All Forum Posts by: Brett Lee

I am in the process of purchasing a mixed use commercial and residential building.

Trying to purchase with big down payment and have owner carry rest of contract. What kinds of terms should I look to get? Looking for most favorable terms for myself obviously...

@John Farady

Sadly I am very familiar with Seattle and there socialist policies. Thank God my rentals are outside of the city or I would probably be in very tough shape.

Seattle was super dangerous with homeless epidemic. Now people are literally running police out of the city such as Capital hill. Police are terrified and many are calling in sick etc. So glad I do not live in Seattle and even more glad I did not become a police officer.

My advice for anyone who owns Seattle real estate is to sell asap! But then again what do I know??...

@Corby Goade

This post was great! Offering support and even bringing meals. Landlords can be kind and treat people with dignity and respect without government intervention.

Well done!

@Brett Lee

Update...

After shopping rates I was able to get a 2.99 rate on investment homes. Pulling 165k off rentals as long as they appraise high enough.

My thoughts are I will never be able to borrow money this cheap and will be able to reinvest the money to get greater return.

I still dont know exactly what will happen with housing market but do not feel bad stripping some equity from rentals. Plus i will still make $550 per month profit

@Nicky Reader

Its legal in my state and I still see foreclosures of ruined houses coming on the market all the time. Just because it is legal doesn't fix all the problems. The amount of black mold in attics that were grow ops is a big problem!

@Brian Hughes

I completely agree with your assessment of Seattle!

@Nikki Closser

Just signed the petition. Seattle city council is awful and a bunch of communists. They focus on all the wrong things. They have made the homeless problem worse. Only a matter of time before they run off all businesses.

I am really sorry for what you are going through. People need to wise up and vote those leftist bums out if office... But somehow in Seattle they always find some late ballots etc.

Seattle is dying... My advice is sell and buy in an area with a less crazy city council (i.e. anywhere else).

Like all of you I keep my eyes on the real estate market. This is fun for me but I also like to see if house prices are trending upwards or down etc.

I am in the Seattle area and have not noticed a considerable drop in prices. How are prices in your area?

I recall seeing prices tank in Arizona, Vegas and Florida 10 years ago and they rebounded nicely. If recession hits and real estate markets decrease, what areas do you predict will do the best? I understand none of us have a crystal ball (unfortunately) but I am curious what your thoughts and predictions are (if you care to share;-).

Hope you all are healthy and doing well!!

@Derrick E.

I don't believe in Karma but definitely the golden rule. She is 85 just keep renting to her and raise others rents... It isnt like she can go out and earn more money at a job.

I understand what others are saying in regards to this being a business... But I wouldn't kick an 85 year old out. Maybe thats just me?

Or maybe have her pay her own utilities? I know some utility companies offer reductions for low income tenants.

@John Barrett

I appreciate your thoughts thanks John.