All Forum Posts by: Mike Sumsky

Join us for our next REAPS Kitsap Investor Meetup, Wednesday September 1st, 2021 at 6:30 pm in Bremerton!  This month we welcome Jim Henderson, the owner of Landlord Solutions.  Jim will be demystifying the most recent Washington State landlord-tenant legislation, including the Eviction Moratorium "Bridge" Proclamation, the Eviction Resolution Pilot Program (ERPP), and giving some best practices for landlords to help navigate everything.  He'll also be discussing some important dates/timelines that you'll need to be aware of if you have tenants or want to be a landlord.   

Doors open at 6:30pm and our meeting starts at 7pm!  Members and first time guests are free (be sure to use the coupon code "guest" when you preregister at www.reapsweb.com

Hi @Anna Brown, we’ve got a great group of investors that meet up in Bremerton on the first Wednesday of each month at 6:30pm at the Cloverleaf Bar and Grill. Last month was the first time back in person since the pandemic started, we had about 35 people there and it was a ton of fun!

It’s a good mix of new investors and seasoned veterans, and several of us have rentals and flips in Clallam and Jefferson counties too.

I know it’s a bit of a drive but I think you and your husband would find it worth the trip once a month.

Hi Trevor, I live in Kitsap county and have a lot of rental property over here, mostly in Bremerton. It’s a great area for investing and I agree with your sentiments of future growth potential. Feel free to reach out if I can help. 

Malika, congrats on your first rental!  What would be market rent if you kept the existing cabinets, and how much more could you get if you put in a new kitchen?  Also, how many month's or rent would you miss in the short term by choosing to renovate?  Consider this when making your decision.  You may find that the cost and time of the renovation would take years to recoup via just a small bump in rent.  You can bring new life to the kitchen and also get a rent boost by adding cabinet pulls, painting or other inexpensive touch ups.  The current layout doesn't give you much room for a dishwasher, but considering it's just a 1/1 rental, it's a nice convenience to have but probably isn't a deal breaker for your tenant, who will likely be a single person or a couple with minimal dish load.  Based on the photos, I would opt for keeping the existing cabinets, making cosmetic upgrades and get a tenant in there asap.

Our last REAPS Kitsap investor meetup of the year is this week!  Come meet and network with other real estate investors in Kitsap and surrounding areas.  It's going to be a fun event, and will also be our chance to “give back” as we’ll have a food and clothing drive to benefit our local community. We will be accepting:

• Non-perishable food items
• Clothing
• Cash or check donation

There will be several raffle drawings throughout the evening, available to anyone who preregisters.

Be sure to invite a friend, we are waiving the guest fee for this event with a donation!

Doors open at 6pm and meeting begins at 6:30pm.

CLICK HERE TO PREREGISTER  We look forward to seeing you there!

Mike Sumsky

Join us at the next REAPS Kitsap meeting as we welcome Jim and Nikki Boad with Flippin’ Awesome Renovations. They have over 20 years of investing experience, starting in Phoenix during the last boom and bust, then transitioning to the Puget Sound area where they’ve learned what it takes to fix and flip houses in any market.

Come learn how Jim and Nikki run their investing business, whether it’s doing quick fix and flips all the way to tear downs and new construction. The lessons you’ll learn from them will surely help your investing business, whether you’re full time or just getting started. See you then!

Hi Mike, I’m a full time investor in Bremerton and would love to take a look at your lead. Message me when you get a chance. Thanks!

I have a contract on an off-market Bremerton duplex that I'm willing to assign.  $155k cash including assignment fee.  Units were built in 1972, have great bones, vinyl windows, exterior was recently painted.  One side is vacant, the other side is occupied.  Current tenant is in the process of vacating, he has been paying $800/mo, however market rents are $900-950 after cleanup and fix up.  He is also a hoarder and has lots of stuff on his side of the duplex.  Cash purchase, must close quickly.  I have a lot of photos that I can send you if you're interested.  

Hi Brian, I invest in Kitsap and do quite a few remodels. I used to use $30/foot as a decent ballpark figure for renovations, but it seems like renovation costs have gone up quite a bit, $40-50/ft has been the new reality lately, but of course it's tough to put a 'per-foot' number on any particular project because everything is unique.

Mobiles on their own land can be flipped, just pay attention to the age, anything before 1976 will pretty much have to be sold on a contract or to a cash buyer.

REAPS Kitsap has another night of networking, education and good food and drink!  Come join us as Mike Sumsky shares his knowledge of creative deal structuring with the group.  More details below:

Advanced Deal Structuring

Your success as a creative real estate investor will be proportional to your ability to solve sellers’ problems while making a profit at the same time. Unfortunately, an all-cash offer at a low price is only a solution for a small number of sellers. So how do you convert more of your leads into deals? Well, the answer is by learning how to creatively structure deals and become a transaction engineer!!

Join us at our next REAPS Kitsap meeting where we'll be discussing advanced deal structuring and negotiation techniques that will have you thinking "out of the box" to turn more of your leads into cash.

At this meeting you’ll learn:

• Five different offers you can make that will help you overcome just about any price objection you get.
• How to structure offers that make raising private money easy
• How you can get paid at closing when you buy real estate.
• Advanced seller financing strategies that will allow to make money on deals that other investors pass up.
• And much more!

If you’ve got a deal in the works that you’d like us to help you structure, be sure to bring some details so we can help you out!

This meeting is now a Meals N Deals format so you’ll get to enjoy fantastic dinner and drinks while you network and learn.

Doors open at 6pm for networking, meeting begins at 6:30pm. Be sure to pre-register HERE as we’ll have a full house!