All Forum Posts by: Hannah Reichert

@Rebecca Rice Hi there! I'm also new to the area and just bought a home in Spokane that I plan to house hack (a bit of a fixer upper, renovating the basement mother in law suite to be used for a STR-Short Term Rental). If my calculations are correct, I should be able to use the STR income to pay off my mortgage, plus some extra cashflow. I used Haven Real Estate Group (Heather Schelling) and had a remarkedly great experience. From my newbie experience, if you can find something in Northern Spokane (including Colbert and north of there), South Hill or Spokane Valley, that meets your criteria, I think you'll be golden. Like @Jon Merkel said, there's a huge lack of inventory and I spent many weeks and over a hundred of deal analysis later trying to find something. I got lucky on having my second offer being accepted, in a cute neighborhood in the Northern part of Spokane. It's a little bit of a fixer upper, but I'm excited for the project. Let's connect!

@Shira Albert I know a little late of a response (did you end up purchasing the home?) but we have some Orangeburg on our property and the inspection sewer scope was favorable. They said to do regular scoping to insure it hasn't failed but it wasn't a deal breaker in our books. 

@Tracy Z. Rewey Thanks for your input? You mentioned you were putting together a comprehensive resource to help note investors research state laws. Has this been created yet? If so, can you link it?

Thank you!

@Kristi Kautz I second Russel Waldron! (Doesn't hurt that he's family)

For plumbing I recommend William Sellers  (Keep in mind that the area is busy trying to get everyone hooked up to the new sewer system in town so you could experience delays due to that)

This is my hometown and my folks operate the largest real estate brokerage in the area Cherie Miller & Associates so if you need an agent, property manager, etc, they are the folks to call.

@Milind Shastri That's a good thought! I'll keep that in mind. Currently waiting for their quote and another contractors quote so keeping this all in mind. Thanks!

@Evan Polaski Well said! If it works, it'll work well. Treading carefully, stay tuned!

@Ofer Eyal My family is in the real estate business so I have definitely seen the pros and cons with working with people you have close relationships with. I'm going to vet my neighbor (get references, get itemized bids) as well as meet with other contractors and ask the same questions. I feel like if this works, it'll work well, but if it doesn't, it'll get messy. In two years we plan on moving to another home (we're new to the city, want to get a feel of neighborhoods/school districts/etc) and plan on keeping the home to use for STR or LTR. It would be great to know someone close by to be a member of my team.

@Ofer Eyal Thanks for your honest opinion! I only plan on living in this home for two years before moving to another home. Since they won't be my neighbors long term, does that change anything for you?

Investment Info:

Single-family residence buy & hold investment in Yucca Valley.

Purchase price: $87,000

Bought a pre-foreclosure using personal connections for $0 down (family lender). Purchased at $87k, renovation cost $38k, refinanced and appraised at $177k! Paid back family member and holding as a LTR and is cashflowing ~$400 per month starting April 2020.

@Melissa Uppelschoten Thank you for your feedback! I also have a larger project of renovating a mother in law suite, but I'm using these smaller tiered projects to gauge the success/relationship I develop with the contractor.