All Forum Posts by: Mike Ipsen

Many times home owners have an inflated value in their heads due to emotional attachment to the property. You made the offer and he will remember you. So maybe at some point down the road he may indeed call you. Though if it is not a distressed property/seller he might get a higher price than your offer. Either way you made the offer and now you can keep moving on to the next place to make an offer on. You will get someone to accept at some point.

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Please send me the details.

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Originally posted by @Neal Ward:

I have a property in Atlanta for rent at $1500 a month, but Section 8 is will to pay $1585 a month. Is it worth going through with it?

It is really only something you can answer. I have had a few good and a lot of bad Section 8 tenants. My PM was the one vetting them though. So maybe if I had been vetting them myself it would have been better. Just expect issues and that you way are surprised when there are none. :-) My issues were all related to them being slobs, so clean up after they left was more than it should have been.

1 Vote

Originally posted by @Mia Trasolini:

@Frank Jiang Hello :)

The numbers do work on paper- thats the tempting part! It's the risk of investing in an area with high crime that worries me.

I would love to invest in Clairemont. However, I haven't found any properties that cash flow there. There are also far fewer multi unit properties in that neighborhood. I'm not as familiar with Lemon Grove- I'll have to look into that! Thank you for the suggestion.

Yes, fair enough to say I'm "betting" on gentrification ;) However, I am not relying on it from a financial standpoint. I think it is safe to say this area will EVENTUALLY appreciate given it's proximity to the city. The question is... 5 years, 10 years, 30? You never know.

Maybe add a security system to your expenses and see if the numbers still work. This could help draw in a better quality of tenant as it will provide piece of mind. Just my 2 cents. I too am considering this exact same scenario, but out of state instead of in my backyard. So I have to add in that a PM will manage the property.

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San Diego, California

Originally posted by @Kareem Lyons:

Originally posted by @Caleb Heimsoth:

@Kareem Lyons have you comsidered focusing on investors solely? You’re on BP. Investors buy a lot and often. You’re in a great investors market.

I have a tendency to work consistently with agents that are good at what they do by investors point of view

Yah I actually have 2-3 investors in my pipeline. Thing is that the market is so freaking fast its hard to catch a home thats not gone in 24 hours. Homes are selling for 10k-20k over asking , So if you dont have a strong buyer then your SOL. I need to figure out how to get sellers if I ever wish to do anything.

You may be SOL if you are only relying on the MLS. Off market properties do not disappear in 24 hours. You need to got all in on direct mail and drive around and investigate the background of homes that investors may be interested in. The reason I say "all in" on direct mail is that it is a numbers game. You need to throw a lot out there to get a few responses. It sounds like you have only thrown a few out there and get frustrated when you small mailing gets nothing back. This is really an area where "go big or go home" is the rule. You cannot dip your toe in and expect amazing things to happen.

As many have said before this is a relationship game, so build more relationships and see what pans out. networking will never be a waste of time. In your case I would be networking with investors as they will also sell properties. Finding a good agent that knows what investors are looking for are rare. Become that rare agent.

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I am in Everett as well, welcome to BP! I have considered Spokane too as it seems to be a solid and growing area. Also looking out of state because local is slim pickin's. Only way we will find stuff locally is off market.

2 Votes

Originally posted by @Zach Lemaster:

Enjoy benefits of appreciation & cash flow in the better neighborhoods! Stay away from the high turnover, many maintenance calls, late rents and other troubles of investing in bad neighborhoods! This turnkey rental has been fully renovated, leased & has management in place to make this a passive income property to add to your portfolio! Achieve your goals of early retirement! Contact for more info.

Click below images to view the financials:

I do not see CapEx in your data here, was that not considered? I also see you assume operating expenses will not increase, they should be more like 3% increase annually to match inflation at least. If you consider these two then this is not much of a deal. I am not trying to be negative, just a reality check. If you are willing to add those expenses and adjust the price to get back to viable cash flow and cash on cash then it would be interesting.

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Originally posted by @Joel Nobles:

Looking to get my first house hack started but Im not sure what area would a good start . A duplex or even a triplex would be great. I’m interested in the Everett WA area

I know the market is pretty expensive out there which is why Im looking for opinions.

Interested in hearing from local investors.

It is pricey here for sure. I noticed you said "out there". Are you not in Lynnwood right now? I am more than happy to answer any question on Everett areas.

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Originally posted by @Account Closed:

People who scale quickly will also be the first crying Uncle when the downturn inevitably happens.

Scaling just for scaling sake isn't where it's at. E😂

Don't believe all the HYPE. Lots of HucksterS here.

As long as you scale with solid cash flow then a downturn will not matter. Is it ironic that you call others hucksters, but fail to fill out your own profile?

1 Vote

Originally posted by @Gavin Olivas:

Hey guys! Extreme newbie here, just thought I would introduce myself.

I'm Gavin, and I live in Kyushu (Japan). I teach English in a high school, and I'm loving life right now. I've been really good about improving my Japanese, staying fit and healthy, doing cool / fun / interesting stuff, etc. That being said, I've never really cared about my finances until recently when I started learning about real estate. I've been reading a ton of articles, listening to podcasts and interviews, and I ordered some books on Amazon to read as well.

Here's the thing: I will probably be living here for another 2 years or so before moving back home (Seattle area). My future real estate goals are to A) eventually make enough cash flow to not *need* to work more than a part time job, and B) to eventually own a place here in Japan (probably very small / cheap and in a rural area--could be a house or a condo) that I can live in whenever I come back to Japan.

I feel like my options are a bit limited as to what I can do "right now" other than read books and learn a lot, but I would be interested to hear if anyone has any information on any of the following:

Investing in the Seattle (or Washington) area
Investing somewhere far away from where you live
Buying property in a foreign country
Things I can start doing now from Japan

Thanks in advance! I'm excited to start this journey and hopefully meet some cool people here.

I had a thought after posting my initial response. Would it be possible for you to buy something in Japan? You could maybe start with a vacation rental there in Japan. It would be a way for you to get started without needing a partner or some other connection back in the US.

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All Forum Posts by: Mike Ipsen

Mike Ipsen has started 1 posts and replied 31 times.

Post: 1st Frustrated Seller

Post: Impeccably Maintained Everett Duplex

Post: Would you rent to Section 8 for $85 more a month?

Post: Would you buy in a "sketchy" area with positive cashflow?

Post: Help Me Save My Career

Post: New member from Everett Washington

Post: 15% ROI Turnkey, Only $16K down, $228m Cash Flow!!

Post: Location( Where to invest)

Post: How are people able to acquire properties so quickly?

Post: I live in Japan! Help!