All Forum Posts by: Vadim Babets

 Sorry Late response but I got it figured out, I went to the top guy and he resolved it fairly quick. but from stop to resume I lost 4 months. 

Seattle real estate 

It's time to start building, BUT should I start with current inflated material cost? It is my intention to build and rent out 3 units on one lot, Main house 4bed/3bath 3,320 SF. Basement is 1/1 750sf Appartment with full kitchen/Laundry Separate entry. And detached 2/2, 990sf ADU,

Total 5060SF and will cost approx. 200-220/sf plus lot and soft cost =1.3-1.4m all in I'am a custom home builder so this will be my cost not counting my time spent managing.

Rent will be minimum 3500 for house, 1500 Appartment, 2000 DADU =7000 

2.5 years ago when I started with design on this project, estimated cost to build was 900k-1m so 7k/m rent made sense building. but now it will cost 400k more to build with relatively same rent I'm having second thoughts if I should build? 

I know I can get more with AirBnB but I want to underwrite as rental to be safe.

What are your opinions?

Help- 

What can I do now, county stopped my construction because I slightly overcleared my lot, inspector told me to fix siteplan to show overcleared area and submit and inspector said I will approve it next day. That was 3 months ago… Since than I’ve bin calling, emailing, leaving voice mail, his assistant told me he is in office I’ll ask him to call you back many times but he never does, what can I do now?

You will not like my response...

Were you listening to what exactly your buyer wanted? or just driving around killing your and buyers time showing wrong houses?

I signed agreement with an agent told him Im looking for house to flip. He kept sending me regular nice houses and even new construction so I had to move on and asked another agent to send me fixer houses, he wasn't great but found me a house. Maybe you were not listening to what exactly your client wanted and kept driving around county showing wrong houses, so they had no choice but to switch to another agent.

I'm NOT bragging #Celebrating, 

I just finished building new construction house from ground up.

House with ADU, I did BRRR. Build, Rent, Refinance, Repeat

I spend approx. 500k building the house, refinanced with 500k conventional loan @ 3.36%,

monthly rent 7,050 for both units, -2,800 mortgage, insurance, & tax. -250 maintenance =$4,000

I did a lot of work myself and I'am a general contractor so I saved about 150K Building this house but still even at 650k its pretty insane ROI

I "LLC" purchased property with cash, Rehabbed, Rented, now what's the best way to get money? do I refinance with investment loan at 3.8% or purchase my own deal and get 2.7% interest rate If I put property under my name? but will I have to pay extra fees? escrow or tax.

I called mortgage broker, she said if I buy from LLC into my personal name, loan will be much easier and faster since refinance loans take 2 months now, and new purchase will close in 30 days + way better interest rate.

Purchase price 400k, Rehab cost 100k market rent is 4500/m

Market list price 800k

Would you BRRR or sell since ARV is pretty high?

Also if BRRR keep in LLC or in personal name?

I need lender and I will refinance inco conventional loan and keep the property.

Im building a house + Studio to keep as rental, but my investor backed out last minute, So before I go to hard money lenders I thought Id post maybe someone will come inn with cash.

House Is located in the best area at North end of booming Tacoma, Ruston, WA. Water view Modern house.

Its a solid deal I spent lots of cash already: 110k for the lot, spent 60k on Plans, Engineering, Utilities: Sewer, Water meter, Electric Transformer. Spent 80k on Excavation Foundation, Framing,  All inn so far spent 250k and I need just 150k to finish the house, 

House will have 2165 sf with 480 sf studio with separate entry. ARV 650k so your loan will be LTV 23% loan to value.

I found hard money lender at 8% but I had deal with my failed investor at 6% so want to see if I can get another investor who will invest at 6%-? 

I'am experienced builder. I expect to finish this project July-August of 2020 than refinance right after so you'll have your money back by September, But if you would like you can roll over your investment into my next project, also new construction in Kent WA, I should get permits by September and will start building in Kent right after.  

1 day I will have thousands of multi family units, but for now I’m dealing with single family houses, than I will sell everything and jump into multi family... or I could’ve bin dreaming of big deals and I would be stock doing nothing.