All Forum Posts by: Paul Schneider

I am a newbie REI in the Bremerton/Kitsap area. I'd like to meet more investors that are close to me because no one in my social group has an interest in real estate and I can feel it dragging me down. I'd love to hear about meetups, gatherings, coffee, you name it! 😊

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $270,000
Cash invested: $5,000
Sale price: $345,000

First property purchased. Large 2 story duplex in downtown Bremerton. I had the exterior painted prior to sale. I also cleared out a lot of neglected blackberry bushes in the backyard. Held for a year and sold. Not much to say, honestly.

What made you interested in investing in this type of deal?

It was my first purchase and I had enough people punching me in the face telling me to go multi-family.

How did you find this deal and how did you negotiate it?

I found this home sitting on the MLS for well over a year I believe for $250,000. I asked the sellers to put a new roof on it which cost around $20,000 due to it being a flat roof. I'm not sure if that's accurate for a flat roof but I went with what the management company and my realtor told me. I then purchased the home for $270,000.

How did you finance this deal?

I used bank financing.

How did you add value to the deal?

I did minimal cosmetic work to the interior and had the exterior painted.

What was the outcome?

I held the home for a year and decided to put it on the market when I saw how much the market appreciated in such a short amount of time. I also believe that the home was severely undervalued.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Johan Bester with Windermere.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $285,000
Cash invested: $5,000

Small duplex in Bremerton. The home is structurally sound with no major issues. Carpet was in distress so I replaced it with LVP. I also painted the interior of both units. Currently renting both sides. Kitchen also needed to be refinished in one unit which was accomplished by me and a few very good friends!

What made you interested in investing in this type of deal?

I had prior success in purchasing a duplex and wanted to learn more about the process. I am still a newbie as I am only on my second property but so far, things have been going well.

How did you find this deal and how did you negotiate it?

I found the property on Redfin. It was on the market for a few days when I found it and I immediately sent the offer for asking price. This might not have been a deal to the hardcore deal finders but it made sense to me and I saw a lot of potential in this house and the area it is in.

How did you finance this deal?

I financed with bank financing.

How did you add value to the deal?

I put in a ton of sweat and time into the units which, in my opinion, drastically increased the rent potential and overall equity of the home. I'd be interested in seeing what the home appraises for now.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Johan Bester with Windermere has helped me with both of the purchases that I have done so far. I'd recommend him to my friends and family.