All Forum Posts by: Kristin Whitaker

Great opportunity to get a nearly turnkey (read below) rental in super-hot Spokane, WA market and almost $20k in equity.

This came across my desk from a new rehabber who dealt with quite a few contractor issues during this remodel that cost him dearly.  He needs to get out of it ASAP, stop the spending, and pay back his lender.  Here's the info:

95% of the remodel has been done.  New drywall, kitchen, paint, flooring.  This house has a huge addition with bonus living space that includes a master SUITE, not commonly found in this neighborhood.  This equals higher rent!  

To complete the rehab, the buyer will need a set of new back stairs, master shower door, and a heating vent installed in new addition.  That's pretty much it.

He has a few renters knocking the door down to get in at $1200/mo.

You could finish repairs, turn it around and list it around $149,900.  Or get a great buy & hold with a fair amount of equity.

See photos here and a video walkthrough here.  Assessor's info here.

Purchase $119,500.

Estimated rehab: $3,000

ARV: $149,900

Monthly Rent: $1200

Call or text me at (509) 210-2715, or email [email protected].

I'd recommend Alpha Electric and 5 Star Plumbing as fairly priced, extremely responsive subs.

@Steve Vaughan, Spokane county.  Plenty of meat in the deal, otherwise I wouldn't have thought twice.

I usually keep deals to rehab, occasionally wholesale if a property doesn't fit my needs.  This would have been a wholesale for several reasons (my funds are tied up / could go commercial and might hold more appeal more to some buyers / obvious criminal issues).  Not as experienced with wholesale, so a bit hesitant to dump this problem on someone else.

I don't like the "hide your identity" program as I'm up front and honest with sellers, maybe sometimes too much.  Trust is key, so...

Price is low enough that it doesn't matter if the house is a teardown @Justin Ho.  Like I said, I would have not given it a second thought if there wasn't serious meat in the deal.

@Mary B. looks like I may have found that crazy guy in @Gerrit Harner.  Check your PMs Gerrit!

Again, thanks all for your input and a lively discussion.  

@Justin Ho

Really appreciate everybody taking the time to add some input.  Sometimes a little outside perspective can really ground you.  

Moving on from this deal - the potential cost is too high.  Thanks again.

Great point @Shannon K..  People like that do tend to hold grudges..  and I DEFINITELY wouldn't want to pass this problem on to one of my buyers.  Thanks for making that point.

Thanks @Mike Hicks, I know he has gotten the police involved several times recently.  Will pass that tip along.

Made me laugh @Jacquelyn Sarpong, not a funny issue but the way you phrased it :)

I'm leaning towards giving him some advice to help him help himself get felon off the property, waiting til father passes or moves to continue discussion.

Hello all,

Searched the forums with quite a few different keywords but didn't find any discussions similar to this.

I've come across a deal on a rural property, numbers are great.  Not a bad area, probably B-.  Just rural.  Homes selling on the high end for the region.

The owner wants to get rid of the property because he's let his sister live there who is married to a violent criminal with 17 assaults on his record.  Last time owner was at the property, husband answered the door with a gun to his face. 

So needless to say, I will not be touring the house or property.  Number is low enough that I don't feel like I have to anyway.

There is no written lease in place.  Owner says they are "squatting."  92-year old father is also there "squatting."  

My plan is to wholesale, but I can't really show any potential buyers inside.  I don't really want to pass this problem of a violent (and now even more pissed off) criminal on to any of my buyers either.

What would you do?

Pass on the deal?  Tell the owner to get rid of them THEN we can make a deal?  Go ahead and get it under contract and try to find a buyer anyway?  And the elderly father issue - kinda feel terrible about possibly kicking him out of his home at 92 years old..   

Gut tells me to walk away but I know there's a way to do this and make (almost) everyone happy.

Thanks for any insight!

Kristin

I would stay away from Madison at all costs.  Read Yelp and other reviews for explanation.  

I love Google Maps gaffs..  

What's wrong with this picture?  Might have to right click - "View Image"

Hi Tim, 

My condolences for your loss.  

I own and have flipped houses within 10 blocks of GU. Could be a huge difference in value up to 10 miles distance depending on where the addresses land. Shoot me the addresses in a PM, would love to help with rehab/ARV estimates.

Kristin