All Forum Posts by: Haydn Halsted

@Noah Christenson Delaney Law is one of the best for these off market transactions. They know the process of assigning contracts, novation deals and I’m sure they could do a double closing but not positive. Let’s grab coffee sometime!

Hey Chad! I'm always needing more contractor referrals. Would love to connect sometime and see what kind of jobs you're looking for. 

@Sooraj Maharjan hey there. You can always dm me where we can schedule a call to go into more detail. I personally think the 1% rule isn’t the best metric for single family homes in Spokane. I am a realtor/investor and happy to talk more specifics privately!

@Jonathan McKay haha not Dunkin, I meant donut parade.

@Jonathan McKay Logan neighborhood just a couple blocks from Dunkin Donuts

@Amber Mocalis thanks for reaching out and catching up on these notifications! Yes, I’m close enough to the universities that I rent by the bedroom. One of my tenants is at the WSU nursing school and the other is actually a contractor (he’s a great tenant because he’s never here haha).

I rent my rooms for $650 per month plus their share of the electrician bill so it comes out to about $680 a month for each tenant.

If you can get a 3-4 bed house under $300K in the Logan neighborhood you can do pretty well with student housing. Let me know if you have any questions!

@Luke Trovinger definitely! Probably sooner than later with how this one turned out. There's a duplex for sale across the street, lol. The rent by the room thing works well in this neighborhood but definitely hoping to find a small multifamily next to have a bit more privacy. But the equity will be a boost to being able to buy BRRRR properties once I pull a HELOC.

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $270,000
Cash invested: $13,000

Just closed on my first house hack! This property is close to Gonzaga in Spokane, WA so I will be living in the upstairs master suite and then renting out the two bedrooms on the main floor.
Once I move out, I will be adding a 4th bedroom and the property will cashflow about $400 a month.
The best part is that the appraised value is came in $100K over what I paid for it so I will be quickly turning around to refi, wipe my PMI off the loan and then pull a HELOC to use for future investments.

What made you interested in investing in this type of deal?

Being able to live for free or nearly free while having the opportunity to build equity.

How did you find this deal and how did you negotiate it?

I was going to list the property for my friend, but they presented me with a price they would feel comfortable with and it was a price that worked well for my numbers.

How did you finance this deal?

Conventional Loan, 5% down.

How did you add value to the deal?

New flooring and interior paint, will add a bedroom down the road. Don't really need to add much though.

What was the outcome?

I have a $100K in equity on my first property and living for nearly free!

Lessons learned? Challenges?

Being patient for the right property and situation to come about and being ready to jump on it. Patience will always win and it worked in this situation.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with myself and Hunter Zier of Heritage Home Loans financed it. I've only been self employed for 1 year and he was able to get me qualified which was amazing after going through 8 different loan officers.

Hey Jacob, I have a hard money connection that will fund the rehab. Shoot me a message and I can get you the info.