All Forum Posts by: James Marszalek

@Robert Cummings, what did the lease state would happen in this case? If nothing, or it's unclear, then it's up to the judge to interpret the situation. My rental property leases have clauses for every situation. If it were my property, the tenant would have lost in court. 

@Jacqueline Coombs. As you were explaining your situation, I pictured you all strapped up in a bungie jump harness, standing at the launch pad at the top of a bridge. You're excited, you know it's going to be fun and awesome, but you are also scared. Scared to the point that looking down makes you hesitant to jump, even though there is safety equipment in place. I've been there, and I know tons of people there. You know what that is? Fear of the unknown. You're asking yourself a lot of questions, you're letting yourself get into your head! For me, real estate investing is a numbers game. It's more analytical and mathematical that emotional. However it's really not easy to get INTO that mindset. The fastest way to get past your fear is experience. However, knowledge and networking is a close second. 

Do you have a free hour or two each day? Start reading articles and books related to what you're trying to do. Find videos and blogs. Be a sponge. Soak up every single bit of knowledge and information you possibly can about where you want to be. In addition, find people who are either on the path you want to be on, or have already traveled that path. Everyone has a different background, a different perspective, a different set of beliefs. Connecting with these people will allow you to take the lessons learned, and strategies and ideas from each person and custom tailor a plan that works best for you. I assure you, surrounding yourself with information and people that will help you move forward is a fantastic way to ditch that fear, and move forward with confidence! 

Further, building a system or model for your operation will get you a long way too. I spent 7 years in the military in a combat role. You know why we spent entire days running the same exact drills OVER AND OVER AND OVER AND OVER AND OVER AND OVER AND OVER? Muscle Memory. When crap hit the fan, we didn't have to think about what to do, we just did it. Your training to be a real estate agent works the same exact way. In order to get out of your head, you've got to be able to rely on training, and that takes serious dedication and time. I believe you can do it, but you have to believe you can do it too. So, if this is something you want, stop being afraid and go out there and TRAIN! :D 

Hi Lacey! Congrats on closing on your Duplex! Unfortunately, as you've found, managers can be hit and miss. I have managed several rental properties, but they've all been mine. I would be happy to throw my hat into the ring, but also have someone in mind if you're looking for more of a full time management company. I'm a full time agent as well as a property manager. It all depends on what you're looking for. Let me know what you think, and I'll shoot you the info. In the mean-time, feel free to check out my profile video, which will tell you the level of service I bring to my clients. Thanks, and good luck! :D

 Must be hidden in plain sight! Check out the top, it's all there. 

Journey with me through the depths of the NorthWest MLS, and experience the MLS from the agent's perspective. Discover how real estate agents and investors look for properties to invest in. Learn how to leverage your agent, and keywords that will help your agent be a better asset to your operation! 

We will be discussing strategies, tools, and properties on the MLS in our market. We will select properties to analyze to determine if they are worth looking into further. Fix and Flips, and rentals will be analyzed on the spot. 

We will use the Bigger Pockets Calculators, in addition to other tools, to maximize the information given by the MLS. 

You will have an opportunity to create a personal MLS search, based on your criteria, completed and e-mailed to you free of charge!

Snacks and drinks will also be provided! 

These events are great for those who live in, or invest in the following markets: Pierce County, King County, Tacoma, Puyallup, Lakewood, Spanaway, JLBM, Graham, Yelm, Olympia, Lacey, Bonney Lake, Auburn, Kent, Renton, Seattle, and surrounding. 

Please RSVP if you plan on coming! Thank you for reading, and I really look forward to meeting you in person! 

@Scott Ellis, I've already spoken with a bank manager at Umpqua Bank. Unfortunately, they didn't have any products that worked specifically for my situation, but they could be an asset down the road. But I've worked with that bank before, and they are solid. 

@Scott Ellis, great explanation for @Justin Young. 

Now, I'll be the first to say that not every strategy is applicable to every person or every situation. However, I don't believe I'm tying up any more money than I would be normally. By using a line of credit, I'm affecting the interest. I'm sure you know, if you buy a $300,000 house, and pay the mortgage every month, then you end up paying north of $630,000. That's why interest is the number 2 cost throughout a persons life, only beat by Taxes. If I use this strategy for every rental property I purchase, I can be netting significantly more money in a dramatically shorter amount of time, and I'm not putting any more money towards the mortgage than I normally would. Once those properties are paid off, I can leverage them to go buy more, or just enjoy the fatter check per property each month. 

The only thing I'm changing here is my banking tool. I'm not using a checking account, now I'm utilizing a line of credit. This minimizes my interest paid to the bank, raises my credit, and gives me the flexibility I need in my operation. I always have access to that money, as you stated. And as a real estate agent, or anyone who works on a commission based job, it can be a very effective tool for moving forward at a faster pace. The bank doesn't need your money. Like the government, they can't manage it appropriately. Don't get me wrong, I love mortgages. I don't have the cash right now to be buying properties without financing. But this tool lets me use the rules to my advantage, to shave decades off the life of my loan, and literally save hundreds of thousands of dollars. 

@William Newman   @Dan Mann There are HELOCs for Investment Properties. I'm looking for a revolving, simple interest, Secured Line of Credit. I give the bank $1,200, they give me a line. I then put 100% of the line of credit towards the principal of the mortgage. I get rent from my investment property, I deposit the rent in into the line of credit, bringing me back to zero. Then rinse and repeat. This will save interest, and re-build my credit, because everytime rent goes in, the credit bureau's see it as a payment. Eventually, they'll bump the limit, and then it starts snowballing. The point is to affect the interest, and to accelerate the seasoning of the mortgage till it's gone. I should be able to pay it off in less than 10 years, and I'll save a ridiculous amount in interest payments. Credit Cards don't operate the way I need for this particular task. The PLOC is just a better tool. 
I have a lead on some banks in Hawaii that came very recommended for Secured and Unsecured Lines of Credit. This comes from an investor I know that lives and invests in the Hawaii Market. 7% interest rates, and 5-10 year terms. I'll check it out, and post back here. 

@Dan Mann

Hello everyone! 

I've got a single family rental in Spokane that has positive cash flow. I'm interested in getting a Secured Line of Credit for about $1,200 to accelerate the mortgage so I can pull a HELOC later down the road. I'm having trouble finding banks who offer a true simple interest revolving line of credit. 

My credit is locked up thanks to a defaulted business loan from 2012 where we had to close the doors. I'm still in negotiations with the SBA to settle. I'm a licensed real estate agent, so my income is variable. Thus, a cash secured line of credit is my best option. I will use the cash flow from the property to utilize this strategy. 

Can anyone give me an idea of what banks I might talk to in order to get a PLOC? Thanks! 

I'm located in WA State, but I'm open to chatting to whoever can offer the terms I need. 

Hey Ryan, just wanted to throw my hat into the ring for representing you as your agent. I am a Pierce County Agent, and know the area very well. I work with other investors in this area, so I'm constantly looking at rental and flip properties on and off the market. I'd love to sit down and chat about what you're looking for, and show you the tools and resources I have to find deals, as well as get your listings in front of real buyers. Check out my BP profile, and my website. Aside from that, feel free to ask any questions you have. Talk to you soon!