All Forum Posts by: Jeremy Benezra

Sounds good so long as lenders waive my monthly payments and the county waives property taxes.

This is a fantastic strategy.  

How do you get the lender/bank to agree to you taking over the loan?  Is that easy or has it been hard?  Do they need to do a credit check and go through the full rigmarole?

I'm in the greater Seattle area and have definitely seen that slowdown.  Especially in the high-end homes, where the market hit a standstill last autumn and never really took back off again.  It was bound to happen, Seattle was too hot for too long and got crazy expensive.

Yes I am using a cut rate listing service - Savvylane.  I’ve sold I think 15 flips in this manner, so it’s worked pretty well in the past.  I agree it might be different in the $1m+ market and it also might be different as the market has lost a lot of steam the past half year.  I’ve held open houses and have had showings every week.

Feedback from showings has generally been really good.  Almost everyone has said great floorplan, great remodel, pricing is right on.  A couple buyers have said small backyard and one said the neighbor’s dog was barking, neither of which I can’t do much about.  Most recent feedback:

“Hi!  Great home!  At this time we are going to continue to look.  We will keep your home on our favorites list.  Thanks!

In my opinion, corners were not cut on the remodel.  The only things I might have done differently was paint the entire exterior, update the powder room bathroom differently to match the rest of the house, update the brick fireplace (though I love the look of a brick fireplace).

@Hal Thompson – your numbers are pretty far from realistic.  I wish it was so simple as buy for $784,000 sell for $1,200,000 = profit of 416k.  Unfortunately the numbers only work that way on the Flip that House tv show.  As you know, there are buying costs (Vestus), the remodel cost of over $150k, interest, property tax, insurance, utilities and selling costs.

On the NWMLS, I think the home has to be delisted for 90 days for it to come back as a new listing and with zero DOM.  That would take me into October, not an ideal time to come back on the market.

I think the big factors are:

Price – which everyone is saying the price is right on for the area

Timing – things have really stalled over a million in Issaquah and Sammamish

I’m debating switching this listing to a full service agent I have a relationship with.  But what will that get me?  When most buyers these days find their house online, what kind of marketing would help a sale to occur?  Postcards with photos mailed to nearby residences?  I don’t think more open houses is going to do it.  Host a meetup for local investors with food and drink and present my numbers as a case study to benefit all?  I’m not going to post my numbers publicly until after a sale.  Maybe investors who come see this house would have someone in mind who would love to live in it?

Thanks for all the ideas everyone!

Why is my Eastside flip not selling?What should I do to get it sold?

4 bed, 3 bath, 3820 sq ft, built 1991

Listing description - Cathedral ceilings and rich hardwoods welcome you to this stunningly refreshed Burnstead home in the coveted Tibbetts Station. The versatile layout features all-new kitchen with fully restored sun wall, granite counters and SS appliances and connects to a cozy family room complete with box beam ceilings. Four bedrooms including the spacious master retreat with gorgeous remodeled bathroom. Plus, new presidential roof, 3-car garage and more on a large lot in the prized Issaquah SD. Do not miss it.

The house really does have everything a buyer in the suburbs would want.Almost every room in the house was overhauled with clean, contemporary finishes.The pro photos came out great, the house shows super well, why haven’t I gotten an offer?

The HOA is a plus in this neighborhood as it employs street sweepers, there are parks, and all houses have similar brickwork on the fascade.

I might have come out a bit bold with my original pricing, but comps and $/SF of recent sales projected I could have listed it even higher.I’m happy I didn’t.I’ve made a couple price reductions over time and really believe this house is a fantastic deal at $1.2 million.I’m seeing very few sales over a million in this area of Sammamish and Issaquah and think that’s the culprit.

What should I do to get this house sold?Any advice would be much appreciated.Anyone want to meet at the house and take a look?

Thank you!

Jeremy

I wouldn't.

It's difficult to get a legit job without a SSN.  How will they pay rent?

Does anyone have a survey crew they recommend who could mark my property corners in the next couple days?  I'm building a duplex in Renton and have a builder under contract.  But I'm responsible for the sitework, including survey and excavation.  

My engineer office is a few weeks out on survey, but I have permits in hand and my excavator wants to start ASAP.  Also, my 120 day price lock with my builder is looming, so I need to get a move on or else I'll be hit with a price increase.  City of Renton killed my schedule with being so slow to turn around documents and requiring so many revisions.  

First step would be mark property corners and foundation corners.  Then after the hole is excavated, they'd need to come back again and precisely mark the foundation corners inside of the excavation hole.  

Thanks!
Jeremy

@Matt M. RUBS is Ratio Utility Billing System.  Lots of articles on BP about it.  Pretty common in multifamily situations where every unit is not individually metered.

Trying to figure it out with City.

@Joe Splitrock I spoke with my insurance agent and they said they have a product that will cover it as long as there are separate outside entrances.

@Matt M. The split would be written into the lease.  People do RUBS on large buildings.  Why can't I do the same on a duplex?

@Elizabeth Najera I think if it was a househack, many of the rules don't apply as it's owner-occupied.  I don't plan on doing this as a househack though.  I would rent it out to 2 separate parties I don't know and I would not live there.

I was thinking I could put a second mailbox up and have there be an 1234 A and a 1234 B.  The required PO box is a decent idea, as then there wouldn't be any obvious outside markings that its a duplex.

I think electricity is straightforward.  99% of the time there is nothing to deal with.  If a circuit trips though, unit A will have to contact unit B and ask them to flip the breaker back.  But what if the tenant in unit B isn't home at that time?

Utility bills will have to be split.  Should the split be 50-50, or should it be 3 bedrooms up to 2 bedrooms down so its 60-40, or based on number of occupants in each unit (if upstairs is a 4 person family and downstairs is a single person, should the utility bill split be 80-20)...?