All Forum Posts by: Evan Anderson

I have a duplex under contract in the University Place, WA for $600k. Both units are 3 bed 2 bath at approximately 1.1k SF each with attached garages. Both have leases for $1,895/mo. I just applied for a loan which I expect to lock in an interest rate around 4.7% at 75% LTV. The basis compared to comps is favorable. I also think there's potential to push rents $200 with renovations. Roof was replaced 6 years ago and one of the units recently had all flooring replaced. I have real estate experience but this is my first multifamily deal so any thoughts or advice is appreciated! Keep in mind PNW pricing is tough out here. Also this would be a long term hold.

More information: I'm putting down $150k (25%) and the loan is $450k (75%). I'm self managing.

Y1 Budget as follows:

Rent: $45,600 (based on current leases)

R&M: $3,000

Landscaping: $1,000 (I live nearby and can do much of this)

Insurance: $1,400 (estimate)

Taxes: $8,286 (after reassessment)

Other expenses: $885 (buffer)

NOI: $31,002

Debt Service: $28,006

Cash Flow: $2,995

This is before any renovations or rent growth. I believe rent could be below market.

I just bought a property at a trustee sale and am now the legal owner. There were squatters that we paid to move out and now the property is vacant. According to WA law (RCW 61.24.060), "The purchaser at the trustee's sale shall be entitled to possession of the property on the twentieth day following the sale." Since I am the legal owner, what does "entitled" mean? Can the owner move back into the property and force us to go through the whole eviction process? Any help is much appreciated!! I am talking to lawyers as well just thought I would post here first.

I’m located in King County, WA. Although not recommended, I understand it’s possible to do your own title search. How is this done?

Anyone have any experience with pre foreclosure soliciting in WA. I’ve read through 61.34 multiple times and it doesn’t look like there’s any language on not allowing soliciting as long as your fulfilling your fiduciary duty.

I live in Seattle and my parents neighbors house is getting foreclosed on due to missing numerous payments. My parents and I are very familiar with this property and are planning to bid on it once it goes to auction. As someone who’s never bought property before, do you have any advice for steps I should take before bidding? I’m meeting in a couple days with a company that does hard money loans. The business plan in a 3-4 month flip.

Hi,

I'm 22 years old, living in Seattle and looking to invest asap in either a SFH or multiple units... I hate renting. I have about $36k in liquid savings and just got preapproved for a $332k conventional loan at 4.875% interest. I know that's not a lot in Seattle, but it paints a picture for my buying power.

So my question is, do you think I should start investing this year or hold off? Seattle is extremely competitive and it’s virtually impossible to find market deals with positive cash flow. So I would basically be investing in the gain on appreciation/reversion. And if I was to do this, even an investment in a condo then might make sense. Can someone with more experience paint a clearer picture for me on what makes the most sense? Thanks!!

@Jared Forman Are you mainly looking for market deals or off market deals? And how what are you plans with these homes? Flip or rent?

I'm currently a college student about to graduate in Seattle. I just got a job as a financial analyst for the investment team at a commercial real estate management company. I'm an intern now, however it should turn into a job soon and I'm guessing it will pay a salary of around 50k. I have no money now, but looking to save up and invest in real estate as soon as possible. I'm thinking about living at my parents home as it will save me around 12k for the year.

I want to start investing asap, so I have these questions: (1) Is the 12k I save next year financially worth the hit on my social life as a 22 yr old? (2) What type of investment do you recommend for first timers (single family vs multi family)? (3) Any other advice? Thanks!