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All Forum Posts by: Dale Forney

Dale Forney has started 1 posts and replied 8 times.

Post: How I quickly analyze 1-4 Unit rental properties

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

Disregard my question as I see now that your formula is for 1-4 units, thus inclusive of SFH PROPS. I'd be curious though how you analyze and tackle your SFH props for flipping, rather than renting.

 I'll have more to contribute to the site after doing a few more deals. 

Thanks Matt.

Post: How I quickly analyze 1-4 Unit rental properties

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

Thanks for sharing, Matt. Sounds like we have some things in common. I just recently affiliated with a brokerage, am a currently a landlord of several props, but now also in pursuit of more for med to long term buy and hold. I appreciate your breakdown and calculatons. How does your approach differ for SFH props u pursue? Thanks!

Post: First Flip $100,000+ Profit, SOLD IN 1 HOUR!

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

Fantastic, Tyler.  Great to get over that first-flip hurdle.  Big boost of confidence.  Let us know how the next ones go.

Dave, great post.  That certainly took some time and effort to pull together.  Appreciated the refresher on statistics.   As a new BP member, this insight is helpful to know early on to successfully build relationships/connections/network.  My takeaway from your analysis....forum participation yields results.    

Post: Newbie from Snohomish, WA (N. Puget Sound area)

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

@Patrick Britton

@Kevin C.

Patrick and Kevin,

Thanks for the welcome and informing me about the Bham networking group.  Will definitely have to take advantage of that opportunity/resource.

I'm still new at this site...can one of you tell me how to post a reply directly to the reply someone else posted?  I only see one REPLY button at the top when I click, it posts my reply at bottom of entire thread rather than below the specific person's post?  At the risk of sounding like an idiot, I toss the question out there to avoid excessive newbie errors on my part.  :-)   

Also, how am I notified when someone responds?  Do I always get an alert?  

Thanks

Post: Newbie from Snohomish, WA (N. Puget Sound area)

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

@James Wise

Thanks James.  Glad to be a part of such a unique and exciting community.  

Post: Newbie from Snohomish, WA (N. Puget Sound area)

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

@Paul Timmins

Hi Paul, 

Thanks for the nice welcome and suggestions.  I read the two J Scott books this past month.  Indeed, both great resources.  Reading the "Rewind" book now.

Appreciate the tip on getting connected via REIAs.  Glad to already see others in the region to connect with.  

Will reach out to you as multi-fams enter my picture in the near future.  Sounds like you have great experience and the heart of a teacher.

I'm doing my best to evade analysis paralysis in getting my biz started.  If you have time, a few?s, but I'll post on forum as well:

1 - I'm setting up my LLC now in WA. Do you suggest using an attorney, an online one-stop set up service for a fee, or doing on my own via Sec of State's website guidance? The steps seems straightforward to follow.

2 - Do you utilize one LLC for multiple properties or a separate one for each? One for flips and one for multiple rentals? Series LLC does not seem to be a solid option yet due to lack of case law and few states supporting it.

3 - In writing my Op Agreement and Biz Plan, do you recommend a starter/template or service to speed things up, or start from scratch?  I've downloaded the OA on Nolo.com which is editable, and then planned on having my CPA review.  Thoughts?  Do I need attorney to review it also?  

4 - What do you use attorney for when not in a legal dispute? In WA, I believe we use title co's for closings.   Do I need one now during set up period?  How best to seek one out without charging an arm and a leg for simple phone calls, etc.?

Maybe I should be posting these questions in a forum to get multiple responses. Still figuring out BP "process and etiquette".    

Thanks for your time and insights, Paul.

Post: Newbie from Snohomish, WA (N. Puget Sound area)

Dale ForneyPosted
  • Investor
  • Snohomish, WA
  • Posts 9
  • Votes 7

Hello all,

I’m fairly new to BP site….Been so busy consuming info that this is now my first post. What a treasure trove of RE knowledge and info!  I found BP through a real estate weblink and exclaimed, “This is incredible!”  I’m amazed at the tools, knowledge sharing, and willingness to sharpen one another.  Positive energy… I love it.

About me….I’m a full time Sr. Subcontracts Manager (Procurement) for a Fortune 25 company and have tremendous flexibility in working from home.  However, I’m seeking the financial freedom to retire early, travel with family, give more time/funds back to the community, and enjoy the challenge of running a business rather than another business running me.  Real estate investing is the ticket I see to making that happen.  I currently own/manage 4 SF rentals in Washington state (Snohomish County / N. Puget Sound).

I’m originally from Portland, OR.  After an exciting journey away (military, education/MBA, corporate moves), I returned back to the great NW (reside in Snohomish, WA) in 2006.  I’m passionate about poverty alleviation and raising/coaching the next generation of leaders.  I also intend to pass on the skillset and lessons learned of RE investing to my children so they will be able to create their own financial freedom as they mature.

The numbers….. Aiming for 4 flips and 1 rental acquisition per year and re-assess in 5 yrs. $60,000 passive CF in 5-6 years. Liquidate the rentals further down the road. Currently focused on SFH and 1-4 multi units.

Hobbies....Travel, languages, baseball, boating, fishing, skiing, poverty-alleviation missions

Looking forward to collaborating and learning together on BP!