All Forum Posts by: Sonia T.

Also, i'd recommend that you contact agents who sell their own homes (search Agent Owned/Agent Interest) to find out what their opinion of the brokerage is.

Hi - Where do you do the search? Is it on the MLS or something ?

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Hello,

Any of the investors in WA have invested in getting a GC license themselves? I understand there are some rules for flipping properties less than 12 months after purchase. I went to the L&I site and was surprised that there is just a way to make sure people shell out money for licenses and be "legit" according to the law, but no requirement whatsoever to guarantee that the work is any good, no continuing ed courses of any kind, unless I missed something ?

Any thoughts?

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Hello,

Has any investors in the Seattle area used this firm to do inspections?

They charge something like $2.5k or so (depending on size of the property) to do a thorough inspection versus the standard, check the box inspection done by most inspection companies (~$500?).

I think most of investors here will just do a walk through with their trusted GC instead of an inspector...

Any comments?

Architectural Building Inspection Inc.
6850 35th Avenue NE, Suite #5
Seattle, WA 98115

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Originally posted by @Earl McFarland:

Look for an 'excess & surplus" general agent. If you aren't familiar with one, contact your state PIA (Professional Insurance Association).

No go. I called the local PIA and they do not cover anything that does not pass inspection before closing. Which is no different than a regular run of the mill home insurance.

So am I to understand that the flippers out there pay in cash and have insurance if something were to happen while rehabbing and such??

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Hello,

Hopefully so me of the experienced BP members can help me.

Scenario: buy house for owner occupy. Inspection report indicates major deferred maintenance issues. Sellers motivated, not much equity, and not short sale/foreclosure.

Regular run of the mill home insurance will NOT insure in its current state. The repairs need to be fixed before closing - not possible with sellers living there.

- is cash the only option to finance such a deal?

- What kind of insurance can I get while rehabing? Vacant vs Living there (do rehab in stages).

- Any experience on rehab loans and its interest rates?

Thanks,

Sonia

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@Tyson Goodnight:
@Kyle Parks:
@Timothy Grothuesmann:

Thanks everyone!

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Originally posted by @Kevin Fox:

As others have mentioned, those stats will not be the best indicator for success in selling your home. The members above me really did a good job pointing out some of the key aspects to consider, so I will just add one piece of advice.

Do NOT fall for the "marketing plan" that is almost entirely revolving around the number of sites they will be using to advertise your home. I am not completely certain about the MLS in your particular area, but for the most part, the MLS providers have a built in syndication system that send the sale info for every property listed to hundreds of sites.

If you speak with an agent that is essentially relying solely on that syndication, a yard sign, and other "passive" forms of marketing; keep looking. Find an agent who is willing and able to gain some sweat equity in the sale and put in the work necessary to go GET a buyer for the property, rather than one who is taking the "wait and see" approach and letting the buyers just come to them.

Easier said that done... yes, these marketing plans from both high performers and mediocre - looks like they came from the same printing machine... :-)

1 Vote

Originally posted by @Steve Vaughan:

I would try and utilize a listing agent or agency that is in my 'network'. If the best advice is 'to make sure you are comfortable with them and they are competent', employ one that also does comps for and services investors. This REI thing is about relationships. I use the same title co, attorney, buyers, agents, material provider, painter, GC, barber, etc over and over once I find the star. Refer to them and bring them business when you can and they will do the same for you. It can be tough to discover the star of each industry in the beginning @Sonia T. Get referrals, check folks and with folks here on BP and vet them out like you're doing. It's smart to ask the question here. There are a few active investors in your area I could mention to chime in if you like with advice. Good luck!

Yes, am trying to build my superstar team. Thanks for the encouragement!

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Originally posted by @J Scott:

I wrote this about five years ago, but it still applies:

https://www.biggerpockets.com/renewsblog/2010/03/0...

Yes, I read it several times! Great post!

After my post, I found this site called http://keepagentshonest.com/

Very interesting tips there...

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Originally posted by @Andrew Davis:

@J Scott's post is a great place to start.

Competency and Communication are huge. It blows my mind how many listing agents don't take the time/expense to take professional photos and make the house look/feel presentable.

Seriously, I went to an open house that had a trash can on top of the fridge (and MLS photos shows it too).

I feel sorry for the good/ethical RE agents/brokers out there...

1 Vote

All Forum Posts by: Sonia T.

Sonia T. has started 14 posts and replied 42 times.

Post: go straight to 100% comission broker?

Post: General Contractor License in WA - worth it?

Post: Architectural Building Inspection Inc. worth the cost?

Post: Owner occupy/Uninsurable house - Insurance & Finance Questions

Post: Owner occupy/Uninsurable house - Insurance & Finance Questions

Post: Title Company & Escrow in Pierce County (WA) - In house vs Not

Post: How to evaluate listing agents - superstars vs mediocre

Post: How to evaluate listing agents - superstars vs mediocre

Post: How to evaluate listing agents - superstars vs mediocre

Post: How to evaluate listing agents - superstars vs mediocre