All Forum Posts by: Jonathan M Peters

Investment Info:

Single-family residence fix & flip investment in Mountlake Terrace.

Purchase price: $250,000
Cash invested: $20,000

Purchased this home to live in while doing a full remodel myself. Creating sweat equity for sale at a later date for future investments.

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

Sale price. In up and coming neighborhood

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

Driving around and talking to neighbors in the area.

How did you finance this deal?

Bank financing

How did you add value to the deal?

My back :)

What was the outcome?

About 250k in equity so far.

Lessons learned? Challenges?

Tons of construction skills further polished!

What I was refering to was 10k month gross. I have 3 doors and I only gross 1200 a month. I DO however have a  morgage on the units.

I am looking to maybe 1031 exchange one single family home into a duplex I found on the MLS. I have no idea how the entire process works.

My goal is cashflow and appreciation over the course of time.

If I sell the single family I would make 50k. Would you suggest just selling or exchanging?

@Nik Moushon

This was my plan:

I have 50k. I'm using 40k to finish a whole home renovation here on the Wet-side of the state. I plan on using 10k to put 20% down on a off market lot.

I will be trying to sell the home on this side of the state for 650k-700.  (300k being owed on the property.)

I plan on paying off the single family and the land (160k approx.)

Then putting 100k down on the 320k 6bed 5bath 4car garage duplex.

(The reason I would like to build is that in the market I've been looking a 90's 6bed 3bath 2 car duplex is selling for 280-290$)

Keeping the remained to either pay off debt or go to auction to look for the next fixer upper. 

All cards on the table. What do you think?

Nic, do you know of I could build a owner occupied duplex with 5% down?

Want to Scale but lack the plan.

WA State

I currently cash flow around 1200 a month total with my 3 door. One being a duplex and one being a single family home.

I have a new baby boy and fiance. I desperately want to scale homes in WA state so that I can quit my daily grind and try and make money doing what I love. 

All advice is appreciated and I'd love to hear other strategies, remember I'm green at alot of this. (Except being construction, plumbing, electrically minded)

Looking forward to hearing from everyone.

I'd like to hear from all the investors that are cash flowing around 10k a month. I would love to be able to pick your brain and figure out how I can can create my pathway to 10k+ a month.

I have been working on my home for the last year or so saving cash and doing the work myself.

I would like to take 50k of equity from the home to purchase a piece of land as well as, finish my remodel on the home I live in.

My concern is that the rooms that are not complete are going to be seen doing during a walkthrough and that will stop me from getting the cash to complete the project and buy the land.

I heard there is a way to get a refiance done without a walkthrough off of comparables compared against amount owed on the property.

Approximately owe 250k on the home and the house roughly appraises for 450k. Based on what I have seen online (zillow, redfin) and mailers sent to the house.