All Forum Posts by: Alex Chin

Hello @Roy Gottesdiener,

I work with an asset-based lender. We offer long-term products that can cash-out up to 70% of appraised value on 1-4 units, no seasoning required. However, we do need the property to be rented and cash-flowing at least to a 1.21 DSCR.

Interest rates are still in the 6s, but we have been seeing downward pressure and I would expect to see rates start to drop within the next month or so. Let me know if you would like to connect and see if we may be able to offer a solution to the issue.

@Craig T. - I do not, sorry. Have been fortunate enough to have not had a project yet that was big enough to need a GC.

@Aaron Nelson - I think I ended up getting like ~15 applications in the first 4 days, of which 8 met the basic criteria I was looking for (income 3X rent, 650+ credit score, no sex offenders). 3 of them eventually submitted an application and I would have rented to any of them without hesitation.

After I got that many, I shut down my Craigslist ad and just screened the applicants until I found my best candidates, then went first come-first served.

My most recent property is a duplex in the Hilltop neighborhood that I bought last year. Both units are 1bd./1ba. w/~750sqft. wash/dry included.

I inherited one tenant who is currently at $625/month, I plan to increase that significantly when her lease is up for renewal in July.

Tenant I put in is at $775/month and I filled the unit with a good couple less than 2wks after one ad on Craigslist. Considering that studio apartments less than half a mile away are filling for about that, I can probably bump rent up to $875 and still find tenants pretty easily if I really want to.

@Albert Bui - Well, that puts a slight damper on my plans since I did hold my current duplex in my name.

Ah well, no worries from me and on to the next one.

@Albert Bui - you rock man, thanks for posting this information.

Depending on where my company moves it's office to in the Puget Sound region, I may end up utilizing this program myself in the next 6-12 months.

@Roger Wagoner -I have recently started using Leon, with All-in-One Maintenance. So far it has been a positive experience, he was punctual and professional. Most recent interaction was about a half-dozenminor repairs and cleanings around a duplex that I have, ended up being about $420 all-in for roughly 4hrs. and the materials needed to get stuff done.

If you'd like to give him a call and see if he will meet your needs: (two five three) 640-10 49

"They may also be crowding out folks that want to be homeowners but can’t compete with investors."

The above line is a load of baloney in my opinion. Investors are (presumably) looking to buy properties that retail buyers are not interested in, usually because the home needs a lot of work or because it is a multi-unit property. In this case, the investor is serving a purpose by taking this otherwise static inventory, and making it useful again. And an investor that is buying finished, move-in ready homes at or above market rate will likely not be an investor for very long unless they have a very specific gameplan.

Also, there is no way an investor can compete with the homebuyer who sees a beautiful porch and thinks to themselves, "oh that is a lovely feature, let's up my offer by $10K because it's so pretty." Typically, it'll be the homebuyers crowding out the investors, not the other way around.

@Albert Bui is a local investor and has several small-multifamily properties in the Tacoma area, he might be able to help you out a bit as well.

I have worked with Nia Nguyen for a couple small-multifamily buys. She also services a large number of retail buyers throughout the Puget Sound area. Very high energy, great communicator and has a good network of the basic contacts you would expect of an agent (title/escrow, simple contracting, etc.)

Let me know if you'd like her contact info as well.