All Forum Posts by: Justin Harris

My wife and I currently live in Seattle and are looking for guidance in our real estate investment strategy. Currently, we own a home in West Seattle and have approximately $200K in equity. We bought the house in 2021 and have a 3.5% interest rate. Our current house is 76 years old and will soon require major repairs. We are in the process of identifying lenders to get a better understanding of the lending requirements for these ideas. If you are a local lender interested in working with us, please do not hesitate to reach out.

Below are some thoughts and we'd love y'alls feedback. If any other ideas are out there, please share.

Thank you all for your guidance!

Thoughts:

1. Build DADU in backyard while living in single family. Once DADU is complete, move into DADU and tear down single family and rebuild single family with ADU.

2. Tear down current house and build single family with ADU and DADU and complete construction all at the same time. NOTE: We would most likely find a free place to live aka the in-laws :-)

3. After completion of construction, do we condoize and sell the single family and ADU (separately) and keep the DADU for rental and living while in town?

Considerations:

-Cost to build at $350/sqft

-Estimated value of 1,000sqft DADU (3bd / 2ba) after completion: $600K

-Estimated after completion value of 2,000sqft single family (4bd / 3ba): $900K

-Estimated after completion value of 1,000sqft ADU (3bd / 2ba) after completion: $550K

0 Votes

Seattle, Washington

Quote from @Aidan Dobbins:

@Justin Harris I've used OnCourse learning for mine, it's pretty dry. I've heard the Knowledge Co-op is a lot more engaging

Also, I hope you have a 2nd income stream while you're jumping into this. It's a difficult time to start so if this is you're only source it's going to be rough. But, I wish you the best!

Thanks for your insight Aidan! Yes, I definitely here you there. Not quitting the day job yet and ready to build for the future!

1 Vote

Seattle, Washington

Quote from @Ash Hegde:

Quote from @Brandon Beardt:

Hi Justin,

I'd say check out Mortgage Educators and Compliance. I just finished my continuing education with them & had a good experience.

I used them for my pre-license and passed on the first try earlier this year. Very good content.

Hey Ash! Thank you for the recommendation as well. Congrats on passing the first try earlier this year. Good luck to you!

1 Vote

Seattle, Washington

Quote from @Brandon Beardt:

Hi Justin,

I'd say check out Mortgage Educators and Compliance. I just finished my continuing education with them & had a good experience.

Hey Brandon! Thank you for the reply and recommendation! I will give Mortgage Educators and Compliance a go. Appreciate the information!

0 Votes

Seattle, Washington

Good Day! Does anyone have recommendations for a MLO pre-license course for Washington State? Thank you!

- Justin

1 Vote

Seattle, Washington

All Forum Posts by: Justin Harris

Justin Harris has started 3 posts and replied 7 times.

Post: Creative Investment Strategy

Post: El Salvador Investing

Post: Creative Investment Strategy

Post: MLO Pre-License Course Recommendations

Post: MLO Pre-License Course Recommendations

Post: MLO Pre-License Course Recommendations

Post: MLO Pre-License Course Recommendations