All Forum Posts by: Matthew Sprott

@Paul Dario Jr Which municipality are you in? I'm just curious what their plans look like. 

I would try to find a local drafting company. They are typically much cheaper than architects for something this simple and can usually get to it faster. 

Hey Guido, 

I'm an architect here in Spokane, WA and I've never had a referral fee for recommending a builder for a project. I'd be curious if there are other architects out there charging for that and how that would be contracted. The owner should be contracted with the architect to design the building and should separately be contracting with the builder to construct the house. How the owner finds a builder is up to them, however, architects might recommend builders they have a good history with and vice-versa. I wonder if there is some miscommunication here and the architect you are referring to is actually talking about charging for some construction administration services?

Hey Joe, 

I'm an architect in Spokane, Washington and I've helped investors large and small renovate and rehab their properties. My initial question is what size of rehab you might be taking on. The size of the rehab might decide the type of designer you need for the project. If you are moving load-bearing walls and adding beams you might need an architect and engineer, while if it is as simple as some updated finishes and casework you could get away with less sophisticated designers. For example, I have worked with clients of mine to help them with an updated floor plan to suit their needs, as well as cabinet layouts, interior elevations, finishes, etc. I'd be happy to chat more with you about the project if you'd like to shoot me a message!

Hey @Connor Castillo,

I've actually done several renderings for flips & renos all the way to huge multifamily buildings. The last one I did was for a client who wanted to post an image on the sidewalk and on their zillow posting so they could sell the home before the reno was finished. If you want to send me a DM we can chat more about it!

Hey @Konnor Lange,

May I ask where it is that you are investing? I'm an architect in Spokane where we have several clients that will often have us look at a project/property before they even go visit the property in order to do a little code research to make sure the project is even allowed in that area. If you are visiting the property today I would just take photos and see if you can gather any plans of the existing space from the previous owner. This will allow the architect to understand a little about the building and what extent of drawing they might have to do. In order for the architect to accurately design to the space they may want to visit the building to do their own "as-built" drawings in the event that there are no plans to be found. 

Hope this helps!

-Matt

Hey @Shira Albert! I bought a property here in Spokane earlier this year. I had the sewer pipes inspected and sure enough, the Orangeburg piping was blistering and had some roots penetrating the line. I took this information back to the seller and we agreed that if they replaced the lines I would purchase the property as the other items on the inspection were merely cosmetic. It was about $10,000 in repairs. I would not have bought the property otherwise, knowing that it could be a matter of weeks before I had to cough up the 10k. Hope this helps! 

Investment Info:

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

Purchase price: $240,000
Cash invested: $12,000

I must have done just about everything wrong that I could have and it's still going well. I am currently cash flowing about $300 per month while I live here for free after I purchased this on a conventional loan. When I move out, it should be about $700/mo. Because of that, I have to live at the residence for 1 year. After 1 year is up, I plan to purchase property 2.

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

I just wanted to get out of the rent trap. Pay yourself... No wait, have somebody pay you.

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

I found the deal on the MLS. I offered full asking price (a huge mistake and a rookie one at that) but after they accepted I had the property inspected where I got $12,000 in infrastructural repairs. Still I should have offered lower and negotiated lower regardless of the hot market. Don't be afraid of making a ton of offers.

How did you finance this deal?

Conventional loan through a local lender. 3% down.

How did you add value to the deal?

I've mostly done cosmetic upgrades and cleaned up the property. I've also freed up a room by moving the laundry out of a bedroom which was a $500/mo add.

Lessons learned? Challenges?

Take advice. I'm not smarter than those that have come before me. Get a mentor and dont just hear them, listen to them. Also, get a good realtor. A realtor that is invested in real estate already knows what you are looking for.

Investment Info:

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

Purchase price: $240,000
Cash invested: $12,000

I love to look at this property and thinking about all the ways I screwed up. I must have done just about everything wrong that I could have and it's still going well and I love to tell the people that haven't made a step forward about how you need to take action because you basically cant lose if you do a little homework. I am currently cash flowing about $300 per month while I live here for free after I purchased this on a conventional loan. Because of that, I have to live at the residence for 1 year. After 1 year is up, I plan to purchase property 2. I think anyone can purchase property number one and shouldn't regret it if they do a little homework.

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

I just wanted to get out of the rent trap. Pay yourself... No wait have somebody pay you.

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

I found the deal on the MLS. I offered full asking price (a huge mistake and a rookie one at that) but after they accepted I had the property inspected where I got $12,000 in infrastructural repairs. Still I should have offered lower and negotiated lower regardless of the hot market. Don't be afraid of making a ton of offers.

How did you finance this deal?

Conventional loan through a local lender. 3% down.

How did you add value to the deal?

I've mostly done cosmetic upgrades and cleaned up the property. I've also freed up a room by moving the laundry out of a bedroom which was a $500/mo add.

Lessons learned? Challenges?

Take advice. I'm not smarter than those that have come before me. Get a mentor and dont just hear them, listen to them. Also, get a good realtor. A realtor that is invested in real estate already knows what you are looking for.

Investment Info:

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

Purchase price: $240,000
Cash invested: $12,000

This deal was just a way to get my foot in the door. I am currently cash flowing about $100 per month but after I move out I should be cash flowing $1000/mo. I purchased this on a 3% down conventional loan so I have to live at the residence 1 year. After 1 year is up, I plan to use a HELOC to purchase property #2 (something with 3 or 4 units).