All Forum Posts by: Matt Lewis

@Robert Hansen - Yeah that way when the tenant trips a breaker while you’re at work they can access their own dedicated panel without giving them access to the main panel.

@Kyle Laffey - Talk to your loan officer. You might be able to get a renovation loan. There are FHA options but since it's structural they may not go for it.

I would share the inspection report with the seller and see if he can pay for the fix or drop the price substantially.

If you really want the property it may be worth getting creative. Whoever does end up with the property will most likely get a big discount and only spend a couple thousand fiddling around with those piers for a couple days.

@Robert Hansen - Hey Robert! Congrats on the new build. @Jenni Utz is right. I would do a full layout including the stair location as if you plan on building it with the rest of the house. Rough in all your plumbing and make sure you have enough power for a sub panel if you’re doing one, maybe pre run all your HVAC. You’ll want egress windows in all the bedrooms built into the foundation. That should keep you from dealing with most of the expensive surprises down the line.

You can use Sketchup design software, that’s what I use, if you don’t want to pay your architect to play around with layouts. There is a free online version.

Good luck!

@Kyle Laffey - Hey Kyle!

I am a contractor in the Seattle area. This is caused by soil settling and is a common issue with pier and beam houses. This should not be an expensive fix and definitely not a dealbreaker. If anything I would use this as a way to get a steep enough discount to cover any potential costs associated with fixing this.

We would just use temporary jacks to re-level the house next to the settling pier and either put in a new pier or pour a new much wider pad. Those piers are on blocks which is not ideal. The blocks can be prone to tipping like that and and are not a wide enough surface to allow some movement.

You won’t be able to get a conventional loan because of this issue but neither will anyone else. This may be a good opportunity to work out a creative exit for the seller that benefits you both.

Good Luck!

@Jay Miller - Hey Jay, Congrats on the deal! 

Homewyse.com is a good resource to get good numbers for renovation costs in your area. The Thumbtack.com app is a good way to find local contractors with customer reviews for just about anything. I just had success in the Seattle area with a countertop fabricator and installer when my usual guy was too busy. 

Get a decent cost that works for you from Homewise and tell the contractor that's your budget. Pay for the materials and up to half the labor upfront and the balance when you're happy with the work.

Going in confidently with a price and a structure will really help things go smoothly for you.

Good Luck!

@Dashiel C Neimark - Hey Dashiel! I’m a Seattle guy. I would definitely recommend Tacoma Wa near Seattle you can get 2000 sq ft fully updated 3 bed 2 baths under $400k all day and the rental rates are surprisingly high. There are a lot of renters in that area because of the military base and the other industries around there. I know there are a lot of good Tacoma people on here you can reach out to. Good Luck!

@Chris Novak - Hey Chris, congrats on the new building!

I live in Seattle but I’m sure Chicago has similar codes for basements. Double check.

Usually you want 7’ of headroom and 6’4” under plumbing and ducts in main walkways and the main part of the room.

Definitely invest in the egress windows eventually. You’ll want one in each bedroom or “sleeping room” to allow everyone to escape in case of a fire. You should be able to do each window for about $3k if you have a pro cut the concrete and you and a friend dig and install an egress window kit. That should pay off pretty quickly in most markets.

You’ll also need to put in a closet in each bedroom if you want it to be legit.

Double check on that stove. Stoves and basements don’t mix very well without proper ventilation and fire precautions. I’ll bet he hid it because it’s probably not done correctly. Some times people use a really nice convection microwave and an induction hot plate in places where you can’t put a full range. Much safer.

Once your done you can get it reappraised with the forced equity from the new bedrooms and see if it’s worth refinancing!

Good luck!

@Brandon Bielas - Hey Brandon! Welcome. I love Edmonds and I think there is some really decent opportunity there. I’m from Ballard and I live in West Seattle.

I’m really intrigued by the power of ADUs in the greater Seattle area. I did a big DADU Airbnb project with my family in Ballard that really cash flows even in these crazy times. It’s on my profile.

Let me know if you have any questions about that project. PM me if you ever want to chat or connect on anything.

Good Luck!

@Eshmield Ruberté - Hey Eshmield, What can you do? Keep in mind as a young person you have some special things to offer that most investors don’t. Time, energy, tech savvy.

There are a lot of tasks in REI that don't cost anything or require much skill. Offer to take on some of those things to relieve whatever is holding the investor back. Imagine if someone offered to do all of your chores for free. You would probably say yes.

If you do have some money offer even if it’s just $5k-$10k offer it in the pot as a way to show that your serious.

Good luck! -Matt

@Tom Hacku - I'm in Seattle so I can't offer anything VA specific but it seems like the driving for dollars process is very similar in every city.

Here’s what we do:

-Go to a neighborhood you want to invest in.

-Look for bad houses on good blocks.

-Check Zillow right there on your phone. See if it’s has sold in the last 20 years. You want houses where the owner has a lot of equity so there is room in the deal.

-“Like” the property on Zillow if it qualifies.

-At home go to the local municipal website and find the names of the taxpayers on those addresses

-Use White Pages or something to get their phone numbers

-Reach out see if you can make something work

Hopefully that helps! Good luck!