All Forum Posts by: Michael Haas

Investment Info:

Single-family residence fix & flip investment in Seattle.

Cash invested: $500,000
Sale price: $1,049,995

Contributors:
Jess Haas

Remodeled, condoized & sold the existing Victorian duplex to breka even while making a large profit on construction a new DADU / SFH w/ rooftop deck in the backyard.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $400,000
Cash invested: $80,000
Sale price: $625,000

SFH Flip in Burien

Investment Info:

Single-family residence fix & flip investment.

Cash invested: $500,000
Sale price: $1,049,995

Contributors:
Jess Haas

Remodeled, condoized & sold the existing Victorian duplex to breakeven while making a large profit on construction a new DADU / SFH w/ rooftop deck in the backyard.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $700,000
Cash invested: $100,000
Sale price: $849,995

Contributors:
Jess Haas

Remodeled, condoized & sold the existing Victorian duplex to breka even while making a large profit on construction a new DADU / SFH w/ rooftop deck in the backyard.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,745,000

Contributors:
Jess Haas

Pine Lake waterfront BRRRR + Primary Residence for the family. Waterfront has been a dream of ours for a long time and we're excited to see it manifest itself here in Sammamish!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $315,000
Cash invested: $102,000

Contributors:
Jess Haas

Rental Type: SFH gut Remodel, with future development potential

Condition @ Purchase: Heavy Fixer

Strategy: Reno + Hold & develop 1-2 additional units in next few years

Investment Info:

Single-family residence buy & hold investment.

Cash invested: $440,000

Contributors:
Jess Haas

Development Type: 3 bed 2.5 Bath "Haas Model" DADU w/ detached garage, new construction.

Strategy: Condoize & Hold

@Cameron Daste flipping is highly competitive, as a newbie your about as likely to lose money as make money. Have you considered HouseHacking? Some simple Math:

Lets say you do a Seattle 4plex HouseHack w/ 5% down conventional (a new loan option for multifamily that's better than 3.5% down FHA, just DM me if you want the full rundown on why).

That $70,000 could purchase you a property up to $1,400,000... and to get a 100% ROI on your investment all you need is 5% appreciation on the property. The average appreciation rate in Seattle over the last 40 years has been 5.5%. Cashflow / rents will provide additional ROI but in our experience over a long hold time appreciation will always contribute more to your total ROI than cashflow. Interest rates will also be .25% - 1% lower on an owner occupied property than on a rental property.

Contrast that with buying out of state / non owner occupied properties. That $70,000 now has to go into a 20 - 25% down mortgage, allowing you to purchase a property for $280,000 - $350,000. Now, to see 100% ROI the property would have to appreciate 20 - 25% in value. Cashflow / rents will provide additional ROI but not enough to overshadow the more favorable loan terms and higher value of the househacked property.

This is an oversimplification but I'm sure you get the point! Happy to talk about the strategy more - we're up to over 20 rentals owned in WA now and wouldn't have been able to scale to that level quickly without househacking.

@Yanina Panfilenka Welcome to BP & the RE Investor Agent Life. You can search for members and see the agents (alongside everyone else) in Seattle but the only way to show up on a list of agents is to pay Bigger Pockets for advertising (currently $2,000 / 25 leads here in Seattle). 

Happy to connect with you though - most of us who have been doing this for a while know pretty much everybody already and are willing to make intro's. 

Where do you live and work / what's your investing focus?

Sure - can you send me an email with more info? [email protected]