All Forum Posts by: James Dainard

@Uday Maripalli Fina another agent for sure!

Remember that as the buyer, YOU are in TOTAL control of everything that happens during your home-buying experience. This is equally important to investors and first-time purchasers.

Real estate agents have a fiduciary obligation to serve you and your best interests, even above their own!

Your agent should be there to advise and assist not dictate and demand. You should feel comfortable and supported along every step of your journey.

I encourage you to continue searching for a SFR, there are plenty of deals on the market right now in that price range. If you can get a deal right now with higher interest rates, you'll be competing against less buyers and you'll be in a good spot to refinance in a few years when rates normalize again.

The market has flipped to where you want to marry the house and date the rate, it was the other way when money was so cheap that you wanted to marry the rate and date the house.

Keep your head up you can do this! Let me know if there's anything my team can do to help you!

Hey Daniel,

Seattle is a tough market to make work using metrics designed for higher cash flowing areas.

Holding rentals for cashflow int he PNW requires more money down to get to the leverage position you need in order for the numbers to work out. The reason for this is that the local demand is so high that there are other buyers in this market that are willing to tie up significant amounts of capital to live in a convenient asset.

With that in mind you have to be looking for the opportunity zones when trying to invest in this market. You have to be willing to go after the properties that other people aren't willing to take on.

Once you find something with a delta (renovation scope) that you can take advantage of you want to see what other upsides you might be able to get out of that deal. Did it get upzoned? Are you able to split the one structure into two units?

One of the opportunities we're seeing right now is holding upzoned lots as rentals. The builders in the PNW got hit hard with interest rates and a lot of them are getting rid of projects they don't want to take to completion. You can pick these up already knowing that a builder bought it once, get some of the plans/permnit sets the builder already put together in some cases, and hold it as a rental until either you can develop it, you can get the permits to completion for it, or another builder decides they want to build on it when cost of money goes back down.

I know that's a lot of info so here's the TL:DR

In a market like the PNW where the demand is so high that asset prices are inflated due to buyers investing in quality of life you want to find niche deals that have multiple margins built it. There are plenty of deals on market right now, make sure you're underwriting for what the best deal is for you given the current market conditions.

Check out @Dave Meyer's new book Real Estate By The Numbers!

Here's the link to buy if anyone's interested!

Hey Lamancha,

I'm making sure the property has multiple exit strategies. I want to be able to flip it, wholesale it, or keep it as a rental.

If I'm going to keep it, I want to make sure that there's going to be some equity kicker down the line. If there's some city developments/improvements that are going in, or if there's upzoning that I can take advantage of in the future I'll be looking for those things.

I also have to have a walk-in equity position where I can force appreciation through rehab.

If a deal has those three aspects to it, I'll do more due diligence on it and probably take it down. Right now I'm padding all of my proformas and calculators with longer hold times and higher reno costs. We see that renovation costs are starting to come down as the market slows but it'll still be some time until we have competitive rates back on most of our subs. Control your costs right now!!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $490,000
Cash invested: $84,000
Sale price: $680,000

Contributors:
Vlad Tselnik, Katie Kepler

Thoughtfully designed Olympic Hills Rambler. Remodeled to create optimized spaces for modern living. Front deck welcomes you into an open floorplan - New kitchen, spacious dining & inviting living room w wood burning fireplace. Master suite ensuite BA w walk-in shower. Add'l 3 BD/full BA! Fully fenced/private/sunny backyard is your own oasis w gardening space & spacious deck-perfect for al fresco dining. Mins to everyday errands, shops, restaurants & easy access to freeways & future light rail!

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: $130,000
Cash invested: $22,800
Sale price: $179,950

Contributors:
Garrett Quinn, Victoria Loder

Remodeled 1 bed 1 bath condo is now available & ready for you to move in! New white shaker kitchen cabinets with quartz counters, stainless appliances and new light fixtures throughout. Living room features gorgeous wood fireplace tiled all the way to ceiling. Spacious bedroom with new carpet. Remodeled bathroom with tile surround and new vanity. New millwork and hardware. End unit with easy access and patio. Minutes to McCollum Park, Pool, Park & Ride. Bus routes are available within a block.

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: $199,000
Cash invested: $26,400
Sale price: $277,000

Contributors:
Dominic Turco, Victoria Loder

Charming and Cozy! Two words to describe this cute bungalow in McKinley! Enjoy the view on the front covered porch while sipping some coffee and get blasted with morning sun rays! New luxury vinyl plank flooring throughout the house. Brand new kitchen with shaker cabinets, granite counters and stainless appliances! New remodeled bath with tile surround and modern touches. Spacious lot with alley access and tons of parking. Convenient location, near freeways, shopping, dining & recreation.

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: $110,000
Cash invested: $36,000
Sale price: $195,000

Contributors:
John Whitney, Katie Kepler

Covered porch invites you into spacious and open living space with new floors, vinyl windows and interior paint throughout. Kitchen features new shaker cabinets, butcher block counters and stainless steel appliance. Kitchen sink overlooks front garden. Generous sized master bedroom with access to full bathroom. Additional bedroom. Off street parking and patio, spacious sunny flat back yard with large gardening shed. Excellent location in Kenton Firs with easy access to every day errands.

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: $240,000
Cash invested: $66,000
Sale price: $399,000

Contributors:
Dominic Turco, Jennifer Haffner

Beautifully remodeled mcm rambler. EVERYTHING IS NEW! Stunning open concept kitchen incl new cabinets, quartz countertops, stainless appliances, the list goes on. Huge master suite with walk in closet and spacious master bath. Hardwood floors in the large living room with a wood burning fireplace and lots of light. Level lot with shed and RV or boat parking. Great location in a quiet neighborhood close to I-5, shopping, JBLM & Wards Lake. Come see it today!

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: $226,550
Cash invested: $90,000
Sale price: $571,888

Contributors:
Victoria Loder

Welcome to a true Northwest retreat! No matter which direction you look, you're surrounded by majestic PNW nature & beauty. Located on Filucy Bay, this secluded 1 acre property has 200' of medium bank waterfront with well kept paths & stairs leading to the beach, perfect for kayaks & fishing. Step into the recently remodeled home filled with natural light. From the expansive windows, gorgeous floors, quartz countertops, new backsplash, updated fixtures & appliances.

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!