All Forum Posts by: Karl Krauskopf

Gorgeous property and great opportunity.  

5% original vacancy in deal model, adjusted down with appraisal insight on market conditions - I'm more comfortable with this figure.  "rent ready" unit is on market and listed still prior to closing, and the other unit is rented.

Good point on capex, the big 5 of the duplex (hot water heater x2, furnace x2, & roof) are aged and will likely need replacing; however, majority of those costs are assumed in the "repairs"

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Closing on our first investment property in Spokane, WA.  This deal feels pretty solid with some overly-conservative assumptions around ongoing expenses.  One unit fully rent-ready with minor maintenance first required (i.e. carpet cleaning, chimney sweep, etc.) whereas the other unit I'll be ripping out the carpet and replacing with LVP throughout.  

There's a lot of room, still, for value-add such as formalizing the egress windows in the basement which would convert a current storage room to a bedroom, as well as adding bathroom in the basement.  Doing this for both units would convert from a 2/1/1 to a 3/2/1.. Though considering that move after a year+ to get my footing.

Seeking constructive criticism and tough-to-answer questions!

@Pat L. Gorgeous remodel! Pretty cheap on cabinets, did that include labor or did you do that on your own too?

@Brian Erickson I know that Spokane was mentioned above, what considerations have you give to buying one or more rentals and/or flips out there? @Tyler Barranger has helped us secure our first property (well, closing in 10 days).

@Dustin Rose give me a shout at [email protected]  

I grew up in FL so would love to oppty to invest back into the state

My preference for a flip would be to walk the property with a contractor you trust, run the estimate, place an offer at a desired margin if the asking will not work.

• I don't have your comps so the obligatory question - is your ARV accurate?
• Why is landscaping your #2 expense item?
• Your expenses look rather precise, where did you derive estimates?
• Why are you holding for 6 months, are you planning on doing work yourself or hiring?
• How are you funding?

@Jeff Rappaport Any f&f off markets you get please keep me in your loop.  Ideally in Spokane or other parts of WA.

@Jack Walker welcome! I'm in my upper 20s and am scheduled to close on a duplex on the northside between Whitman and Hillyard. Really great property. I hope to add a few more properties in Spokane to the portfolio. While cashflow is my ultimate goal, I may need to do a few flips in order to restore capital and pay down debt (BRRR likely won't work on this first property, at least not for another year+)

@David Clinton III Next time I'm in town I'd love to pick your brain and see what value I can drive to your portfolio. 

Another question - you said income is 1.2k/month before the cash-out refi, how did that change once you pulled your cash out and wrapped it into a new loan?