All Forum Posts by: Mike Sumsky

I own quite a few duplexes in Bremerton, along with some SFR and a 4-plex. Rental market is very strong, lots of infrastructure improvements and like others have said we are seeing more people move over from the Seattle side of the water. @Alexander Zeisberg, I know you don't like duplexes, but I think they're awesome and will buy up any reasonable deal you can send me.  Bremerton has struggled for a long time to figure out the downtown issues, but I really think we're on the right track with new development and improvements.  

Ruth, if that tenant left for some reason, what would market rent be?  Also, what is fair market value?

Hi @Teri Kelsey, welcome to BP!  I'm an investor in Bremerton and also run the REAPS Kitsap investor group.  You definitely should come to one of our meetings (1st Thursday of each month).  There are a lot of great investors in the area to network with there.  Let me know if there's anything I can do to help!

@Devon Woodson, looks like I'm a little late to the party, but I just wanted to mention that I run the REAPS Kitsap meeting that you spoke about, which meets in Poulsbo the 1st Thursday of each month.  Feel free to bring your son next month, you can always step outside to the hallway if he gets a little fussy, and you don't have to stay for the entire meeting if it's not working out.  We are a real friendly bunch over here, and I have a 6-month old daughter so I can relate to your situation.  In fact, when we had our August meeitng, which was a house tour, I brought my daughter along and it worked out just fine.

With regards to whether wholesaling is a viable strategy, there was a lot of good information here.  I agree that getting a real estate license can give you a great education, even though you don't need it in order to invest in real estate.  I took the 60-clock hours required to get my license (90-hours required now), but I never hung my license with a broker.  Still, it was valuable experience.  Feel free to message me if I can be of more assistance.  

Welcome @Frank Matanane.  I'm in Bremerton and have been investing full time for over 10 years.  Feel free to touch base if I can help out at all.  You should consider coming to the REAPS Kitsap investor meeting which happens on the 1st Thursday of each month at the Poulsbo library.  It's a great place to learn and network with other local investors.

Hi @Nathan M., you didn't mention a purchase price yet, but it sounds like you indicate this deal only makes financial sense for you in it's current configuration (room share rental with garage build out).  Like @Troy Fisher mentioned, I would want to know if the garage build out was permitted.  I have a suspicion it was not since the extra two beds and a bath are not showing up on Zillow (which pulls from county records).  

Their interest in selling to someone they know and trust may have to do with the fact that they know the may have issues listing the home with a realtor in its current configuration.  If there would be any reason in the future that you'd end up having to convert back into a garage and go back to a 3 bed home, would it still be a viable investment?  

Also, you may run into a problem renting to more than 4 unrelated parties in Bellevue.  Looks like this spring, the Bellevue city council approved a permanent ordinance against the practice:  http://www.ci.bellevue.wa.us/11736.htm  

You may be able to use this fact to get a better deal on the house.  Do you think the seller would be willing to finance?  What if you could structure the deal to give them the same cashflow that they've been receiving ($2500-expenses) without the management?

Hi @Andy Pillinger, I'm a REAPS board member and I run the monthly Kitsap meeting.  REAPS doesn't have regular weekly meetings at the Red Lion, but we do have over 60 live events throughout the year that are spread out around the Puget Sound.  The orientations are quarterly, and it's a great chance to get an inside peek at the member benefits.  Like @André Palmer said, you can attend your first meeting for free to check things out. REAPS is the only REIA in Washington State that is also a member of the National REIA. This is important because by being a member of REAPS, you also get to take advantage of all the benefits and discounts that come from the National REIA. Those perks are usually way more than enough to cover the small annual fee that you'd pay to be a REAPS. You can message me if you have any other questions or if I can help in any way.

@Brandon Borchers, I live in Bremerton and have quite a few rentals here. The rental market is pretty hot right now, vacancies are low and rents are on the rise. Feel free to touch base if you have specific questions of if there is anything I can do to help. 

@John Crandell, good news regarding the contractor registration.  That law was just amended last week.  You can flip homes in WA without being a licensed GC as long as you use a licensed GC to do the work and don't superintend.

http://app.leg.wa.gov/billinfo/summary.aspx?year=2...

"A person, firm, corporation, or other entity is not a contractor under this subsection (1)(c) if the person, firm, corporation, or other entity contracts with a registered general contractor and does not superintend the work."

It's that time again! REAPS is holding it's annual Investor House Tour and BBQ this Saturday, August 1 in Bremeton! Here's your chance to get 'in the field' training by touring a house that is currently being remodeled by a fellow REAPS member. Come to learn and ask questions as you meet other investors and professionals in the real estate industry that will be on hand to show you the ins and outs of flipping a house.  House tour is from 11:30am - 12:30pm. Afterwards, we'll head over to Lions Park in Bremerton where you can enjoy great food and drink at the BBQ, network with investors and just have a great time!

We will have great door prizes for members and guests who pre-register!

REAPS Members and Guests FREE with pre-registration here:  

http://www.memberize.com/ClubPortal/EventDisplayNew.cfm?clubID=173&eventID=215429

We will be grilling up burgers and hot dogs, feel free to bring a side dish to share if you’re able!