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All Forum Posts by: Lacey Hunter

Lacey Hunter has started 20 posts and replied 30 times.

Thanks Ryan and Kevin!  Yes, property is in Caldwell and unlike the rest of our WA portfolio we have a local contact that split the purchase price with us and is our live in renter/manager until their house is built (at which point they will property manage).  The mortgage is insanely cheap - granted, we live in Seattle so most places seem cheap - but is <$1,000 (including insurance and taxes) and we were able to refinance it along with the rest of our portfolio in Sept '19 and dropped the rate a full point.  If we were to rent it out today it sounds like (per our agent / Rentometer) we could expect to get $1400-$1500 and so still cash flow a couple hundred bucks after 10% for property mgmt and 10% for capex/reserves.  Not bad!  The market was really competitive when we bought this place last year but haven't tracked closely whats gone on since then. Overall Boise and the surrounding MSA has been blowing up in terms of net population increase and the cost of living is so cheap compared to coastal markets I would be surprised to see trends reverse. 

Yes!  The McCullars and their lottery winnings!  I couldn't believe their agent thought it was a good idea to flood the entire Grant county market with all of their properties simultaneously.  We had been watching it for a few months after picking up two SFHs and were really surprised to see that much inventory come on all at once. It definitely worked to our advantage as I figured that the first sale that closed would turn on a lot of interest/demand....but until that first sale went pending there'd be a lot of speculation and attempts to figure out what exactly was going on.  We heard that a wholesaler picked up the majority of their inventory but didn't follow it closely.  Definitely feel fortunate to have been in the right place at the right time! 

Originally posted by @Chris Miller:

Congrats! Now I am mad I didn't offer on this!

 Thanks Chris!  There was an almost identical small complex off of Beech st (three fourplexes) that sold about a month later. They were owned by the same seller; this individual sold all of their holdings in the Basin area in 2018 so was pretty lucky to hit this one at the right time.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $195,000

Adorable 3 bed / 2 bath rambler on a corner lot with a fully fenced backyard and sideyard. 2-car garage and location within a quiet neighborhood with shared park/playground space a plus. Easy access to the 84 and minutes from schools and recreation.

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

The entire Boise metro has been on the rise recently for a lot of great reasons (extremely cheap cost of living relative to Los Angeles, an outdoor enthusiasts dream with 80 mountain ranges in the state, and a great brewery scene) and Caldwell is a stone's throw away. This home is located less than five miles from schools and hospitals making it an ideal rental for teachers/doctors and also falls within the best school district in Canyon County.

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

MLS - drafted and submitted my own valuation to the seller

How did you finance this deal?

Conforming 30 yr bank note

How did you add value to the deal?

The sellers didn't stage or clean the carpet - deep cleaning done, fully occupied since Aug 2018!

What was the outcome?

The market was very competitive and offered $6k above asking ($189.9k) to try to close quickly and avoid a bidding war. It worked!

Lessons learned? Challenges?

Offering a small amount above asking with the guarantee of closing quickly can save you money in a competitive market - we were able to keep all contingencies and get this under contract without having to enter into an escalation situation.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000

Custom-built 3 bed/2 bath rambler with single car garage, fully fenced backyard, covered deck/porch and peek-a-boo views of Moses Lake. Less than a mile from the public boat launch/lake access and minutes from hwy 17. Home is located at the end of a dead-end street.

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

This home met our investment criteria of 3 bed/2 bath/fully fenced backyard and garage, It is wakling distance to an elementary school and less than a mile from the public boat launch so figured it would make an excellent long term rental and potentially an airbnb.

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

MLS and submitted own valuation to listing agent. Seller had already moved and originally listed the home for well over defensible valuation ($250k); seller was still paying on the note without a tenant in place so used that knowledge to my advantage when negotiating the purchase price.

How did you finance this deal?

Conforming 30 yr bank note

How did you add value to the deal?

The home was a custom build including custom interior paint and carpet that included one bedroom with bright pink walls and purple carpet, another bedroom with bright blue walls and green carpet, and the interior of the garage painted red. The owners had left christmas decorations up and two gingerbread houses in the oven (note the date the deal closed..)

What was the outcome?

Minimal investment including new paint and carpet (grey and grey!), staining the deck and landscaping work resulted in this home being occupied since August 2018,

Lessons learned? Challenges?

Always figure out what the sellers motivation is and how much (if anything) they owe on a property. This will ultimately help you gauge how much leverage you do or don't have when making an offer for below asking.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jennifer Kron from MLRG represented us as buyers agent and continues to represent us as our property manager for all rentals in Moses Lake.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000

3 bed / 2 bath 1,560sf corner lot rambler with 2 car garage and fully fenced backyard. Easy access to highway 17 and schools, lake and recreation.

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

This home met our SFH investment criteria of 3 bed/2 bath/garage and fenced yard - this neighborhood is centrally located and ideal for anyone new to the community. If my husband and I were moving to ML, we'd want to live here! The open layout/single story floorplan are appealing to a variety of renters.

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

MLS - drafted my own valuation and submitted it to buyers agent

How did you finance this deal?

Conforming 30 yr bank note

How did you add value to the deal?

Minor repairs, interior paint and deep cleaning. Have not had a chance to remodel or upgrade anything as its been leased the entire time!

What was the outcome?

Happy tenants

Lessons learned? Challenges?

Targeting a property for sale before the owners have had a chance to stage it is a huge advantage - our agent (Jennifer Kron with MLRG) knew it was coming on the market and we were able to see it and submit an offer before staging/open house. The sellers were happy to have a deal in hand before they had moved into their new place!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jennifer Kron at Moses Lake Realty Group - she is our trusted agent, property manager and partner in all of our Moses Lake properties. Cannot recommend her highly enough.

Thanks Kory! Its been fun to get to know the local ML market.  

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $175,000

3rd of 3 fourplexes in a small Moses Lake complex! On site parking, laundry and plenty of open lawn within the fenced perimeter for walking pets.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $175,000

2nd of three fourplexes purchased in Sept 2018, rehabbed and refinanced Sept 2019. See 1015 S Juniper for details!

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

Leverage!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $175,000

Two-story fourplex with parking, shared laundry and outdoor space. Each unit has its own enclosed patio; layout is bedroom upstairs / kitchen, living room / restroom downstairs. Each unit has a sliding glass door that opens out onto its enclosed patio.

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

Leverage!

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

MLS; completed my own valuation and provided it to the selling agent along with my offer (unit was listed @ $255k)

How did you finance this deal?

conforming 30 year note (bank financing)

How did you add value to the deal?

Cured deferred maintenance (overgrown landscaping, peeling paint, tilted mailboxes), cosmetic work including interior and exterior paint, rebuild of patio fencing, striping of parking lot. Also hired a local electrician to install separate electrical boxes and split the electrical measurement so that tenants would cover what they were using (previously wasn't split out / owners were simply covering electricity for tenants).

What was the outcome?

Great! Successfully executed the BRRR!

Lessons learned? Challenges?

Small markets are inefficient - don't be afraid to make an offer at a price that you can support with data. Also had to readjust my expectations re response times, scheduling of work etc as smaller towns operate more on relationships than they do on timelines.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes - Moses Lake Realty Group has been phenomenal and specifically Jennifer Kron who represented as buyers agent as well as serving as property manager for our entire portfolio in Moses Lake (the other two fourplexes in this same complex plus two SFHs in other parts of town). Would recommend MLRG to investors looking at Moses Lake!