All Forum Posts by: Curtis Bidwell

Ken Pekola at Olympia Federal has done several multifamily deals for me (I followed him over from his previous bank to OlyFed).  

Al Williams at American Commercial Mortgage is also a broker I have worked with out of Seattle.  

@Account Closed     You made an interesting comment: "...most people think profiting off of a basic necessity is immoral..." which raises so many questions!  The first is the assumption that "most people".  But I'll limit it to 3:

1. Why do you think profit is bad?  It is inextricably tied to my contribution to society.  If I bring value, I get compensated.  The greater the contribution, or value I bring to society, the greater the compensation.  

As a housing provider I provide a desirable product to individuals who agree to mutually beneficial terms  - nothing immoral. We certainly haven't required the grocer to give away his product with no compensation (which I would think is an even MORE fundamental need than housing!)

2.   How far are you willing to go in defining a  'basic necessity", and more importantly, its provision.  Our system was designed to give everyone the right to pursue... but not necessarily the outcome of an equal share.  I believe your "right" ends when it puts a "demand" on me. It becomes a form of slavery if I am required to fulfill your 'right' without just compensation (profit).  

3.  Finally, how do you define "immoral" and what do you use to measure it by?  Is it a moving target defined by the mood of a segment of society at a given time, or is there something more fundamental and unchanging that we should measure it by?   

While I fully sympathize with the plight of many (and have given much time and money to assist those in need -both home and abroad), I have to respectfully disagree with your assessment of this issue. And that is why there is disdain by some toward their landlords.  They have been led to believe its "us vs them" instead of 2 parties agreeing on mutually beneficial terms to meet their individual needs and desires. 

@Chris Young Please read my previous post above.  As dire as it appears, We are very active and engaged.  3 housing groups have joined together to form the Rental Housing Coalition that is at the capital and on the phones daily lobbying representatives who are writing these bills and voting on them.  We have had huge impact due to the high response of housing providers writing their legislators and committee members, having gutted some of the worst provisions in these anti-landlord bills.  We get reports at least 2X a week via Zoom meetings to anyone who signs up. 

If your not a member, join now!  If your not engaged, don’t delay! We need every voice.  The coalition does not work in a vacuum and it isn’t free.  I have contributed to both the legal defense fund fighting these edicts, as well as the PAC to elect free market representatives that understand how important housing policy is to both providers and renters. I encourage you to do the same through WLA or RHWA. 

Yes, this is a call to action.  Voicing the complaints won’t get us anywhere but angry.  The coalition is in place, now we need every provider to be engaged and contributing to defeat the current bills and then elect non-socialist candidates who will keep these bills from returning next session.

@Joseph Banko. I have lost over $7k in direct rent as well as the loss of a restaurant and their entire 5 year lease!

It is critical that housing providers are engaged with the current legislative process!  If you’re not a member of a rental association look into Washington Landlord Assoc (WLA), or the Rental Housing Assoc of Wa (RHWA).  They have formed the Rental Housing Coalition that is doing great work lobbying on our behalf, regularly updating legislative activity, giving talking points and providing simple ways to contact your elected officials and committees. 

There are so many damaging bills currently under consideration -these proponents believe housing should be a right and no one should make a profit from it, thereby eliminating your property rights as well as your right to contract. 

Mandatory Lease Renewals (ESHB 1236) is getting ready for public comment.  You can sign up to testify during the hearing (via zoom), or submit written testimony.  WE NEED EVERY HOUSING PROVIDER TO BE HEARD! 

@Lisa Fryer. Your correct about being unfriendly to housing providers.  The last 2 years have been incredibly damaging and the legislative session that started this week promises to be the worst yet ... Here what’s on the docket: 

SB 5139 will prohibit a housing provider from increasing rent or other charges for the first 6 months after the end of the Governor’s emergency eviction ban.
· After the first 6 months expire, housing providers are then limited to only increasing rent by 3% over the previous year’s consumer price index, for a subsequent 6 months, based on the rental rate as it was on March 1, 2020.
SB 5139 would seek to aggressively limit rent increases in a period where lawmakers have decided to prevent the enforcement of rental payments. Small housing providers are faced with a total lack of protections for large increases in property taxes, utility costs, and potential devastation of their credit with lenders.

