All Forum Posts by: Justin Watters

For what it's worth, I'm new to Spokane and I'm starting my REI plan here. Let me know if you need some boots on the ground intel on anything. My network is still pretty small, but I'm ready to get out there and learn =)

-JW

Hi BP team,

I’m interested to chat with someone who has utilized a seller’s carry before?

Quick back-story: I'm under contract on a house with a VA loan in process. The VA appraisal came in waaaay under my offer. We've looked at a few alternatives to include using a conventional loan and re-appraisal. Since the house includes an additional parcel, an option that the seller offered is to take the VA appraised loan amount and then carry the rest for the additional parcel as a privately financed loan.

I think the numbers still look OK, but it would be great to bounce this off some experienced folks.

Thanks!

Justin

@Brandon Turner

Interesting question!

This was a good learning exercise for me. I’m currently under contract for a home that is being rented like an up/down duplex. After researching the city code and zoning map I found out that true duplexes are not allowed in that neighborhood! So, that’s probably why it’s all on one address and electric panel. I also learned a lot about all the info available to the public on a property, and found out the actual rules for ADUs and such. Good stuff! All in all I’m not too worried about renting to 2 families, but that definitely squashes my idea to permanently separate the 2 units.

Hi Spokane crew! Hoping to keep the conversation going here. I'm new to REI and ready to jump in. My family will be moving to Spokane soon, and we're looking to move into a multifamily house-hack situation. From what I'm finding, the 1% rule for a monthly rental rate is pretty unlikely, and it looks like a lot of MFH for sale would be lucky to take in 1/2 of that! Is anyone else finding better numbers? Let's connect soon =)