All Forum Posts by: Tony Wooldridge

Just wanted to share a recent FLIP I completed. Originally purchased this property to be a BRRRR and add to my long term portfolio. However, the market it seems has heated up EVERYWHERE and I need to recover some funds and this project had so much meat on the bone it will give me the ability once sold to payoff my own house. One more step towards FI through RE (FIRE)! I purchased the house last March as an off market deal. I just wrote a blog about this see link here https://www.biggerpockets.com/... for photos). Thanks for allowing me to share and here is to wishing you all GR8 successes in your REI biz in 2021.

@Sean Wilkinson, good job my man looks as if you have been busy lately!  How is the business coming along these days?  I hope well.  Congrats on the new Tri-plex.

@, hope you don’t mind that I don’t meet any of your requirements for the area you were asking to post from but I have purchased 4 possibly 5 properties in 2020 (?)

My goal for 2020 was to build my RE business and I hadn’t put a number on that (as far as how many properties I wanted to purchase this year).

I purchased a SFH with the intent of keeping it as a buy and hold. However, due to certain circumstances we will end up flipping this property instead. All of these properties are located in S.E. Washington State.

I also purchased a duplex and as soon as I am done with the rehab mentioned above, we will start the rehab on this duplex. We will definitely end up keeping this one as a buy and hold.

I purchased another duplex that is our first investment that we didn’t have to rehab after buying it. It had preexisting tenants so we were making money as soon as we closed! BONUS!!!!!!

I just put in two offers on another duplex and another SFH. The duplex is fairly turnkey, however I will need to replace the HVAC (which I took into consideration in my offer). It is currently vacant but I believe we can get it rented fairly quickly. Haven't heard if the duplex offer has been accepted yet but the SFH offer has! However, it will be a couple of months before we can take possession on that property as it unfortunately has a squatter in it. My realtor brought this deal directly to me as he knew I am a serious investor and would be able to close. That is the bonus of letting everyone know what you do! My realtor will also be taking care of the eviction of the squatter prior to me taking possession.

For those of us that said 2020 has been a rough year, it certainly has. However, it has also been the most productive year thus far in my RE biz! Thanks for allowing me to share and Merry Christmas to all of you and here is wishing you finish up 2020 in your REI biz in a big way!

Investment Info:

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

Purchase price: $90,000

This is my 3rd purchase with PRIVATE MONEY! It is our first traditional duplex. It is going to require a good deal of work to get it rent ready but as we finish up our current rehab on our last purchase we are ready to aggressively jump on this one.

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

Economy of scale. Additional cash flow!

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

On the MLS.

How did you finance this deal?

Private $

What was the outcome?

Not sure yet

Lessons learned? Challenges?

Not sure yet

@Gerald Thitchener, do your tenants pay an application fee?  

@Shiloh Lundahl, preach it brother!  Well said! I just spent the last 2 hours reading everyone's post on this thread and was going to write my 2 cents but after reading yours there is nothing I could say that would add any value outside of what you said!  Well  said once again Sir!

I would have to say after visiting the site and reading further about what the Investment Conference offers you would have to ask yourself what type of investment advice or wisdom are you looking to get out of the conference.  If for example you would like to learn about how to buy gold / silver and other precious metals for investment means, well it sounds as if you should attend Radio guys Con.  Or if you want to stay the course and learn about all the different facets of RE then a no brainer it is BPCON 2020!

As @Natalie Kolodij stated (LOL, well put Natalie!), I believe you are going to get a pretty one sided opinion!  Best of luck on your decision but I know where I am going, BPCON 2020! 

@Lauren Hogan, GR8 question thanks for asking.  I cannot speak to investing in the Spokane market, although a very attractive hidden gem, I can speak to investing in Washington State.  My farming area is in the Walla Walla Washington Valley.  Yes, there is other Real Estate markets besides the Seattle area in Washington State.

The Walla Walla Valley area is on the Eastern side of Washington State.  It sits on the Oregon / Washington boarder.  It is also only a couple of hours from the Idaho boarder as well.  There is a lot of out door activities, mountains, lakes, rivers you name it.   Walla Walla is one of the real estate markets in the state that doesn’t depend on Seattle’s growth for appreciation.  It slowly and quietly has become the premier hub of the Washington State Wine country.  This has brought a GR8 deal of new businesses and people to the area that has increased our small population (33,000) and increased our home values and appreciation for greater returns and opportunites.  

For real estate investors, one point in favor of Washington State is the lack of an income tax. Walla Walla doesn’t provide the excitement of Seattle property prices rising by double digits, but you also don’t see housing prices crash because a tech giant decides they want to leave the area, citing insane real estate prices. Interestingly, the Walla Walla housing market has been attracting people to live here due to quality of life issues like good schools, while the Seattle market declines. This led to ten percent appreciation in the past year.

We can’t call Washington state landlord friendly. What we can say is that it is more landlord friendly than the rest of the West Coast. There are no limits on late fees or a grace period, though everything needs to be in writing. You have to provide notice before entering unless it is an emergency.

Seattle is far tougher on property owners than the Walla Walla area. For example, Seattle limits the reasons for which someone can evict a tenant.  California makes it much harder to evict a deadbeat tenant. And it is certainly better than Oregon, a state that passed state-wide rent control laws.  However, we do unfortunately have this on the books:
https://www.biggerpockets.com/forums/589/topics/801390-horrible-landlord-laws-are-being-proposed-in-olympia?highlight_post=4707223&page=1#p4707223

Lauren, once again thanks for posing the question and thanks for allowing me to share. Here is to wishing everyone GR8 success in your 2020 REI ventures and beyond!