All Forum Posts by: Matt Lewis

@Jesse Stein - I’m a General Contractor in Seattle. Even with years of experience and relationships I still struggle with finding good help especially at the drop of a hat. Usually the better they are the busier they are.

See if there is anyone on Thumbtack.com in that area. They have customer reviews and you can chat with the contractor right on the app.

Good Luck!

@Mindy Jensen - As a resident of West Seattle the bridge closure is concerning and definitely an inconvenience.

As an investor in West Seattle I hope it does correct prices a little bit. I would be careful with big 6 month flips but buy and hold investors have nothing to worry about. Any lost appreciation will level back out after they reopen the bridge.

@Mike Cordova - Ok nice. Seems like your in pretty good hands. Yeah I can’t feel like I fully understand a deal unless I run comps myself. I think most good investors needs to get good at that. I can take a peek at it and show you how I got to the number an I’m sure many AZ BP members would.

@Zack Drago - Good question. Everyone has a bottleneck that is slowing them down. It can be they can’t find enough deals, can’t find enough funding, having trouble with contractors, paperwork, etc.

Learning about getting good at one or more of these things is a great way to be a welcomed member of an investors team.

You can always start with wholesaling and bird dogging. It’s free and there is no better value to an investor than a good off market deal!

@Zach Cottone - Congratulations on the new rental property! And thank you for your service.

When I was 18 I took some real estate inspection and real estate law classes at a city college here in Seattle. It really helps to have a traditional education foundation to build off of.

I have learned a thousand times more about real estate and investing by reading every related book I can find and listening to every episode of the BP podcast. If you don’t know it google it. It adds up. Audiobooks are a good way to consume books if you don’t have the time or patience to read consistently.

It seems like the really savvy investors are constantly educating themselves throughout their careers.

@Mike Cordova - Broker Price Opinion, it’s just way to get a good list price for a property without having to do a full appraisal. The closer the agent is tapped into that market the more accurate you can expect it to be.

@Mike Cordova - Funny the owner didn't know it was permitted. I just pull comps on Zillow. Just put in your beds and baths and look at recently sold and recently listed and make as good as an average as you can. Pay attention to the condition of your property compared to the comps for a more accurate ARV.

I would get hooked up with a local agent and get a BPO for your ARV if you want more exact numbers.

@Mike Cordova - Hey Mike, Congrats on the deal!

I’m a contractor in Seattle and I see this quite often. If it’s just a little shed they attached or a covered porch they enclosed it might have to be torn out at some point. It may be allowed but not considered legit living space.

If it’s a professionally built, to code and everything you may be able to have inspections done and pay for permitting retroactively. Most inspectors will want to peek behind the walls and you may have to pull all the drywall so they can see all the framing, plumbing, and electrical.

Definitely adjust your numbers on the deal ignoring that square footage and subtract any costs that may be associated with demo or corrections from the purchase price.

It might be worth just getting a preliminary inspection done by the city just to give you an idea of what it will take to get it approved. Try to have the same inspector come out for each inspection so you don’t get any differing opinions.

Good Luck!

@Kyle Laffey - Ok nice! Yeah hopefully the other buyers get scared away and you end up with the property!

@Derek Daun - Hey Derek, yeah ADUs are the way to go!

I built a two unit DADU in Seattle with my family several years ago and it wasn’t cheap but it was a great investment. We Airbnb it and it cash flows very well and really boosted the value of the property.

I did the basic design and layout and gave it to the Architect which saved a lot of time and money. As a Designer I know that the more info the client can give me the smother the process will go.

The Architect charged $90/hr so if you can cut those hours in half you’ll save a lot of money. Also make sure the Architect experience doing DADUs.

Good Luck!