SB 5160 also mandates that housing providers renew any rental agreement or month-to-month tenancy for 2 years after the end of the emergency period ends, unless the property owner sells the unit, or moves into the unit themselves.
· SB 5160 will prevent any eviction for nonpayment of rent that occurred during the COVID emergency period 

· SB 5160 requires any debt that is outstanding during the emergency period can be pursued in through collection actions only if the housing provider has offered a payment plan as defined in the bill.

· SB 5160 mandates that all tenants have access to state funded counsel in an unlawful detainer, automatically seals court records, and increases the filing fee for unlawful detainers 

These two policies will have a devastating effect on small housing providers who are already strapped financially from increasing costs and missing income in 2020. Many small housing providers are desperately searching for a way to have their units create income to pay taxes, utilities, mortgages, and keep staff employed.

Even if you choose to sell your home, CONTACT YOUR REPRESENTATIVES and voice your concerns!  

@John Ed The reason there is not more “blood in the streets” is because nonpayment of rent hasn’t actually changed much from last year despite the overhype by the media ... and politicians (national and local).  

Not to minimize those who have been directly affected, but according to the National Multifamily Housing Council, there has only been a month-over-month change of rents paid from 2019 of between .1 and 1.5%! 

https://www.nmhc.org/research-...

So should you wait? Maybe. Just don’t make a decision based on Yahoo news. 

@Joseph Davis These are often the best opportunities! Many mom-and-pops (and local management) don’t know their own value.  I bought a 10 unit a few years ago at a market 6 cap. Instantly started increasing rents and doing renovations at turn-over. In 10 months we refinanced at twice what I paid for it! 

Last year I had a seller of a 22 unit “put the screws to us” at a 5 cap based on his current numbers.  We “whined and signed” ...as quick as we could!   Rent was $500/door under market! 

I knew... 

• their numbers didn’t matter!
• what rents should be.
  
• What utility costs should be
• What management costs would be
• What insurance would cost me (got quotes from my agents)
• How much property taxes are (and would be the year AFTER I bought it)
• My rehab budget per unit (had my contractors onsite to give bids at walk thru inspection)

Knowing your market helps you evaluate a property and find the anomalies that can turn an average deal into a home run!

@Page Trip Ha! You clearly got their attention! Hopefully they’ll see the power of public reviews and think twice before trying to take advantage of their next victim!  

I don’t believe they have a case against you.  You simply shared your personal experience.  However, their implied threats could certainly get them in real trouble.  I’d let them know you will be contacting the licensing authority to report their response -and perhaps their bonding agent (are they licensed and insured!?)

First time in the Phoenix market, looking for RTA cabinets for a home flip.  What places have you used and recommend? Thanks for your input!

In our region divisiveness is being promoted by extreme leftist politicians pushing the UN agenda of Housing as a Right.  Therefore only government can provide it (refer to attempts to take over health care).  Our state legislature (WA) and many local city councils are pushing more extreme "Tenant Protections" that don't actually protect tenants and actually increase costs of doing business for those who stay in the game - chasing many smaller landlords out of the market.  

When the logic doesn't make sense, look at the agenda.  

The unfortunate result is that tenants think the landlord is to blame for ever-increasing rents, tougher screening criteria, and fewer rental options.

Having said that,  I totally agree with what @Lynnette E. said, "The people who are satisfied with their landlords are not the ones being heard. Its the disgruntled folks that are heard. even if they are on a minority."

I get along great with all tenants that follow the rules.  It's always the ones who push the boundaries that cause the trouble!