All Forum Posts by: Curt McClements

@Curtis Bidwell I'm very familiar with Zeiger. Both of my daughters went there. That is too bad about your water situation! They've since widened 94th too. The place that I'm purchasing is right on 112th St, about 1/2 mile or so west of Costco. It's a nice newer (built in 2002) place that needs some tlc - just cleanup stuff. We're supposed to close by May 5th.

Count me in! I'm looking forward to it!

Hi everyone! I too am new to the real estate investing world. Specifically buy and hold duplex rentals. @Curtis Bidwell, I'm in the process of purchasing a duplex on South Hill Puyallup. It closes at the end of this month. I'm super excited about this! It's great to have so many experienced knowledgeable people and information on this site to help guide me through this process!

This post got me thinking. I Googled "recourse for early rental termination Washington state" (that's my state). It came up with a bunch of tenant advocacy sites addressing this as well as other issues from the tenants' perspective. It's an interesting perspective because most things are addressed as making sure the landlord has closely followed his end of the bargain (they're looking for loopholes). I'd definitely recommend checking this out for your state.

It's probably the heating element. They go out on every electric dryer and are easy to replace. I'd feel much more comfortable paying to have it replaced than purchasing a used dryer (with an element that could go out any time), and going through the hassle of picking it up, transporting and installing it.

I'd be curious to know also. I'm purchasing my first duplex and they asked for 25% down (I didn't try to negotiate a lower amount). I cannot imagine there being a lower credit risk than myself, so I'm assuming I got a good deal. Only thing going against me is that I don't have experience being a landlord. My terms are 25% down, 4.25%, 30 year.

I would love to see how QuickBooks would work in this capacity! I've been using it for several years to do the books and payroll for a small business, and can't see any obvious way it would save me time / effort. I'm just getting into the landlord business and will have only 2 tenants. So far, I'm planning on just using one of the web based landlord sites (True Rent).

Regarding credit score: I thought my high score (not too far behind you, @Angela Kelsay) would give me some sort of extra advantage. I've been told by several mortgage brokers that after the mid 700s, we're all in the same boat. I'm in the process of purchasing my first duplex. They required 25% down, couldn't do any better than 4.25% on a 30 year mortgage, and the underwriter has required a ton of docs from me. I have a great "regular job" where I've been for almost 28 years, and enough liquid assets to more than cover the purchase price. I was sure they'd all be fighting for a chance to provide a mortgage for me (ha!). It hasn't been difficult, but things sure have changed in the last 10 years...

@John White

Here is where I learned about the estoppel. I'm using their copy:

http://www.biggerpockets.com/renewsblog/2013/06/10...

I would agree about not contacting the tenant prior to closing, however, I have chosen to in my situation. The current owner is irresponsible, very difficult to contact, and can never meet any sort of timeline. I'm not going to get dragged in to scrambling trying to get things together at the last minute because of him. I could just imagine the tenant paying rent early, it going to him, and me trying to resolve that.

One tenant is leaving and the other I have met. My introduction is just a formality. I do not plan on telling the current owner. I've never met him and it takes his realtor days to get ahold of him. He's super "hands-off" and it shows in every respect.

@John White

I am going through the exact same process. We close on April 20th. I have drafted a letter introducing myself. I will also enclose an estoppel agreement (which I highly recommend). I will be sending it out soon.