All Forum Posts by: Curtis Bidwell

Sounds great, I definitely plan to be there.

In Washington state we sometimes transfer in or out of an LLC and simply write "mere change of Identity" on the tax form. As long as you are still in control it does not trigger a taxable event.

Can anyone site the RCW's that apply here? Thanks.

Originally posted by @Andrew Syrios:

First thing to do is complain to the landlord and see if they will fix it. In Missouri, if the landlord doesn't make repairs you can escrow the rent and legally force their hand. There maybe something like that available in your state if the landlord won't lift a finger.

This is usually only true when the repairs are of a significant nature such as no heat, hot water, cook top, etc...

Did you do walk-through when you got your keys? And were these items itemized on your move-in sheet? If not, immediately write them down and document with pictures. Graciously approach your landlord and ask what the best method is for caring for your concerns. Make sure he/she signs off on your checklist and adds it to your lease papers.

Having some more info on your reasons for wanting different tenants would help. In WA state, we would simply give a 30 notice to change the terms of their agreement (written or verbal). At that point they can choose to sign a new lease based on your new terms or give notice to vacate. I don't assume people won't do what I ask, and most often they conform.

You might approach them and introduce yourself as the new owner and that you understand that they didn't previously have a lease. In order to understand each ones responsibility you have a 'standard lease agreement' that you will need them to review and agree to. Included in this is the new rate that is consistent with like properties in the area.

Dishwashers always. We are even adding over-the-range microwaves that we generally pick up for about $150. It sets our property above the competition for a small investment. Not sure we get more in rent but generally better clientele. We offer w/d hookups and occasionally rent a set for an extra $25.

Humorous and a bit cynical, but very practical is Andy Kane's "the Care and Feeding of Tenants".

Mike, Congrats on your ambition! My son started a landscape business with the goal of doing Real Estate. I told him when he had closing costs we'd find a deal. At age 15 he was able to do an owner contract on a 2 bed bungalow with an unfinished daylight basement. (Minors can contract through an LLC). We spent about a week doing clean up, repainting and new carpets. It rented instantly. Then we began remodeling the basement into an 'unofficial' unit. He was able to refi last year when he turned 21 and got 3.5% 30 yr, cash flows $615.

As you prove yourself in your landscape business it will open opportunities for deals to happen. Keep it up!

@joe Fairless You will need to show that you have a team in place, including professional management. If you have a solid cash reserve account in the bank (6 months expenses) you will stand a good chance at getting financed.