All Forum Posts by: Bryan R.

@Roger Vi

The flat flee listing service you use should offer an option to use a Supra keybox. Agents can access the box and it keeps a record of every visit to the property. The problem with handing out standard lockbox combinations is they can easily get spread around to other people and then you don't know who has access to the property or has been in it.

Most of my properties will have 2 lockboxes. One Supra box for agents to show the property and one standard box for myself and whoever else may need access.

@Bret Emry

Here is the relevant text: http://lawfilesext.leg.wa.gov/biennium/2015-16/Pdf...

Under the new law you will not need to be a licensed GC any longer provided that you hire a licensed and bonded GC and do not superintend their work.

NWMLS access comes through member firms. She would need to hang her license with a member firm.

I would encourage consulting with a real estate attorney regarding the impact of rehabbing as a business with your real estate license. Particularly as it relates to E&O insurance for you and your firm and liability exposure.

https://en.wikipedia.org/wiki/Walk_Score

Very nice. I'm selling a 3/2 1200 in Tacoma to a guy from Seattle as a turnkey rental for 200k. I'm thinking you got the better deal.

>But there is a reason why all the high net worth people use LLCs.

@Account Closed

Funny you mention that. I was standing around at auction last week BSing with another guy while we watched a very successful high net worth individual buy a property. Topic came up how we both put most stuff in LLCs and have very little in our personal names whereas this high net worth individual puts most everything in his personal name. I just ran a really quick search. Hundreds and hundreds of parcels in his personal name just in one county.

As to the original question. I've been involved in litigation a number of times. Never in such a way that the LLC would have made any difference. Maybe if it was a dormant LLC with no assets and absolutely properly maintained, but they have always been active and had substantial assets.

Contingent offer with shaky financing? In this market? I would certainly try to exit the contract. And that's a pretty sharp move by the agent, though problematic if contested. I always put a short right to terminate notice time in just so I have that option available.

Does the buyer have their house under contract? And did they do all the proper notices? If not you may be able to exercise the bump out under 22B (5).

95k spread with 50k in work is pretty tight.

If your buyers aren't interested consider that maybe it isn't really a deal, or just marginal. A real deal will have people jumping all over it. I get a lot of "great deal, act fast!" emails sent my way. Ones that actually make sense are few and far between.

Finding buyers: Go to the Snohomish and/or King county trustee sale on Friday and hand out your card. You'll find more real cash buyers than you need there. Bring a flyer with your property on it.

I looked at your marketplace post. Some thoughts:

• No address. Having to contact you for the address to lookup the property is just one more step. Plus I have to wait for you to reply. It slows me down, if I'm feeling lazy I may not bother. Put the address up.
• You estimate profit without estimating rehab. That doesn't work. At least put a rehab range in so we know how what kind of project it is. Or if you're not comfortable doing that (which is fine), don't estimate the profit.
• Describe condition of property - structure, roof, window, electrical, plumbing, HVAC, finishes. What kind of rehab does it need? Paint and carpet, full gut, cosmetics?
• No pictures. Your picture link requires a login. Find somewhere else to host pictures.
• 139k acquisition for 230k resale. 90k spread. From your post here sounds like it needs a fair bit of work. Doesn't seem like a very attractive deal.

@Aaron Ramm

Did you read what you linked? 

Here is the relevant old language of RCW 18.27.010:

And here is the additional new language:

Under the new law you may either :

1. Be a licensed general contractor

or

2. Hire a licensed general contractor and not superintend their work.