All Forum Posts by: Taylor Herman

Yeah I guess the best practice would be to go to the source and see how they do their liens, thanks @James C.!

Thanks so much @Scott Choppin!

Thanks for all the great info and tips @Scott Choppin! It sounds like this kind of property is a bit out of my wheelhouse. I currently only deal with SFR or smaller MFR, but just wanted to get an idea of everything involved in bigger development projects. I guess I'd be better served by getting a bit more experience before trying to take on the big builds.

Thanks for the great article @Christopher Phillips! Lots of helpful information

As others have mentioned, I've used the urban zoning in Seattle to get an idea of what could be built, which could potentially be a multi story apartment complex, but it's really hard to guesstimate the build costs and demo costs. What I did to get a good estimate of what to bring to the seller was to gather information on pure land costs in the area (without improvements), which I found to consistently be $50/square foot. But beyond that I'm not sure how to factor in the other costs

Hello BP,

I recently came across some derelict properties in the Delridge neighborhood of Seattle and was able to (with the help of the owner of a nearby shop) track down the owner, who said that they were actually selling 3 adjacent lots. The total land square footage of the lot is 13,772, and the owner is asking $1.1 million for all 3. Is that a fair price? I've never done a tear-down deal before, so I'm not 100% sure how to value land and take into account the price of the demo and rebuild.

Thanks!

Hi BP,

I have a friend that's looking to move to the Fremont or Queen Anne area within the next month, and her and her husband are looking for a 1 bed/1 bath at least 600 sq ft under $1700. They would like something with a territorial or water view, if possible. Do any of you have any units open or know anyone that might?

Thanks!

Hello BP,

In doing my due diligence on a few properties today, I noticed that a particular homeowner had multiple water and sewer liens for differing amounts. My question is, are the lien amounts cumulative? That is, if they have a lien amount of let's say $350 in 2012, then $550 in 2015, does that mean they now have a total lien amount of $900, or is the $550 in 2015 an accumulation of all unpaid liens since that $350 in 2012?

Thanks!

Great!

So at that point would we still have to go through the Title company and all that as usual? Or is there a different process for off-market deals?

Hi @Paul Amegatcher, I heard that trying to wholesale a short sale is walking a fine legal line, so I'm going to stay away from that for now.

But with the pre-closure process, do I just get a lead and do the sale contract between just me and the owner(s), no agents involved? And when I buy the property I'm just receiving the owner's equity and then paying the lender back and any other liens and legal fees right (or if I'm wholesaling, the investor would then be paying those fees)? Is there anything else involved?

Thanks!