All Forum Posts by: Steven Tawresey

Hey Everyone. So I recently moved to the Seattle area (actually Bainbridge Island on the Kitsap Peninsula) and I'm looking for deals. There isn't much on the market currently and everything that is active either goes quickly over ask, or is overpriced and stale and sits for months on end. Very few properties are priced correctly in my opinion. However, the place I'm living is essentially a retirement community and I feel there is a large number of unkempt properties ripe for flipping coming down the pipeline. 

Anyways, since I'm new to the area and haven't connected with my go to agent yet, I'm brainstorming ideas of how to incentivize real estate agents to bring me off market deals (there aren't many wholesalers here). One way, of course, would be to offer commissions on both sides of the deal. Standard seller paid commission when you bring me the deal (maybe I can offer an extra %), and standard or elevated commission when you sell the property. If the numbers work out and I start landing deals, I don't mind paying more to lock it down. Thoughts on this strategy?

Any other ideas on how to incentivize multiple agents to bring you deals?

@Jason, I’m on Bainbridge. Planning on headed off island this evening to meet up if I can.

@Dave Skow thanks. I think I’ve got my lending needs covered. As for the properties, are you wholesaling them off market? Or are you a realtor?

@Steve Vaughan thanks. I used to play summer baseball in Wenatchee. Looking forward to revisiting my childhood memories.

Goodbye Denver, hello Seattle. I left when I was 18, and after 18 years away, it’s time to come back.

I’m moving my family and my flipping business to Bainbridge Island next summer 2023 but before then, I’m looking to start networking and potentially partnering on deals.

I’d like to focus on the Olympic Peninsula so I don’t have the ferry to contend with. But, if the right deal comes along, I’d consider something on the East side of the sound.

Anyways, I would love to chat with anyone trying to get started in the business, or anyone who is already operating. Looking forward to mutually beneficial conversation.

@Aaron H. That’s super helpful information. Thank you.

Has anyone bought, sold, invested or done business with Flywheel SFR Fund based out of Steamboat Springs, CO? They seem to be aggressively purchasing single family properties around the front range and Denver.

I’ve never heard of them. Wondering if they have a reputation?

@Dylan Peake Hi Dylan. Welcome to Denver and BP. I’m an ex structural engineer who found real estate and never turned back. If you are interested in chatting, DM me. But be forewarned, if you don’t love engineering, I will probably make some pretty strong arguments for you to leave it.

@David M Trapani

Thanks for the explanation. Cool tool. I've done a few seller financed deals, and struggle explaining the benefits to the owner in a way they (usually not financially literate) can understand. 

So, "Walk the Note," without all the title work and at its simplest explanation, is that the sellers note gets removed from the initial property and transferred to another property. Seller keeps getting paid terms from original note, but original property is no longer the collateral. 

Could this be done with a BRRRR? Seems like the timing would be nearly impossible to line up.

Good morning. 

I am looking to complete the back half of a BRRRR and struggling to find rates I'm happy with from my current lenders. I currently work with First Western Trust (who I am terminating my relationship with, long story. PM if you're interested), Kiavi (Lending Home), Civic Financial, and Lending Home. None of these banks/lenders can give me 75% LTV cash out on a 30 year, fixed rate, PITI type loan.

First Bank goes to 70% Cash out. Kiavi has my rate near 5%. Civic only does 5/1 interest only. 

I bought the property at the end of August so it has 4 months seasoning. I intend to keep this in my portfolio for quite some time. It is in the name of my S Corp because I was originally planning on flipping it (mistakes were made). 

Any LOCAL bank suggestions and contacts you all can throw my way would be greatly appreciated. Thanks!