All Forum Posts by: Nick Beeler

@Jonathan McKay This is in the Chief Garry area. I went through with my agent and estimated a conservative $15,000 per unit to get it rented at around $1,100 (Pending and inspections and due diligence phase). Mechanical, electrical, plumbing and structure look solid at this point.

Each unit is about 900 sq ft with 2 beds 1 bath. I see a triplex that sold in December that looks pretty comparable (better condition).

@Michael DeHaan, Thank you for the feedback. It is nice to hear different perspectives from people with experience with the area and type of property.

Hello all!

I would love feedback on the numbers in this analysis. If you are familiar with the Spokane C class neighborhoods, let me know what you think about this deal. Would you take it?

Also, what is your favorite way to fund this type of property?

The reason I did not jump on this was that it shares the same lot as a 4-plex, so it would make sense to buy all 7-units and perform rehab as a single project. In other words, I would be required to bring a lot more cash to the table, and I was not looking to take on that level of rehab in a part of town I am not as comfortable in.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Thank you for the feedback, everyone!

@Kristin Whitaker, I do not have much of a track record which is definitely the issue. I am getting creative with my financing so I can break into the market, but I am losing out to other investors because I cannot be as competitive with the fees and requirements of creative financing. However, I am starting to get a handful of investors willing to talk partnerships.

@Evan Polaski, I agree with what you are saying. I do not have a problem selling myself. My issue comes with finding the interested party to sell to. This post has definitely given me some traction, and I am very appreciative.

As for the dating apps, meeting up is harder now because of COVID, but it seems like the other options will work fine. I will start looking into them.

@Jonathan Greene, thank you for the feedback. I am definitely formulating a strategy to market myself as a buyer, an investor, a partner, etc. You are completely correct in the fact that all parts of any deal need to be vetted. I will take this advice and continue to be cautious as a new investor.

This post is inspired by three deals in Spokane, WA that I found in the last month, all of which I would have jumped on, that were all-cash fix-n-flips. Since I am new I do not have a large pot of cash to use, so I am limited by partners and hard money terms.

I am aware that if you can find a deal the cash partners will come, but how do you get a list of cash partners to reach out to when the deal is hot on the table and there really is not time to go solicit partnership before the deal is gone?

I am fortunate to have enough resources to cover the cost of most rehabs, and I can do it cheaper because of GC connections. So I am really just looking for investors that want to throw their money in and be done with their part of the work, and I can cover rehab costs and planning. Is there a dating app for this type of connection?

This is great information. Thank you for sharing. 

I walked a property last week in Spokane and found major issues. Rodent droppings, mold behind the insulation, cement poured down toilet plumbing. I am new to REI so I passed on the deal, but seeing that there is room to make money on properties like this with hard money and the associated fees is inspiring.

Hello @Shira Albert, I am an investor in the Spokane area as well. My preferred type of property is MFR, but I am also looking into single-family, off-market fix-n-flip, or small commercial opportunities.

Networking, like everyone says, is a big priority for me. It never hurts to have a solid group of real estate professionals to run ideas, experiences, and potential deals by. In that regard, feel free to reach out to me with any questions, or to chat about the market here in Spokane.

Thank you guys for taking the time to post on this thread. I love the encouragement! @David Clinton III I left you a voicemail at the number provided by your signature. I'd love to pick your brain when you have a moment. 

Hello All,

I really want to get into multifamily investments in the Spokane area. I'm eager to learn so if anyone is in the area willing to share I'd love to listen.

I'm already learning a lot here on BP but I believe it would be so valuable to be able to get some hands on experience. I'm willing to help out in return.

Honestly, I want to get my first property in 6 months or less. I have a big "why" that provides me with a lot of motivation. I want to pull the trigger and get the ball rolling!

Thanks for reading this and hopefully you reach out to me in return!

regards, Nick