All Forum Posts by: Audrey Sommer

Hello,

I just bought a rental property in Coeur D'Alene, Idaho. I'm looking for a lawyer I can use on retainer to help me with my LLC formation, operating agreement, leases, etc.

Could someone recommend somebody they like and trust?

Thanks!

I'm currently running reports through the rental property calculator. Under the 50% Rule section, what does the "50% rule cash flow" metric mean exactly? In one of my reports, all these metrics are positive, but this one is negative. I'm having a hard time understanding what it means and how it's being calculated.

Thanks in advance!

Hello,

This weekend, I will viewing some properties for a LTR. Does Bigger pockets have any house viewing checklists that I can use as I view these properties?

I'm currently building out a couple versions of my own, since the internet is not producing very many good ones. However, maybe bigger pockets has something investor oriented that I can use right away.

Thanks!

Hello,

I've recently picked my market for finding a LTR. I'll be investing in the Couer d'alene Idaho area. I'm currently in the process of deciding which agent to go with. But i want to get this community's professional and hopefully unbiased opinion about common RE agent practices in Idaho. 

First, is it required by law for a buyer to sign a buyer's agreement before they start touring homes? if you're beginning conversations with agents, and they don't recommend that you sign this agreement before the close on a property, is that a good thing or a bad thing? 

Next, what is the average, or a competitive commission % for a buyer's agent? I was reading online that it was 2.3%. Is that aligned with what's actually out there? If someone offered 3%, is that too high? what would be the justification for paying that much? This question goes without saying, that the seller's coverage of the commission is promised but not guaranteed, potentially leaving me (the buyer) with the check.

Next, what are your guys' opinions on limited dual agency with assigned agency? Would you recommend this or does it matter? I don't like the conflict of interest this comes with, but I can see the benefit as a buyer of getting access to properties that the brokerage is selling. However, I don't like the fact that properties they will show me, they will have a financial interest in, because it could affect my purchase negatively. what are the pros and cons of going with an agent that requires dual agency vs. not?

A lot of questions, I know. Any other advice or tips when selecting an ID real estate agent is appreciated. Please no sales pitches. Thanks!

 Hi Steve, thanks for the advice! Yeah when I was considering my own backyard, I was trying to avoid cities that required relocation assistance, and other weird laws. But I think, with so many pro-tenant laws coming out, if I buy a property in a more "sane" city, who knows if they won't introduce woke laws later in the future. However, I have a good amount of friends who have made WA work very well for them. Thanks again

 Haha Kevin, Your answer is music to my ears! I'll be honest, when I asked this question, idaho was already my first pick. Since then, I've chosen the Couer d'Alene/Post Falls area and have already started working with an agent. I live in western washington. As a newbie, you always question whether you're making the right decision, but you just have to push forward after a certain amount of time to prevent analysis paralysis. I've realized that although idaho is long distance for me, it's still a market I'm familiar with and have lots of community in, unlike other areas like arizona and texas. Thanks again

Hi John,

I appreciate your perspective and experience! You make some great points. I also live in Snohomish County. It seems like your goal is appreciation or that you are willing to sacrifice cash flow for appreciation, as long as your return is trending in the right direction. Would you agree? I agree, I think elected officials will probably make a lot of mistakes, demand will continue to rise. Thanks again for your opinion!

I've been reading how the PNW is the worst place to invest. Unfortunately, I live in the dead center of it. If you had to pick a market in the PNW to invest in a long-term rental, where would it be? Especially, if this was your first rental property?

In the professional opinions and experiences of the investor community, what place in WA state would you invest in a Long term rental?

If you live in WA state, would you pick your local WA state market over an out of state rental, and why? 

 Thanks Kyle for the advice!