All Forum Posts by: Kristin Whitaker

^^  I second what Scott said, generally the investor rule around here (although plenty make more, some make less).

I think those rents are pretty darn close for the area and quality of unit (judging from listing pics).

Hi @David Sweeney, congrats on going Pro!  Some things to think about - 

I agree with Patrick, I own a triplex in that area that I've remodeled very nicely to push rents to the max for the area, and I'm getting $520 and $600 for the 1bd units.  

You should assume $75/unit per month minimum for W/S/G.  

Also to note, basement units generally get less rent than comparable main living units.

A final thought, you didn't mention a heat source.  The units are separately metered, but what kind of a heating do they have?  If baseboard or separate furnaces, no problem - the tenants pay.  If it's got a single furnace, or old "octopus-style" oil heater, many investors would run.  As you know Spokane winters might eat up all your profit in a year from heating the house alone.

Definitely get proof of rents and utilities before making an offer in any case!

I have a bundle of almost 3,000 precancelled stamps used for bulk mailing.  I bought them for a campaign and used maybe a few hundred.  I've switched marketing tactics and don't use them anymore.  I paid $300 for them.  Make me an offer!  I'd rather have a BPer use them then let them continue to take up space in my desk.  

My appraiser charges $800 for multi-family residential here in Spokane.  I'm not an expert, just offering my experience for comparison.  

Great points @Jeremy Baker about the tax situation with VRs, and @Shelby Pracht on transient occupancy tax.  Many resort towns have this sort of tax, something to be aware of that could nix your profit.

Also something to think about is condo HOA fees. They vary wildly, some are killer and some will kill you. Same thing with their reserves situation. Best thing to do is ask a local realtor, they'll know which ones are best for investors.

As David mentioned, do your due diligence!  There are quite a few areas in Spokane that have nice looking Craftsman or Victorian homes, but many investors wouldn't even walk the sidewalk let alone own property.  

This is a classic Victorian triplex in Spokane, WA near the growing Kendall Yards area and close to Gonzaga University.  It's been fully remodeled inside and out, with a new roof, exterior siding, and sprinkler system just finished up.  The interior is totally new, you name it and we’ve probably updated it.

There are two one-bedroom units and one three-bedroom unit.  All units are rented with great long-term tenants.  All three units have their own washer/dryer in unit.  There is a fenced backyard.  Each unit has its own furnace, water heater, and electrical meter.

This triplex is fully turnkey with a monthly income of $2,020.  At a sale price of $234,900 you're getting 8% cap rate.  

See full details on this property, including income & expenses and more photos at this link.

Contact me via text or phone at (509) 210-2715 or [email protected] if you're interested in learning more about this property.

Learn more!

+1 for Zaba search!  Thanks so much @Steve Christensen, just found numbers for a few leads there.

Congrats on your first rehab deal @Aaron Miley!  Have fun and keep us posted on your journey.