All Forum Posts by: Jan Wanot

@Asim Alam, 

Remember, just because it came from a wholesaler, does not make it a deal. Good call on passing on this flip, the margins were too tight. 

@Brendon Stewart, I've done a couple of deals in Tacoma, and all exceed the 1% rule. That is a good minimum standard.

I even see some MLS deals that will exceed 1% with 10-30k rehab. Happy hunting and feel free to reach out if you ever want another set of eyes on your analysis!

I found a couple of good, free handwritten style fonts on here:

http://www.1001fonts.com/mumsies-font.html

Mumsies is my favorite thus far, but I will experiment with others. 

Thanks for the correction, @Tatiana Gershanovich :) That's who I was talking about. 

You have to ask yourself whether you're willing to accept the low or potentially negative cash flow (depending on how much maintenance it requires, or how unlucky you get with tenants) that comes with purchasing a $500k duplex in Seattle. The cap rate would be unfortunate. 

If you plug in some numbers here, you'll get a good idea

http://www.proapod.com/calculator/free/o_cap.php

Let's assume $500k acquisition, $5000 per month income * 12 = $60,000, 5% vacancy, and to be conservative/realistic 50% operating expenses. 

That nets you a 5.7% Cap rate. 

I've seen similar rates as @Adrian Chu, with 75 to 80% LTV. However, I've also seen, and am currently chatting with some folks down in Portland that offer 90% LTV, which is helpful for those starting out with limited capital.

I'll let you know if the guys offering 10% down happen to also provide great service and reliability. 

Harrison, thanks for the insight. Can you link us?

Thanks for the responses. I should have clarified that I already attend the BP meetup in Seattle, which is very fruitful and well priced. Free 99 :D

Hey Seattle and Puget Sound!

What's your experience with attending paid seminars/forums like this?

http://mmseattleforum.com/

Not necessarily a guru style workshop. Seems to be real industry professionals, with a reasonable price tag (albeit more than I have ever spent on RE education before, I'm used to buying books, or dinners for people I want to talk with instead of courses)

So, do you think the above linked is worth the cost? 

What type of networking have you done at these events, and how has it paid off?

 What other events are coming up that you are attending?

Cheers, and wishing you successful investing!

@Natalie Kolodij, sounds like you have a good plan with options, and exit strategies.

To @Jered Sounders point, you CAN delay moving into an owner occupied property if doing some rehab based on Fannie Mae's Homestyle Renovation Loan. The loan stipulates that you occupy the property within 60 days. However, I'm sure you could extend that for as it took to complete the rehab. Confirm with your lender.

As you've heard, there are definitely 1%+ and even 2% rental in Western WA. I'm currently rehabbing a property near UW Tacoma that I plan to rent by the room, which will hit about 1.5%. Found on CL, and put offer in that day. Like @Ruth Bayang mentioned, you gotta move quick :)

I'm currently working on building my network, so that I can have more people in my pipeline sending opportunities in which we can all succeed. That takes time, but attending BP meet ups is a great start if you don't do so already.