All Forum Posts by: Andrew S.

@Brandon Phillips Hi Brandon, Kent runs the gambit from Class A properties all the way to F... key, as others mentioned, is defining your target. A SFR in East Hill is very different from small multifamily in West Hill. Feel free to PM me, we invest in West Hill.

@Costin I. Great list for those getting started... wishing had something similar before my first purchase! Please consider adding: Utilities: some districts charge for waste water runoff. It is a small expense, but runs about $300 in my area. Insurance: many buildings in our subdivision have problems with water and sewer lines. We've taken out policies on both.

@Tiffany Milan Hi Tiffany, Just like everything else, thinking about the task is far more daunting than actually doing it. How will you know when you're ready? I don't think you ever do, you just do it. Persistence and tenacity will take you far. Best of luck!

@Daniel O. 

Hi Dan, I don't have any particular resources on Section 8 rentals but there is a lot of information on the KCHA website. And, contrary to most governmental organizations, I find them to be very responsive when I call with questions or just need information in general. There are a few "Gurus" out there who post free videos/articles on working with Section 8. Sure, it has downsides, but there are many up sides too. 

The key is proper tenant screening including thorough checks of the information on their application. Personally, I like working with NGOs who help find housing for those in need because not only do you have the tenant responsible for their portion of the rent, you have both the Housing Authority and the organization to help keep the tenant on track. This is a lot more recourse and much better resources that you'd have if you rent to a qualified tenant from the open market. 

What makes you nervous about King County?  Or is it the City of Seattle that gives you pause?

If you guys are brave, consider that the King County Housing Authority pays rates in some areas that are well above market. And, before you run off scared, consider linking up with a local organization that helps victims of domestic abuse or veterans find suitable housing. The demand is high, often with good quality candidates, and you are providing a valuable service to our community. 

KCHA simplified the SEC 8 system by assigning rental rates based on zip code. To check rates, just enter the zip at https://www.kcha.org/landlords/rent-utilities/

Feel free to PM me for more information. I am glad to share what little I've learned from my experience in S. King County.  

@Jahbari McLennan Hi Jahbari, If it's not an urgent repair, perhaps consider water and sewer line insurance. On a SF home it is only about $10/month and if you anticipate a repair after the 30-day black out period, it may be a very wise investment!

@Don Nguyen Hi Don, Shoot me a PM. I have an excellent mortgage broker who represents a portfolio lender. Service is top notch and I've yet to find better rates. I'm pretty sure he can help you out. We've done 2 loans on NOO 4-plexs, both 30 year fixed with 25% down. Andrew

@Matthew Insley Hi Matt, Our tenants have the option of depositing rent directly into my account. They get a receipt for their deposit and can take care of it at any branch. So far it has worked very well and with online banking, it is easy to ensure everyone made their payment on time. More connected or tech savvy tenants pay by Google Pay (no fees) or EFT.

@Brian Orr Hi Brian, Congrats on your purchase! The first one is the hardest. All tenants will expect a rent increase when a new owner takes over. Assuming you don't go crazy, it will be a 'nuisance increase'. They may complain, but very few people would move out at the holidays over $25-$30. Their cost to move is a much bigger expense and the hassle this time of year really isn't worth it. Don't be afraid of them... and I know it's hard at the beginning. If you raise the rents and they threaten to move out, it's a negotiation. Best case, rents go up. Worst case, you stay the same. Check local laws and increase accordingly. Check with sanitation, they may have a smaller dumpster at half the price. Otherwise, try 2 big cans. If it is insufficient, you can go to 3. Submetering is expensive. You'll likely get a better return by blocking exterior spigots and switching to water saver toilets. Often the water authority offers rebates on replacing toilets with low flow efficient units so your cost is fairly small. Is the water bill from your building similar to the neighbors? Do you have onsite coin-op laundry for your tenants? Ours (also in a 4-plex) generates enough to cover the house electric bill and $20 towards the water bill. It's a convenience for the tenants, and a money maker for you. Feel free to PM if you'd like to discuss further. And again, congrats!

@Brian Orr You may be surprised by what you find. I am sure there will be a few tips, tricks, resources or ideas that you hadn't heard before. If you go with an open mind (but tightly closed wallet) you most likely will pick up ideas for further study. The other benefit I've found is that you walk away energized and excited to contine the journey. Anything that helps keep you on track and moving in the right direction would be worth it.