All Forum Posts by: Evan Dobrowski

Help BPer's,

I have found a very good fix an flip deal in my area that I would like to purchase hire a GC to do the work and flip or refi and hold as a rental. The numbers work out, but I don't have any connections to private lenders. I would need $135K for the purchase and rehab. The ARV is minimum $180K. My family thinks I am nuts for wanting to invest my time, money, and energy into real estate but I know its the path to financial freedom.

Can anyone direct me to any private money lenders?  I have about 10% to put into the deal.

Hi Vincent,

Welcome to the BP community. Sounds like you've find yourself in the right place. A multi family is a solid ambition.  How do you plan on getting there by march? I've been thinking a crowd funded multi family deal would be awesome to accomplish and have been doing research into this. If that is something of interest to you or your just looking for a few potential partners PM me.

I'm also fairly new to investing in RE, I've done a few partnered SFR flips and purchased a duplex as a rental.

Good luck with your goals!

Evan

If you are a wholesaler could you please add me to your list for sending out properties.

What is amount of investment needed?

Hello fellow BPer's,

I have a beautiful fix and flip or Buy, Repair, Refinance, rent project that I would like to partner with someone on or find some private lenders that would help with financing.  I do have 8% to 12% to put into the project so I have skin in the game.

The project: Cost for property $110,000 + $25,000 Repair costs = ARV minimum of $180,000.

I always estimate my repair costs higher than expected in order to put some wiggle room in. GC estimated costs are only $18,500, so I'm $6,500 above his estimate. The property is a SFR with 1bd, 2bth, 2000sq ft, water and mountain views. Should sell for about $180,000 after repairs based on how the market is doing in my area but I want to estimate this low to give myself some wiggle room. The fix should take between 90 and 180 days and if a flip is determined should sell quick due to the location. I would also be whiling to get into this project as a buy and hold if that interests any potential partners more. If this were the case I think the ultimate plan for this project would be to fix it into a duplex which based on the floor plan would be very easy.

If anyone is interested, would like more info, has financing options, etc. Please feel free to PM me.

Thank you,

Evan

Hi Nghia, Welcome to BP. I am also new to RE investing and am looking to invest in a very similar way. Multi-family preferably but I am also looking at SFR and then permitting to convert to Multi-family. The buy, rehab, rent, refinance, and repeat is the investment strategy I have at the moment. I am also looking for a mentor and to build investment relationships with people who may potentially want to combine on deals in the future. I would be interested in meeting at some point to bounce info off each other if that sounds good to you PM me. I am located on the West end of the state and you are on the East side so it might be cool to partner at some point in order to have the capital to do a larger apartment deal on the East side.

Ryland thanks for your insight. The BRRRR plan is exactly what I am doing, I am a newbie investor and have my goals set on buying properties that need some work, doing the work myself, renting, and either refinancing or taking out a home equity line of credit in order to find good deals. Since I am new to the hole RE investment platform I find it very difficult to find deals that qualify for the 2% or even 50% rule. I have determined this rule just doesn't really apply in WA state so I have set a rule around 1.5% instead and its worked so far.

I am not as interested in fix and flip because the hard money loans are pretty scary for a newbie. I am researching them though because I want to get experience in as many areas as possible. Which means I need to figure out hard money loans and if it works than great if it doesn't thats okay too. I just wish there were more hard money lenders that were whiling to let me borrow for BRRRR investments and then refinance just before the 12 month mark.

Sounds like you are an experienced investor, glad your in the BP community and wish you luck in all your investments.  If you ever have time to meet a newbie for coffee let me know.  I would be happy to meet in Seattle to gain some investor community.  Currently I am 26 and known of my peers are interested in real estate.  They all just want to live in a bus in the woods...

Hi Ryland,

Are there any good deals to be had left in the Eastside/Seattle area?  I live on the West end of WA state and we have a few counties that are very Republican and anti-socialism/anti-seattle.  However, there are few decent renters out here so it is hard sometimes with many evictions until a decent renter comes along.  Also people over here are getting excited about the Seattle market and are increasing the listing prices only to see nothing is selling.  I just wish these prices would go down to where they should be because its not affordable to make any profits with rent at this point it seems anywhere in WA.  Unless you look to Spokane area, but that's a far drive to manage the property.

Any advice for a buy,fix, and hold investor in WA state area?  Should I stick to my little neck of the woods or should I expand out of my area?  Should I wait until the market drops back down?  Is there any sign that the market will drop back down?

I think right now in WA based on the number of foreclosure properties listed which is still only about 10% of what the banks actually own.  Along with the fact the banks at least in my area are still in full swing on foreclosures, most RE agents around here say the banks have only gone through about 30% of the foreclosures that need to occur from the 2008 down turn.  Meaning we have 70% of those houses left to get the foreclosure notice and transfer to the bank and only 90% of what is already transferred to the bank is on the market.  How is it possible a market like this is going up in value?  It seems totally artificial and I don't understand how people aren't recognizing this.

Hi Kevin,

When you refer to note investing are you talking about peer to peer investing such as the type on certain websites like lending club?

If not I would be interested in learning about note investing, thank you for the info.  I would be interested in further info or some resources to research if possible.

Welcome Angie!

I am also a New member from WA state.  Sounds like you have done a number of deals, are you a real estate investor full time or do you have a 9-5 as well? I have a 9-5 and only own a duplex at the moment.  I'm fresh into the investment side and if possible would enjoy connecting with you to learn from your experiences with the whole process.

Good luck with all your investments!