All Forum Posts by: Carly M.

Hello! We have closed in our first property in Washington state in Gig Harbor. We’ve invested in KC,MO but it’s our first Pierce county / Washington state investment.

We’re looking to build our team. We need contractors, handymen, landscapers, and property managers referrals. I’ve looked in past forums and I don’t see much for Gig Harbor. We’re open to Tacoma recommendations.

We’ll be looking to hire ASAP. We have a vacancy coming up April 30th from an inherited tenant that’s been there 6 years and we think it’ll need some work done.

Thank you all!

Hello!

We're selling our SFH in Idaho to get cash on hand to prepare for whatever is about to

Come. Our thought is better to have more doors than one during this time so we want to pull the money out for more multi family.

Our realtor / who is also our pm suggests giving the tenant one month free rent for their trouble ($1350). And told me I’d better prepare for them to leave and cover the mortgage while it’s on the market.

It’s in Twin Falls, Idaho and price range $210-219k. She says it’s about a 60 day on market for those houses.

How do you handle to SFH selling with tenants? I've only sold multi family to investors who know there will be tenants in place. This has potential fir a family yo move in.

Also, any investors interested in a SFH in twin falls, Idaho ?! 😁

@Haley Powell how soon is too soon to invest out of state? It’s never too soon. Everyone says don’t do it. But with out big (calculated) risk there’s no big reward.

Our first multi family was out of state in Kansas City, mo. We flew in, looked at properties, made an offer and flew out. I’ve been in kc,Mo for a total for two days. That was 2 years ago. We just sold it for $150k over what we bought it for after rehab.

To be successful though I suggest these things:

1) know the market. We had an experienced rei friend who knew the market and area. We bounced idea off of him. His knowledge was key.

2) have a team built up before you buy. We did not and we had two horrible prop. Managers that cost us 6 months vacancy of one unit. If you ever want to know who not to use in Kansas City, Pm me.

We got a contractor off of bp who was great to work with. And found out great pm through bp networking.

We made it work, and it’s not impossible. But you learn a lot along the way.

3) don’t take every opinion on bp forums to heart. If I listened to everyone I wouldn’t be where we are today. Definitely take into account the person, their experience with rei, and their knowledge of the market.

Example: everyone on bp said don’t touch anything with foundation issues. It turns out Kansas City has clay soul so foundation issues are kind of normal and they know how to remediate it.

I say go all in! Just know the market and have a solid team in place. Best of luck ! ❤️

@Nikolai Matveev congratulations! Have you asked each credit card for a credit line increase? It will help with your credit down the line as well.

@Christian Walker when you're building your team build in a marketer. It's a key component of any business. You can learn it, and you can do it, but what is your time worth? What are YOU good at? Focus on that.

I see so many business owners try to do their own marketing and they get it wrong. Not only are they wasting their time but their money. Get a professional that can get you results and a good ROI on marketing and you focus on what you're great at. That's my advice for any business person: Focus on what you're good at and surround yourself with the best people who are great at what you're not.

Best of Luck! :) 

I just bought a duplex with an inherited tenant who is under market value in rent. She is paying $1,000 when the market value is $1500. I gave her a lease to sign that is month to month. The rent will stay at $1,000 for 3 months and then it will increase to $1,400. 

From what I know she has paid on time. The previous owners have had them in there and did trades for yard work in exchange for low rent. According to the tenant, a cupboard in the unit (before I owned it) fell on her and she is unable to work full time due to her injuries. What's more, her husband who was doing the yard work (and bringing in the money) for the previous landlord left her with nothing. She faints easily and her parents moved in because she can't be alone. 

When I went to have her sign the lease, she said she wanted to have her niece look at it. It's been about 4 days and I have heard nothing. I asked her if she had any questions, she said no. I said make sure to have everyone sign by Wed (1 week after giving her the lease). She has just informed me her parents will not sign because they are leaving in three months. I said to have them sign and we will make a new one in 3 months with only you since it's a month to month. She said sorry, they are not signing. 

So here's my question: Do I overlook it? Or do I make this the hill I die on? I'm worried if I overlook it, I will appear weak and she will do this with other things. I do feel bad for her and she's very nice but I am also not running a charity.

What makes it sticky is I live next door and see her all the time. And I think they are all illegal from Mexico. Her parents do not speak any English. Is there any liability on me with that?  

@Anthony Wick thank you for your reply. I like that you have in there “wether they’ve paid or not”. Very smart.

The PA stated seller will pay prorated rents and deposits at closing.... if any payment is delinquent on encumbrances which will remain at closing, closing agent is instructed to pay such delinquencies at closing from money due, or paid by seller”

The title company “assumed” we figured it out between us. When pushed for more answers she said our file is closed (we signed 3 hrs earlier).

How can they “assume” we’ve figured it out?

Hello!

I just purchased a property and after closing the title company said they removed the rents for the upcoming month of November (Closed on Nov. 5) at the seller's request. The seller, whom I know, said their 1031 person said to do it. But when I asked the title company if they had to notify us, the buyer, they said they "Assumed" we were going to work it out because we knew each other. When I pushed further she blew me off, which kind of put up a red flag. 

Here's my question: Can the title company just take out prorated rents and deposits and not tell the buyer?  And can they just "assume" things are going to get taken care of? 

They did in the long run. But I want to know for future transactions. 

@Anna 

@Anna Reiners - I absolutely do not recommend Rent Robin at all. You can PM me if you'd like more details as to why. Also do not recommend Plaid Management unless you have a husband they can talk to (eye roll).  I went with One Stop PM and loved them.