All Forum Posts by: Henry Y.

@Patrick Britton Thanks for the tip and I have no idea all mortgage lender counts only 75%. I mispoke earlier about 1.5 income-to-debt ratio. One lender I spoke to requires 75% of rent minus tax & ins & hoa divided by new principle and interest = 1.15 or greater (not 1.5). Nice and short seasoning period you got there. To your question, the reason I am looking for portfolio lender because they lend to LLC and doesn't have a limit on how many properties we can have. I also would need to do cash-out.

@Jon Holdman Yes we have two years of landlord experience.  

@Sean Richway What is the income-to-debt ratio you are looking for?  Thanks!  I like both of the options.

Hi BP,

I am looking to purchase rentals this year and want to find a good portfolio lender. We will be buying properties with all-cash and private money and refinance out to conventional 5%-ish 30 years fixed. We are looking for shorter seasoning period (6mos-1year) before using appraised value instead of purchase price, lending to LLC, and hopefully don't discount too much of the rental income (some lender I talk to use 75% rental income and an income to debt ratio at 1.5..which is not possible in this area).

Keyword: [Seattle] [Lynnwood] [Bellevue] [Washington State] [WA] [Tacoma] [King County] [Snohomish County] [Pierce County]

Intrust Funding! 

Robbins and Co but they are on the expensive end.  

We also got bids from Griffin Foundation Repair.

After listening to the show 121 with the Syrios's brothers, I am interested to look out-of-state. I lived in Minnesota (Rochester, MN) for a year so I am familiar with the negative.  I have friends over at Atlanta and Charleston, SC and I like the climate there...I wonder how it compares with the Mid-West for investing.

Hi I am two properties in Snohomish (Lynnwood & Mukilteo) and would like to flip the house.  Does anyone have any recommendation for a good general?  Thanks much!

1007 Campbell Ave, Mukilteo 98275
3/4 bed 2.5 baths 1,968 sqft Lot: 9,583 sqft 3 cars garage

Call me at 206-965-9833 or email @ [email protected]

Price is $299K and ARV $430-450K

Up Goat Trail Rd to the top of the Hill! Awesome opportunity in a fantastic neighborhood. Brand new kitchen/dishwasher/sink/counters/floor! Huge 3 Car Garage. This home has beautiful daylight throughout! Large living room. Huge Master Bedroom. Rec Room Downstairs w/half bath. Light fixer - Needs roof soon(has not failed), paint and carpet. Breathtaking sound views from property & in the neighborhood. Less than a mile from ferry. Home is sold as-is. Very hot location! Hurry!

Comps:

• 1125 4th St, Mukilteo 98275 03/2015 $360,000 (1,233sqft) - need remodel
• 933 Goat Trail Loop Rd, Mukilteo 98275 (Pending 6 days) $414,900 - need update
• 1656 Goat Trail Loop Rd, Mukilteo 98275 05/2015 $425,000 - need remodel
• 1468 Goat Trail Loop Rd, Mukilteo 98275 01/2015 $490,000
• 942 6th Street, Mukilteo 98275 (Listing) $550,000 with views need remodel

Suggested improvements ($40-60K depending on finish and optional upgrades)

• Int/ext paint
• Update windows and doors and trims
• Kitchen remodel (cabinets are new but optional to upgrade)
• Bathroom remodel
• Frame a 4th bedroom and finish the basement
• Roof shingle replacement
• Demolish deck and sun-room on the south side above garages (optional to upgrade)
• Minor landscaping
• Install hardwood/laminate floors up-stair and down-stair carpet
• Replace gas furnace and water heater

Hi Aaron,

I have a property in Mukilteo looking to sell. Price is $299K and ARV $430K. Address is 1007 Campbell Ave, Mukilteo 98275 and I own the property. PM me if you are interested.

Hi Devon, 

I'll take South / Central King County too ;-)

@Adrian Chu The Mountlake Terrace went up to $240K, and the ARV must surpass the $360K I was thinking probably closed to $380-400 by the winning bidder. When ARV is done by speculation I think the market is getting riskier for me to play. This year I really have to do marketing to find these off-market deals.

@Adrian Chu it's great you are tabbing into these niche markets and doing well there and hopefully the competition is still manageable. Just last week I put an offer on a SFH with 1600sf in Skyway (Bryn-Mawr) Seattle starting bid was $129,000 and it went up all the went to $184,000 with no contingency and all cash and 30 offers (I wasn't the highest bidder). I figure that if anyone can still flip and sell this house the ARV has to be above $300K and that would be setting a new record for this area. The truth is I think that buyer might be right. It's getting into the pure speculation. Lucky for me, we have many projects in the pipeline and I know my ARV will have to add another 10-20K by the time we sell, but buying is getting harder and harder. I am thinking about driving farther North Snohomish County where the competition is less intense but I have to find new contractors that work up North. I think this market is better for buy-and-hold and just get it rent out because appreciation goes at 7-8% a year is going to continue I think.