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All Forum Posts by: Phil Wells

Phil Wells has started 3 posts and replied 127 times.

Post: Still fairly new to investing

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

Take a step back and realize that you’ve done more than 99% will ever do when it comes to real estate. 

That being said it’s worth understanding what’s working locally as your next step varies jurisdiction to jurisdiction. I’d be happy to connect and go over what I see my clients doing and what’s working, and what strategies are dead ends here. 

Post: Here to Learn, Read, and Grow!

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

Welcome! Have you got past the hurdle of the first investment yet? If so what did you get? 

Post: Questions regarding a multi-family deal in the spokane area.

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

I’m in that market, I specialize in this sort of thing, I’m happy to give you my 2 cents. Feel free to reach out.

Post: Moving to town / any insights?!

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170
Quote from @Cameron Ligtenberg:

Hey all,

My name is Cameron. I currently live in Western WA but am looking to make the move to Eastern WA, specifically the Spokane Valley area. I'm eager to get plugged into the local real estate community & start building my network. I'm curious about the amount of seller financed properties being transacted in the area? If you own real estate in the Spokane Valley area, or have insight into seller financed opportunities, I'd love to connect & learn about your real estate journey!

Thanks BP Community,

Cameron


I'm currently living in a live-in-flip property that was seller financed, really useful when you max out your DTI from a lenders perspective. There are out there. What's your overall strategy? Flip, house hack, buy and hold?

Post: How to Get Started

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

House hack and give her the reigns managing the other unit(s). 

If she wants to manage in WA for others she'll need a real estate license. She can work at one of the big companies here in town for some experience or set up shop on her own. 

Post: Preparing for my first investment property purchase!

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

Pick your niche and stick to it. I see too many new investors want to house hack, but also brrrr, but also flip, and maybe an air bnb in there too. They usually end up doing nothing. 

Master one strategy and run with it. There’s riches in the niches. 

Post: This doesn’t make sense.

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170
Quote from @Blaise Peterson:

My sister in law wants to sell three sf rentals in Spokane. Her management company istelling her that listing the property using an outside agent means the property is being represented by two agents—the PM and the sellers agent. The manager said this isn’t allowed and that she would need to terminate the management agreement before it’s listed.

I’ve sold a fair number of properties that are professionally managed and it’s always been a cooperative arrangement between the PMand my agent.

Can someone please help me understand what’s going on?

I haven’t seen it personally but I imagine it’s some kind of “use us to sell or pay a penalty” clause. Terminate the contract and sell. Seems like a no brainer. 

Not legal advice, you do you.

Post: Hello BiggerPockets! New PRO here

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

Hey Heather! House hacking is the way to go, easily one of the best ways to kickstart your REI journey.

Post: Spokane, Sandpoint, Coeur D Alene

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

CDA is cracking down on STRs in a big way. Check out this article. https://www.krem.com/article/m...

Prices are down across the board. You might find a regular long term rental that actually cash flows if you can't find a STR.

Self manage until you have enough units to get some economies of scale. That property management fee can wipe out your cash flow entirely. 

Post: Guidance on Duplex Purchase

Phil Wells
Agent
Pro Member
Posted
  • Real Estate Agent
  • Spokane, WA & North Idaho
  • Posts 134
  • Votes 170

What sort of rate do you have? Do you have a refi % that will make it make sense? If so keep it and pay the penalty now in terms of extra interest. It will be cheaper than all the fees involved with selling.

If you've got a great rate right now and it's still not cash flowing then maybe wait until Spring/Summer and cut your losses. 

Prices are down here YOY, so unless you dramatically improved the property, by adding new bedrooms for example, then you're unlikely to sell it for more than you bought it for right now. 

Can you raise rents at all?