Retail & Multifamily Buying Criteria
Distressed buildings with significant upside including: multi-tenant retail / strip / shopping centers (10k ft – 80k ft) and Class B or C apartments (10-100+ units) priced between $1-6m. More specifically in order of importance:
- A realistic seller; who understands their asset [in it’s current condition] isn’t worth pro-forma value
- Priced below replacement cost (typically well under $100/ft). Up to $6,000,000
- High vacancy (at least 25-50% ideally)
- Significantly below market rents
- Buildings with deferred maintenance / physically obsolete
- Desireable areas: strong traffic counts / employment
- Prefer median Household income over $50k
- Built after 1970
- Location: West Coast focused, but will consider nationwide. (WA, OR, ID, MT, CO, UT, CA, NV, AZ)
Residential (Single Family / Duplex / Quads)
We buy houses with cash, transform them, and create move-in ready dream homes. Our mission is to help homeowners and improve our community with every project we work on. We specialize in the following:
- Cosmetic & Major Fixer Uppers
- Fire Damage, Water Damage, Foundation Problems
- Property Inheritance/Probate
- Tear Down & New Construction
- Delaying / Stopping Foreclosure
- Back Mortgage Payments
- Buying Homes with Little or No Equity
- Job Loss, Relocation, Divorce
- Deferred Maintenance
Seattle, WA / Greater Puget Sound
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- Crappy houses in good, desirable, neighborhoods with great school districts!!! A few favorites: Kirkland, Renton, the Eastside, West Seattle, Burien, Federal Way etc.
- Purchase Price = $80k-$450k (we prefer houses that are 2/3 of the median price point…not luxury, high-risk projects)
- Single family houses, vacant duplexes, quads
- Location = Near I-5, 405 or 167 corridor. From Everett to Tacoma and West Seattle to Issaquah. (We like areas in high demand where our projects will sell fast – nothing rural)
- Condition = fixers! We want to turn Crappy to Happy. We’re okay to do a quick close on a nicer property, but LOVE houses built after 1978 with good bones that are begging to be remodeled.
- Profit Goal = 15% cash on cash returns on purchase price + improvements. Nearly every deal we do is at least $25k profit (after ALL expenses: broker commission, cost of money, insurance, closing fees etc.)
- *Ninja Tip* We constantly monitor the MLS for day 1 fixer listings…but 95% of these deals turn into bidding wars with razor thin margins – no thank you. The majority of our great deals come from savvy brokers via less competitive channels, for example: expiring listings, old/forgotten listings, mislabeled sq/ft, buyer couldn’t perform, houses ideal for additions, and existing relationship with owner (to name a few)
Southern, CA
- Crappy houses in good, desirable, neighborhoods with great school districts!!! A few favorites: Torrance, Redondo, Westminster, Culver City, Mar Vista etc.
- Purchase Price = $200k-$800k (we prefer houses that are 2/3 of the median price point…not luxury, high-risk projects)
- Single family houses, vacant duplexes, quads
- Location = Near freeway corridors I-10, I-5, 405. From Santa Monica to Riverside and Hollywood to Newport Beach (We like areas in high demand where our projects will sell fast – nothing rural)
- Condition = fixers! We want to turn Crappy to Happy. We’re okay to do a quick close on a nicer property, but LOVE houses built after 1958 with good bones that are begging to be remodeled.
- Profit Goal = 12%-15% cash on cash returns on purchase price + improvements. Nearly every deal we do is at least $25k profit (after ALL expenses: broker commission, cost of money, insurance, closing fees etc.)
- *Ninja Tip* We constantly monitor the MLS for day 1 fixer listings…but 95% of these deals turn into bidding wars with razor thin margins – no thank you. The majority of our great deals come from savvy brokers via less competitive channels, for example: expiring listings, old/forgotten listings, mislabeled sq/ft, buyer couldn’t perform, houses ideal for additions, and existing relationship with owner (to name a few)