All Forum Posts by: James Dainard

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $450,000
Cash invested: $108,000
Sale price: $710,000

Contributors:
Dominic Turco, Jennifer Haffner

Welcome to this beautifully updated home across the street from Chambers Bay Golf & Country Club. This home has sits on a very large lot with peek-a-boo water views from the second story. Walk through the dining room into the brand new kitchen featuring all new white shaker cabinets, quartz counters, SS appliances, tile backsplash and a large island. Primary bedroom features ensuite with full bath & double vanity with all new finishes and walk-in closet.

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

Fix and flip investment property for a client.

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

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

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

Check out the Heaton Dainard team!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $425,000
Cash invested: $18,000
Sale price: $562,000

Contributors:
John Whitney, Megan Halter

Here is a hidden gem right at the water's edge! Northwest resort living at its finest with panoramic views of the Olympic Mountains and the Puget Sound. This 2 bedroom home has been updated with gorgeous bamboo flooring. The Kitchen features shaker cabinets, granite counters, tiled backsplash and stainless steel appliances. Large primary bedroom has walk-in closet with custom closet systems and one spectacular view. The 2nd bedroom includes built-ins creating the perfect office or guest suite.

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

Fix and flip investment property for a client.

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

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

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

Check out the Heaton Dainard team!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $800,000
Cash invested: $108,000
Sale price: $1,500,000

Contributors:
Vlad Tselnik, Megan Halter

This home is impeccably remodeled located in ideal Redmond! Step into the inviting and airy entry with vaulted ceilings into the living & dining room with cozy fireplace which opens to the expansive deck perfect for summer BBQs. The stunning kitchen is sun soaked and finished with sophisticated touches. The primary includes ensuite 3/4 bath. There are 2 additional bedrooms, and a full bath upstairs. Lower level has private 2nd primary with tall ceilings & 3/4 ensuite.

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

Fix and flip investment property for a client.

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

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

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

Check out the Heaton Dainard team!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $670,000
Cash invested: $54,000
Sale price: $820,000

Contributors:
Vlad Tselnik, Megan Halter

Welcome to this Shoreline beauty located just steps away from Hamlin Park! Open and airy living with natural light sweeping throughout this updated charmer. Brand new kitchen includes shaker cabinets, marbled quartz counters, and stainless steel appliances. Access to the large deck for dining for the perfect summer BBQ's. Two generous bedrooms upstairs plus a full bath. Lower level has a great layout with two private bedrooms, spacious bonus room, wet bar, and full bath with separate entry.

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

Fix and flip investment property for a client.

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

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

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

Check out the Heaton Dainard team!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $1,205,000
Cash invested: $67,200
Sale price: $1,990,000

Contributors:
Megan Halter

This quintessential classic Lakemont home offers refined modern updates! The corner lot house is nestled at the edge of a quiet and private cul de sac. Its grand entry draws you into the stunning formal living & dining with gorgeous windows which offer abundant natural light throughout the entire home. Enjoy the chef's kitchen complete with SS appliances including gas range, double oven, and all new shaker cabinets & quartz counters for ample storage.

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

Fix and flip investment property for a client.

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

On the MLS.

How did you finance this deal?

Hard money with Intrust Funding.

How did you add value to the deal?

Fix and flip renovations.

What was the outcome?

Sold the property.

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

Check out the Heaton Dainard team!

Hey Gabriel,

You'll want to find an agent in your area that has experience working in the multifamily space.

If you're having trouble you can also find a lender to get a preapproval letter for what you can purchase. The lender should have someone they can put you in touch with that they've worked with in the past.

As for what to inspect, you want to get an inspector through whatever property you're going to purchase if it's your first property. Multifamily inspections are a bit more expensive than single-family. Check your water heaters and your electrical pannels as well as any community areas/sinks/toilets. The inspector should give you a detailed report on the property's condition. 

As for deal analysis you're going to want to look at rental rates for your area. Rentometer is a great resource for this. Compare these rents per unit with your cost for the deal, toss in your insurance and maintenance and you're well on your way to underwriting a deal!

Best of luck!

 Hey Tristan,

If you have the option, the flexibility, and the property to be able to take advantage of a higher leverage position using an owner-occupied loan you should go for that option 100%. You will exponentially increase your returns that way. You can always invest out-of-state later.

You're going to want to scale by getting larger multifamily assets under your control. Start with what you can house hack then 1031 the ones you accumulate to roll the equity into larger deals to keep your ROE return on equity where you want it.

It sounds like you're doing all the right things!

Best of luck!

One of the most common mistakes we're seeing right now is not using the right comps.

People are using comps that are from too far back, when interest rates were much lower, to justify purchases now, in the face of interest rates rising again.

Make sure you're using accurate and timely data to justify your purchases!

Another mistake that we see a lot is overspending. Spend on your renovation to match the comp, don't go above and beyond where you don't have data to support your reno. We see this a lot with newer investors who are looking to make the most of their projects. We all want to do a good job and make nice products but we have to conform to the market and provide what it demands. If the demand shifts like it has recently, you should be able to shift your projects and your trades to adjust and pivot your business to meet the demand where it's at. This means cutting back on finishes in some places to save both time and money where we would've spent the money a year ago to get a higher final value.

Hey John,

You can pay them either a flat finders fee or a commission (usually 1 months rent) for finding the tenant. Your state should have laws regarding what someone can receive and how someone can receive compensation for that work.

The agent's office should have some paperwork that can help you! They should have rental listing agreements that you can fill out.

Hope that helps!

 Hey Freddy,

Make sure your lease covers you as the landlord! Talk to local property managers, see if you can get into local RE groups and use their forms.

You can find some forms online but you really want one that someone else is already using that has extra protections in it.

Make sure you read through the fair housing laws in your area to make sure you're not discriminating in your application and beef that application up to make sure you find stable long-term tenants.

Good luck!