All Forum Posts by: Sean Tobin

@Robert Kincaid We have had good success at having productive conversations with investors who are looking to sell properties in their portfolio. Usually the investor just wants to know they are in trusted hands and working with high integrity people. If you ever need help putting those conversations together shoot me a message.

This past year I had an investor who I had been working with for over 2 years, when he finally felt like it was time to move closer to family, we were the first people he called. We helped him craft a smart transition plan that gave him ample time to do so. At the end of the day, it was a win win and he is glad he could hand his property over to someone he trusted. 

Mike, if you’re looking for someone who is investment focused, it would be good for us to get together. This year we have portfolio of homes/multi family properties we are listing and I would be happy to get you connected to what will be coming available. I also have a network of investment focused lenders in the case you need access to capital. 

Mike, 

As already mentioned finding a vacant rental is almost as difficult as purchasing a home in Spokane at the moment. This means we have plenty of renters ready to sign leases. However, in my experience finding, high-quality renters can be a challenge if you don't what you are doing. If you decide to self-manage I would at minimum advise using a screening service or partner with a local property manager to do the initial application phase. 

Spokane has quickly been put on the map because of its affordability. I like to say it is a "10-year overnight success." The town still has a ton of room to grow and I don't sense the market slowing. Rents are beginning to rise slowly and as they do it will allow for more rentals to actually pencil.

Best of luck! 

Robert, this is a question I have been getting a lot from clients lately and you are certainly not the only one feeling this way. As I write this our inventory level in Spokane is 236 homes on the market which is about enough inventory to last us 10 days. The two strategies I have been leveraging during these times are leveraging a network of older investors who are looking to liquidate their portfolio which provides an opportunity for new investors to get a great property while not competing against 20 others. The second option is to look at non-traditional 3-4 plexes. I personally own one of these which is an old craftsman split into 4 units and had proven to be a great investment. Regardless of the strategy, with inventory levels this low it comes down to who you know and that's why BP is such a great resource. All the best! 

Thanks Evan, it has been great thus far! We just listed a duplex for sale today in Valley and we have a few more multi family properties coming on in the next few months. I will keep you in mind! 

Investment Info:

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

Purchase price: $300,000
Cash invested: $75,000

Purchased a four-plex from a client, that was looking to liquidate it from his portfolio.

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

We desire to own multifamily properties.

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

This was actually a current client of ours.

How did you finance this deal?

We worked with Motto Mortgage in Spokane, WA.

How did you add value to the deal?

We have done some basic updating and yard maintenance, however, it is in really great shape.

What was the outcome?

We have 4 happy tenants and we are getting great return.

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

I am a realtor, but we did work with a great mortgage Advisor from Motto Mortgage, his name is Teagan Brown.