All Forum Posts by: Danna Gramme

@Ron S. After doing the walk thru - a minimum of $50K needed to get this house in rental condition. I asked why no offers. The agent told us a few investors have gone thru but said the house is too much work or they didn't have the time to renovate. So we put in a low ball offer $226,600. My heart isn't set on the house, I just look at the numbers and time. And why investors are not offering on this house concerns me. We'll see what happens. Probably like you said - quick decline. 

@Robert Collins I'm new at this. Are the properties on auction.com wiped clean of all leins? Or do I need to run a preliminary title report? Or a full title report? Thanks!

A real estate agent called me regarding a short sale he has listed. He is working with the Bank's negotiator. The property is listed at $380K. The seller owes $385K. The property is in fairly bad shape:

The roof needs repaired or replaced, no flooring in the house- needs carpet or other. The kitchen needs repairs. Needs new appliances, walls are patched in some places - needs paint throughout the house. Overgrown landscape. This list is what go got by viewing pics and doing a driveby.

Can't determine if windows are okay nor how bad the interior really is due to limited pics. Based on the above, we are trying to determine a ballpark figure to start from before going to visit the property. We feel comfortable having a base starting point.

This house will be a rental. We are considering the 30% rule. $380K x .70 = $266,000. The comps in the area slim ranging from $350K and $425K all renovated. Considering the loan amount and when we see the inside of the property is $266K too low. We'll probably have to put in $35K to $40 in reno. My husband's brother is the contractor - so we can get the work done. Thanks for your help!

@Debbie Bone I'm in Vancouver, WA - I plan on managing our rental properties. Washington won't allow it? 

Interesting. I watched many videos he and his wife made for youtube. He came across as a calm (not hyped up, exaggerating persona). I felt comfortable watching the two of them. BUT... but I'm not watching him anymore. I called Morris Invest regarding their Self-Directed IRAs. To make a long story short, a con job. I felt if he is associated with the person I spoke to and basically supporting the information that I was or was not given... well, I'm done with Morris Invest. First time in a long I made the right call. I am stupid, gullible, and loyal to a fault. I want to believe people have good intentions. I'm 56 and still hoping.

@Ryan Jones Here is the WA Landlord 

https://www.walandlord.org/become-a-member.html

and the Northwest REIA group

https://www.northwestreia.com/

We look forward to seeing you there! 

Hi Ryan, my husband and are are looking for our second primary home. We are downsizing. We are going to rent the house we live in once we find out a new home. Pickings are slim in Vancouver, WA. We are seeking creative ways to find off-market properties. I hesitate to say 'deals' the market here is hot. Driving for dollars is one tactic we are doing on weekends. We are still learning: reading books on real estate investing, watching Youtube videos, listening to Podcasts. I've enrolled in @meetKevin course online (he is a youtuber- I do recommend his videos!). I can't believe how much I've learned so far. So much more than reading and listening to videos/podcasts. I'm not recommending you spend $ on any program - because we all have our own ways of learning. I prefer multiple variation in education. He does live broadcasts and answers question to those 'students' that are enrolled in his program. 

Melissa direct is a source I've used. I purchased a small list and asking if they are interested in selling. Also, I'm searching Facebook and joining private Facebook groups of investors to network in. And we're a member of the Northwest RIEA group and the Washington State Landlord Association. They have free lease agreements and so much more! 

There is a lot to learn and would we would welcome doing meetups etc. 

We all work so hard for what we have. Why do people do this? Sorry for what happened to you. 

Cori Leste

I'm here in Vancouver, Wa. I talked to a listing agent and asked him the same question about listing price and cash flow/yield. He laughed and said it was the very young investor that knows little about a real estate bubble. The listing agent said he sees the market here slowing. Hang in there. I'm thinking of buying a list from listsource. Not to wholesale but to find off-market deals for me. It's about $2K for the market I'm looking into. Just one deal would pay for the list. I'm trying to think outside the box. Also, I bought the landglide app. It helps when driving for dollars - I like to know if the property is owner-occupied. I'm very new at this - still learning, but I'm not giving up.

BTW, how do I tag people when I'm answering their question.  Do I put an @ sign in front of their name?  I know I'm a total newbie. 

@Mike Nuss Yep, I need to learn more about Rent Control. Actually my husband and I need to learn more about investing. That is why we joined Bigger Pockets. We would like to do meetups in our area. We joined the REI group here locally. We have yet been to a meeting. I've been in CA for that past two months. I think Rental Control would be a great topic for a meetup. Thanks for your input! danna