All Forum Posts by: Darrell B.

Okay good to know. Thanks, Travis. I would love to hear how you used yours aggressively in finding success. 

Oh ok understood.  

Hi BP,

Im trying to figure out if I should look into using a HELOC on my parents home to buy a rental property in cash. I have out of state properties myself but this would be for them in retirement. They probably have over 600k in equity in their property. What are the numbers on if I use $200k and purchase a duplex cash that would rent for $2,000 month(1% rule)? Would the rents cover the principle and interest of the HELOC? What are the downsides of this? How long would it take to pay off? Can I just have the rents pay it all back and redo the same strategy over and over? The goal is to have paid off properties to pay my parents extra income in retirement.

Thanks

I have the opportunity to invest in a buy and hold property using someone else's money as a down payment. I plan to get a 30 year mortgage on it. This would be my first time using OPM, so I'm looking for ideas on how others have structured deals with private money.

Thanks in advance for the feedback. 

Hello all,

Can you please recommend an experienced PM in the Seattle, Shoreline, WA area. We own 2 SFHs and might be looking to hire the right PM. 

Thanks

@Gregory Schwartz  Thanks for your response and input. Yeah he will be getting a property manager after this situation. This is a good learning experience. 

@Bill B. Yeah, he wants to make sure he won't be able to have anything against him in a lawsuit but soon as this is over he wants to hire a property manager. I like the idea of hiring one now and maybe using their legal experts. Thanks for the reply.

Hey Guys,

My brother has a rental in Shoreline, Washington and rented to a friend. Pretty standard SFH with a lease. The friend ended up letting one of HIS own friends live there with his wife and child while he lived somewhere else.(So for clarification, the friend that is on the lease is not living there while this secondary friend is living there with a wife and child). He did this with full communication with my brother and my brother was fine with the situation. The family living in the house pays rent straight to my brother as if they were the ones on the lease.

The friend that is on the lease still helped with communication between the family and my brother. As time went on there were some complaints about mold being in the home and my brother was quick to get the problem fixed. The family still complained about mold because their child had a health issue and the doctor says the mold was part of the problem. The family claims the home is unlivable and wants my brother to pay for their housing until the place can be livable. He has already given them 2 free months of rent during this whole process. The family mentioned they would seek out an attorney but we're not sure if this is real or just a bluff. 

Our thoughts are that they don't have any say on anything because there is no lease with them, so are they just squatters? 

Any advice or thoughts on them having a case with an attorney? Is this something we should not worry about and just get them out?

Hey BP,

I am looking for a referral from Seattle investors. Does anyone have a good electrician they can refer. I am looking to upgrade an electrical panel. 

I'm curious as to how cashflow has increased from time of owning a property. Let's say after the 5 year mark or 10 year mark. I know rental percentages increase differently for different markets and there's a national average but I'm curious on real stories of how much cashflow has increased after property taxes, insurance, expenses increase as well. Does the actual cashflow increase or is that number only increase on paper? Thanks for your time and stories.