All Forum Posts by: Eric Kajka

Good morning everyone, 

My wife and I are trying to figure out if there is a more strategic way of purchasing my father in law's house with also giving him the capital to purchase his retirement home. 

It is located in the greater Seattle area, Covington, WA. The house is in good shape but has not been updated since the 2000's. He is asking for 600k which is conservatively 100k below market value. We planned to live here for two years, do a "live and flip", and then sell it and use the capital for other investments. He owes about 190k on the house and would like to make 400k to purchase his retirement home in the Phoenix Area. We were going to use a VA loan to purchase the property. Due to having a VA loan on one property already, rental in Tacoma, we would just need to put in 10k for the initial financing because we will have surpass the county VA loan limits.

We would love to keep the house and rent it out instead of selling it after two years. The city has just begun to build an outside shopping center about a mile down the road along with other improvements. Unfortunately, after using the BP calculator, I'm not sure how we could make this just break even ( calculator is about -1200 a month). Also I don't believe it would be a good STR area.

We are very new at all this and trying to learn. We have tried brainstorming everything from purchasing the Phoenix home and keeping the mortgage as is in Washington (essentially a family estate), renting it out and using that cash flow to pay for the Phoenix house and trying to break even that way.

Thank you for reading this and taking the time out of everyone's day. 

Thank you Julio and Hamp!

 Thanks Nathan, 

The fire career is definitely an attractive one with the work schedule. For the moment we are focusing on SFH and Duplex's till we get the swing of things. This will be our second live in flip.

We are buying a house in Covington. It was owned by a family member who had a run in with the new king county tenant laws. We were fortunately able to get them out of the home and our family member just wants to part ways with the house. We will be able to buy the home well below market value and just need to update since it hasn't been updated since early 2000's. Plan on selling it once the 2 yrs hits to avoid capital gains. There's no one way would be able to make this property cash flow.

Thanks Lateefah!!

Good morning everyone, 

My name is Eric, I am a local firefighter and was previously stationed at JBLM. My wife and I recently found the world of Real Estate Investing and eager to learn and connect with everyone. 

We recently rented out what used to be our first home in Tacoma and currently in the process of a "Live and Flip" in an another home. Both houses we used Va loans. We recently read Dave Meyer's strategy book and have been thinking about what area we would like to focus on in the beginning. The Seattle/ Tacoma market seems to be pretty tough to find deals and is more appreciative rather than cash flowing but interested in what everyone else has to say about it. 

Look forward to learning and talking to everyone. Thank you for everyone's time.

Eric