All Forum Posts by: Matt J.

@Kelvin Vinston “…so my issue is not really finding deals at the moment…”. I’m jealous because finding deals is always the hardest part.

Couple thoughts. Do your own homework on any potential deals, double and triple check property values. Not saying anyone would intentionally mislead you but I’ve seen brokers and wholesalers estimate values high. They make their money when you buy and they get a commission or assignment fee.

Be careful with hard money, especially hard money, private money, etc. Usually there’s 2-4 points for the loan and 1% a month on the loan. These add up quick. People also forget that even if you pay cash for a home you still have insurance, utilities and taxes. I’ve paid cash for a home and it’s still cost me $700-$1,000 a month just in those fees.

My suggestion is find a good deal and partner with an experienced investor who has the cash, you’ll give up more of the spread but learning is worth more.

Also, not sure if you’re going to do work yourself but contractors are a premium right now so labor may be tough.

Not trying to discourage you, just share what I’ve learned over 20 years.

@Kevin Scott I likely missed it but what date is the event? Thanks.

@Charles D. As a seller you should expect to pay between 5-6% in commissions (I wouldn’t pay more than 5%) With excise tax and title/escrow fees expect another 2.5-3% in fees. So a total of 7.5 - 8.5% in fees.

You’re going to get lots of brokers offering to help you by posting something like this. Just make sure you hire someone that knows your market. Ask the agent where they typically sell/work. Find someone that primary works Tacoma.

10/10 for me. No Lates. 

Eviction moratorium is set to expire BUT in my opinion there’s a 99% chance it’s extended. During this time you can NOT deliver any notice of a future rent increase. Check out the Rental Housing Association of Washington website. They have lots of great info and I’d encourage becoming a member especially if you self manage. Good luck. 

@Marc Rice I’m not in your area but would encourage you to check with your local credit unions.

I have a commercial MF loan with a local CU and they offered a 30 year amortization with no pre-payment. I actually found several that offered this. Rate and fees were competitive.

@Katherine Swanberg Date & time of event? I’d like to attend. Thank you.

@Tarcizio Goncalves Don’t forget that due to this being your first and likely a smaller loan size it will probably be a full recourse loan.

@Terri Haley The value of MF (5+ units) is determined by income of building. You can control this to a large extent by improving the property and raising rents.

The value of a single family is based on neighborhood comps, not rents.

I like to be in control so it’s MF for me.

@Raquel Aviles Local credit unions are also another great option. Expect a full recourse loan though.