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:

  1. A realistic seller; who understands their asset [in it’s current condition] isn’t worth pro-forma value
  2. Priced below replacement cost (typically well under $100/ft).   Up to $6,000,000
  3. High vacancy (at least 25-50% ideally)
  4. Significantly below market rents
  5. Buildings with deferred maintenance / physically obsolete
  6. Desireable areas: strong traffic counts / employment
  7. Prefer median Household income over $50k
  8. Built after 1970
  9. 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:

  1. Cosmetic & Major Fixer Uppers
  2. Fire Damage, Water Damage, Foundation Problems
  3. Property Inheritance/Probate
  4. Tear Down & New Construction
  5. Delaying / Stopping Foreclosure
  6. Back Mortgage Payments
  7. Buying Homes with Little or No Equity
  8. Job Loss, Relocation, Divorce
  9. 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)