All Forum Posts by: Alex Chin

Hello BP!

I am just getting started in my REI career and am interested in how experienced landlords estimate vacancy rates when looking at a potential investment.

Is there a website/trade journal you subscribe to?

Is this something that can only really be figured out with experience?

I understand that vacancy rates often depend heavily on the property itself, so do you just use a general rule of thumb when running the numbers on a property?

@Brent Paul @Mark Nolan - absolutely, BP is an incredible resource and I have been watching/listening to the podcast and various recordings for several weeks now. Starting to also read through the articles and the information here is invaluable for a brand-new investor.

@Paul Timmins - good advice, I am going to get a better handle on my finances (i.e. - start talking to banks/credit unions first as well as nail down my credit score) but my next step will be to looking into local REI clubs and get more localized information. Also appreciate the tip about HUD houses, I'll look into that.
@Michele Fischer - Thanks for the welcome and the tip about condos. Always interested in hearing other's perspectives and advice. At the moment, I'm trying to leave all my options open and just add more resources to my investor's toolbox.

@Troy Fisher - Yeah, I fully expect to make lots of mistakes starting out, but I don't have any need to rush into this, so I want to study the field for at least another month or so before plunging in. Because of the price of real estate in the Seattle area, I will probably end up looking further afield, maybe south a bit to Des Moines and the I-167 corridor. I am also looking to connect with local real estate investor community and I think BP is a great gateway to that.

Rhondalette,

Thank you for the advice, I will edit down my post in just a moment to reflect my most pressing needs. Given that there are specific posts on the first two, the last is what I am most interested in:

What were some of the little things, that tripped you up, exasperated, or frustrated you as a new landlord? Alternatively, what were some of the little things that were unexpectedly awesome about renting to tenants, both commercial and residential?

Hello Bigger Pockets.

My name is Alex Chin. I stumbled onto BP while listening to random Youtube Videos on the basics and tips of rental real estate investing.

I am interested in long-long-term buy and hold rental properties. My grandfather owned a small apartment building and I am interested in following in his footsteps and creating something of my own here in the Pacific Northwest, although I intend to start small with 2-4 bed single-family houses and condos.

Currently, I am using theMLSonline to look at various properties in the Greater Seattle Area and simulating whether they could cash-flow based on the 50% rule and some guesses at costs to update and repair. 

I intend to begin visiting various banks and credit unions in the area to look into traditional lending numbers and begin to line-up financing. I would greatly appreciate any tips on other financing sources/methods for the Seattle area, I have excellent credit, if that helps.

I would also appreciate any recommendations folks care to make for contractors, rental property tax specialists, and legal advice. I have been blessed with some solid family connections in these areas, but I am open to expanding and enhancing my network. Appreciated as well, is any advice or tips you have for a beginner, what are some small things that you wish you had known before you began your career as a landlord? (example: setting up rent collection other than picking up a check in-person, I am considering electronic methods or getting myself a P.O. box.)

Finally, thank you for having me here, and I hope that we can do business together soon, let's all create ourselves some Bigger Pockets!