All Forum Posts by: Price Paramore

Carlos, I am from Spokane and I house hacked the first 4 years I lived here.  It worked out well for me.  Of course I rode the wave from 2018 to 2024 with the west coast transplants during COVID and driving up prices in the area.  I still think it is a good area to invest in despite the increases in cost.  There are several duplexes out there for sale and if you do it right, it can be financially beneficial for you.  I hope this helps you.

@David Walker I haven't.  I do not know of any in the area. If you could send me your references I would appreciate it.

@David Clinton III thank you very much.  I did see that but I fly in Thu night. Hopefully, we will have a chance to connect in the future.

@David Walker, thank you for the reply.  I am looking for $55K to $65K, which includes the 20-25% down payment for the loan and capital for the updates.  I am working right now to ascertain a more definitive reno cost. I will be investing $4K of my own money.

I am looking for a capital partner to come in on a deal in Spokane, WA.  I have a triplex property with 3 dwellings; 6 beds and 3 baths. Current GMI is $1625.  I am treating this property as a value-add play.  One of the dwellings is a 1/1 and could easily be converted to 2/1.  Also, the rents are well below market rates and can be pushed to a GMI of $2400 to $2600.  If you are interested please send me a PM.

Fellow BP members, I am looking to connect with other investors in the Spokane Valley on Nov 3.  I have made a reservation at the Italia Trattoria near downtown Spokane for anyone that would like to join the event. 

A little about me: I am a military officer (currently living in Italy) who will be moving to Spokane this following summer and laying down roots for his family.  I am on a business trip to the states and took some days off to conduct some personal business in the area.  I wanted to create an opportunity to meet other investors in the area and hopefully make some new friendships.

Please come out and enjoy some good food, good company and talk about some real estate!

Hope to see you there.

-Price

I have made it a goal to get into RE since Nov of 2017 when I came across BP and I have been steadily working towards it ever since. I live overseas so it has added some complexity and additional time to the process. After returning home from a deployment in Feb, I immediately decided to turn my IRA into a Self Directed IRA and use the money to get started in REI. I have since switched to pursuing MFH as my long-term goal, but I am eager to put my SD IRA to good work while I am researching and working with coaches on my MFH pursuit. Long story short I have a potential deal for my IRA that I am looking at.

Here are the figures: 

Area: North Phoenix (North of Phoenix Mountains Preserve)

Condo, 2 beds, 2 baths at 1134 SF

Sale price is $112,000

Downpayment is 10%

P&I is about $510, Other expenses (Vac, Cap ex, Repairs, HOA, PM, Ins, Tax) is $583 for a total of $1093.

Now for the rent...I have received 3 different quotes from 3 different PMs. One at $1000, one at $1100, and one said potentially $1200. The $1000 figure comes from my chosen PM for the property.  I trust his insight on the rent but have questions if the condition of the condo will cause an increase in the price.  The condo is probably one of the best in the complex. It is newly renovated with stainless appliances, tile and wood floors, designer stacked ledge stone, glass & stone backsplash, crown moulding, upgraded lighting, ceiling fans and an updated washer/dryer combo. Also, the way they designed the condo it has a door to the vestibule which connects the 2nd bedroom and bathroom. Closing the door turns it into a 2nd master bedroom.  It is a nice feature.

Here are the comps that I have seen. There is another 2/2 in the complex for $1100, and two more 2/2 with the rents of $1075 and $1150 in the area. I have found other comps that are 1 to 2 years old that list townhomes, that are 2/2 with 1200 to 1300 SF, for $1050 to $1210. 

I have a feeling that I can get $1150 to $1200, but with the wide range from the PMs I am not for sure. My realtor says that it would easily rent for $1100 based on his personal perspective. If I rent it for $1100 I break even but if I get $1200 it brings me to the $100 cash flow that I was looking for. 

I am trying to decide if the juice is worth the squeeze.  I have been looking in the Phoenix area for 3 months and this is the first potential cash flowing property that I have encountered.

Any advice or perspective would be appreciated. 

Thank you. I will make sure to remember that for future use.  Good luck in your future endeavors!

Does anyone know of any insurance brokers or PMs that specialize in MFH in the Phoenix, AZ area? I have found a few, but looking to cast a wider net.

@John Umphress First of all congratulations! Secondly, thanks for sharing. It is very helpful to hear stories like yours for guys like me working to get into MF REI. It sounds like it was a journey for you. What emotional or temporal obstacles did you have to overcome to purchase that first 8 unit? Did you have similar obstacles going from the 8 to the 72?