All Forum Posts by: Peter Welch

Hey Selena,

It's fun to see you here on BP. I'm looking forward to building a relationship and doing some deals together here in Yakima. I'm hoping the market will break open after the election. It seems like people are holding back right now. 
Keep me on you list for any up coming wholesales. 

Freedom Through Real Estate,
-Peter

My wife and I are agents here in Yakima. What are you looking for?

Shoot me a message and we can go over the details. 

It really would depend on the location and the quality of the property

You can certainly use previous sales data to help form the story around the property, however you can not in anyway use that data to figure the current value of the property. When pricing property you use current sales data from similar property that has sold within the past 6 months or less. The market I'm currently in is rising so quickly that we are needing to use comparable sales within the past 3 months. The value of the property is always based on current sales data and what the market is willing to bare. Since this one that you are referring to has been on the market for so long, I would suspect they are way over priced, or the property has some sort of fatal flaw. In any case I'd have a trusted real estate agent run an analysis on the property to see what it's true market value is. After you have that information if you want to throw the offer at it being $5k-$10k over the previous sale price, go for it. But you need to know what it is really worth now not in the past. Throwing an offer at something to see what sticks is never a bad idea. I hope you can get it. Good luck.

I would say pay off the debt. Consumer debt can be very taxing on your mental health. I believe it will free you up in more ways than one. Finding money for another deal is much easier than paying off personal consumer debt. 

@Caylon Haggard Landmark is probably the best, but I have never heard anything good about any of the management companies in Yakima. My brother in-law is using Mynd for a place he picked up in Toppenish and it has been a disaster from the beginning. Wilson does the absolute bare minimum and puts most of the responsibility back on the owner, Sunrise I haven't heard much about one way or the other, and Home Source is owned by a real estate broker and I've heard mixed reviews. Most of the investors I work with here in Yakima as well as myself, all self manage.

My wife and I are investors in Yakima. Let me know if you'd like to meet for coffee sometime. 

There is a Landlord Association Meeting tonight at Zesta Cucina you could meet a few of the "players" there. Just let me know how I can help. Gotta love this town.  

I'd be interested in a meet up as well.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $152,105
Cash invested: $50,000

2000 sqft 5bd 2ba split level converted to a 4bd 3ba with a master
1000 sqft shop on a city lot in a nice neighborhood. It was the dog on the block that we're all looking for.

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

We were willing to do the gross work that it needed....so...much...stuff!

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

On the MLS. 15 offers the day it came out. Were put in the second position. The first buyers backed out because the current owners were not getting out. We took on the challenge.

How did you finance this deal?

Hard Money for 6 months

How did you add value to the deal?

complete remodel of the house and the shop

What was the outcome?

still in process of remodeling. I'll let you know the outcome in about 2 more months.

Lessons learned? Challenges?

Challenge was cleaning up all the stuff left by the previous owners, and getting those owners out of the house.

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

I am a real estate professional and my partner is a certified home inspector.