be the best way to structure the contract? Fix up cost would be on me and earnest money would be in form of a promissory note. Too far out of the box? Genius or nuts?