All Forum Posts by: Timothy Tooker

Congrats...

But the Real question are you a Raiders Fan or 49whiners fan?

I am still in the Military, so I do real estate at night and on the weekends. In Washington state you have to hang your license with a brokerage in order to write contracts to buy and sell. Do your research as the fees very depending on who you work with.

Hello,

Hello, My name is Tim Grothuesmann. I started my Real Estate Investment Company just over a year ago. I had bought three houses through my travels in the military and have bought almost every INFOmercial real estate course I have ever seen. I have also attended a few seminars. The last one I attended was the Fortune Builders one which I really enjoyed, until they announced the price for the continued training($35,000). I offered to pay they fee upon completion of my first deal, but was turned down. That drove me to write down key words and research as much as possible. I found Bigger Pockets and Real Estate in your 20's during this online blitz for knowledge.

I was also brought to a meeting at a company called VESTUS (They are a Real Estate Auction team). They assisted me in purchasing my first investment property from the auction. I had a some bumps with utility liens and learning the Hard Money game. Even though it was stressful, I am Glad I went through it. I purchased a Single Family dwelling near the Tacoma Mall for $111,001 (one dollar over opening bid). It came with a second lot. Already had renters in it. Mortgage is roughly $820 a month, and I rent it out for $1400. One year later, the property is worth around $170K and the empty lot I own free and clear and it is worth 30K.

http://www.zillow.com/homedetails/2111-S-50th-St-Tacoma-WA-98409/89551898_zpid/

I also bought my first short sale last year in Puyallup from a family that was leaving their home and letting the bank deal with it. We ended up getting the house for 130k. The flip took a little longer than expected, since I had to learn the process of lining up Sub-Contractors, scope of work, where to buy supplies and the overall process of flipping a house (most of the work was done at night since I am in the Military and on weekends). We ended up putting around 45k into the renovation. House was under contract after two days on the market for 260k.

http://www.zillow.com/homedetails/9425-184th-St-E-Puyallup-WA-98375/67975565_zpid/

I am always looking for deals and also, just recently obtained my Real Estate Brokers license and work at Keller Williams Tacoma.

I work with the guys who run VESTUS for Pierce county Washington and wanted to invite you to come up and join us on a Tuesday at 530pm for a broad overview of what they do. Or on Thursday at 530pm we have our Auction meetings for the properties that are going to auction the next day. The meetings are completely free and dinner is provided on Thursdays' meetings.

There are a lot of investors there beginners and experienced - Those who are looking for a local mentor or just people to discuss investing with, this is a great place.

Since they work with tons of investors, they are constantly hiring and evaluating Sub-Contractors. A good portion of the Investors there are also sub-contractors. If you need any help with a certain scope of work on a investment or your own house, you can find it there.

Mortgage Companies and Financial professionals are also on hand.

When I first started, the only place I could find a local REI club was up in Seattle. This is local and free.

Keller Williams Office: Vestus Real Estate Meetings
7525 28th Street West
University Place, WA 98466
Just ask for Tim

Sincerely,
Tim Grothuesmann - Broker, Keller Williams
Office cell: 253-394-6083
Cell: 813-385-1031
[email protected]
[email protected]

[email protected]

You could do a hard money loan to purchase it. Offer him the 70k. I do not know what the rate on hard money is where you are at, but lets say it is 12% and 5 points. You would be into the loan for roughly 76k including closing cost. Once he accepts, starting working with a mortgage company that deals with investors and you should be able to refinance out of the loan before the first payment of the hard money is due. 75% LTV on the 120k value is 90,000... So even after you go through another closing, you should be no more that 85k into the house, and that is without having to bring any money to closing. Now you have equity and positive cash flow.

30 year mortgage on $85,000 including PMI at 5% interest = $677

$2100 Rental Income

- $677 Mortgage

= $1423 Positive Cash Flow

Using hard money you pay a little extra in the points, but you do not have to use your own money or go through the normal loan process on an investment property until you go to refinance it.