All Forum Posts by: Curt McClements

I am about to close on the purchase of my second duplex in the South Hill Puyallup area. I've been watching the $300-400k duplex market very closely for the last 6 months or so and the majority of the sales have been closing very close to asking price. The one I'm buying was listed at $420k and we settled on $410k. Good luck in your ventures @Matthew Richey!

In 2015, the IRS limits your pre-tax contribution to a 401k to $18,000. If you're over 50, the limit is $24,000.

I also live in South Hill and have one duplex there. I'm currently looking for another. When I had a vacancy last May, there was a ton of interest and it rented out immediately.

@Patrick Britton, I purchased a duplex in Puyallup last spring. I used an appraiser that my mortgage broker recommended. I can't personally vouch for them except to say that the appraisal did it's job in helping the purchase go through. I can find out their name if you'd like.

Curt

@Brady Winder Congrats! I saw those units for sale online in my saved search for "Puyallup multiplexes". Very cool! I'll second the vote for Sterling! I used them for a house I purchased back in 2001. Good luck!

I've been using erentpayment.com for several months. Both of my tenants love it and use it exclusively (they also have the option to mail a check). It emails them a reminder on the 25th of each month. When they pay I am notified immediately, although it does take a few days for the money to be deposited into my account because they wait for the transaction to clear first. Their charge is $3 per month per unit. You can charge that to the tenant, spit it with the tenant or pay it yourself. One of my tenants had trouble remembering her password and called them directly. She said they were very helpful and offered to do the transaction over the phone each month. So far I am very pleased with them.

@Edward Stephens, definitely get  copy of the current lease. I agree with @Kevin Smith.

@Peter Mckernan, Good info. Thanks!

89k is dirt cheap for anything in Puyallup! I would expect the place would need a ton of work just based on the price. A contractor couldn't do an accurate assessment in a walk through, although it would be a good idea to bring one just to assess the obvious things. And I'd just let him take it all in. Then I'd have one accompany an inspector during the inspection. Unfortunately, that comes after you've made an offer, and the inspection is cash out of your pocket.

I had a similar situation (undesirable tenants) that surfaced when doing the inspection of a duplex I'm purchasing. I put the ball back in the seller's court. I didn't rent to them and I had no plans on dealing with them. It was the seller's mess and their responsibility to rectify the situation. They chose to evict them prior to closing and it saved the deal.