All Forum Posts by: Suzanne Marlatt

It is R4 zoning so multi family is allowed but it is a non-conforming sfh.  That said, its been an establishment in the neighborhood for 4 yrs and now neighbors question what will move in next.  

We're hopeful an investor or large family will enjoy it next.

Thanks so much

Hello,

We are investors from WA with a sfh in Moscow, ID.  We have purchased a larger home and made two full dwelling spaces; a kitchen on the main with 4 bedrooms and a kitchen in the basement with 2 full bedrooms.  The home is spacious enough to house 11 young college students; at a local growing private college.  We are wanting to find investors who would like to enter the Moscow real estate market with a partnership in a business model that has worked for over 4 yrs.  We are seeing if this is an option as we have ourselves in a scaling-up phase - we have purchased a commercial property local to us and are borrowing from our retirement to do so, with the intent of paying back with the possible sale of this home.  

That said, we'd consider a partner joining us.  They would contribute anything from 240k +. If interested please contact for cashflow numbers.

Any ideas on how to move forward would be greatly appreciated. Love our BP community.

The Marlatts

Can I get an email to send this P&L?

Or, these are the basics: 

Gross Income: 50k.  Expenses:  37k.   Net Income: 12k

Not the most lucrative business.  :)

Hi Jordan,

Hubby is the CFO so I'll get some numbers and pass them on.  He's in town this weekend, Fri/Sat for a meeting with the men at the house, if you'd like to chat or come by.

With doing an investment HELOC, is that different from a traditional? We've used our primary 3 times to purchase, repay, repeat real estate but I've only seen the rate these days and didn't want to loose that much cashflow. But at this point we're interested in all the ideas.

We've only done a few "types" of financial steps with real estate investments.  This is my attempt to find other methods to raise capital while not sacrificing the wonderful asset we've built there in Moscow.  We love the home and what its become.

Would love to discuss - Hubby - Jubal Marlatt  425.628.3597

Thanks again

We currently own a large sfh 6/3 in downtown Moscow that is rented by the bedroom to local college students of a private school.  We have remodeled the property to have a full kitchen downstairs as well as upstairs.  There are large open spaces in the home so tenants don't feel on top of one another.  We are currently purchasing our first commercial property and need some of the capital out of this home.  With having had the home for some time there is a lot of equity and a great rate on the existing mortgage (3.8%). Our desire is to hold the property and continue the great system we've created; no one moves and we've consistently turned students away.  That said, we would like an investor to become a partner and draw some of the equity (180-210k).  The market for the home is 570k if sold outright.  The current cashflow is 1100.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $915,000

VA purchase, sfh, 1st floor fully remodeled for sale, incentives in purchase - 15k cash credit (paid warranty policy, outstanding HELOC, loan fees). First floor 3/2 rented at purchase to a family.

Fully remodeled basement to become separate dwelling - studio. Built walk-in shower, kitchenette, nook, walk-in closet, covered outside deck area, added fire pit, split yard. Running as a mid-term rental for nurses and their pets. two income streams for one sfh.

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

wanted to try making a two income stream property while living in the remodel

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

BP realtor.

How did you finance this deal?

VA

How did you add value to the deal?

remodeled basement - kitchenette, walk-in closet, floor to ceiling tiled walk in shower, built in storage

What was the outcome?

Fully Furnished Studio Apartment - $1900 rent + $100 pet fee. mid term rental; new tenants every 3-6 mos

Lessons learned? Challenges?

living in it while remodeling is the best

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

BP realtor - Sherief Elbassuoni with Fathom Realty

I did purchase a large 6/3 home with plans on splitting it into a top/bottom duplex. Huge road blocks with permitting. It is a rent by the room home that grosses $4300 monthly. Still works. 

Looking to offload someday to scale up. 

Moscow

Investment Info:

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

Purchase price: $410,000
Cash invested: $96,000

6 bedroom 3 bath
split into 2/1 and 4/2 top and bottom duplex.

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

College town need.

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

Worked with local realtor.

How did you finance this deal?

HELOC on our personal home. Waiting to refinance our 1st rental to cash out to pay back our HELOC.

How did you add value to the deal?

converted a 1/2 bath to a 3/4
added kitchen and laundry downstairs.

What was the outcome?

Housing 11 college kids who need a place to live. The school does not have dorms.

Lessons learned? Challenges?

not going broke doing the renovations.

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

agent Eric Burnett. Amazing man.

David. What did you end up doing with the 10+ bedroom. I have recently purchased a large house in a college town with the same concerns. I am especially interested in the "one lease" solution. Any guidance?