All Forum Posts by: David Stone

Are you planning on leaving the unit vacant until the end of the month before you place a new tenant?  I could see an issue if you are collecting deposit money from one tenant for not staying the entire month and signing another in during the same time period.  In my opinion (no where near legal advice) if the tenant gave 30 day notice to vacate on the 15th of the month and you accepted it it would be assumed they would pay for the days they actually occupied the unit.  You would have had plenty of time to market and sign a new tenant in starting whichever day you prefer after the 15th.  I just think digging into their security deposit for days they never actually occupied the rental and gave legal notice to only opens you up to possible litigation (stress and headache that you don't need).  Good luck either way and do what you believe is right and you would be willing to defend.

The best referral I received so far was from a GC who recommended Silvan Construction, I think they are based out of Aberdeen. I have them coming out in a week to assess/bid... still looking for other contractors for foundations if anyone knows of any

Anyone have a referral for a contractor who specializes in foundation work.  We have a post and pillar foundation house in east Grays Harbor county that needs some leveling and removal of rotten beams.  Thanks in advance!

No, were trying to buy another right now but keep getting out bid :) We've been focusing on MLS, been having better luck there lately

Welcome! Awesome you are diving in and have a plan. Good luck and hopefully I will catch you at one of the meets.

I use tenacheck.com for background check, eviction records, and credit.  Also collect recent paystubs, confirm employment, call previous landlords, etc. I cross reference everything that was stated to me on the initial phone screen to what I uncover in my investigation into their history and background. BP also has resources for screening tenants and applications. (Menu > Tools)

Awesome!  Thanks

On my part its an issue of inexperience in dealing with making offers using hard money.  I have used unsecured bank loans and private cash for deals and we write up the offer as cash.  My agent helped me a great deal with this - We checked the cash box and he said I need to get a letter from the lender for proof of funds IF we are accepted.  

Before, I didn't know how I was going to show proof of funds so knowing about the proof of funds letter the lender/private money investor will hand over actually solves the issue I was having easily.  After that, you are right, they don't need to know my source of funding.

I am continuously learning as I am stepping out and trying new things and that is what makes BP so great is that I can get a quick education from those that have done it.

Thanks for the input @Chris D.  

I used to think that there couldn't be any deals on the MLS but those were just limiting-thoughts I held. My first deal was MLS on a stale listing that apparently no one else wanted. We rehabed it and and it has turned into our largest cash flow property. My wife and I shop the MLS everyday to find more deals. Day 1 deals are tough to come across because of the competition but there are always deals out there! Good luck!

I had to sign an agreement as a "I don't know anything about real estate and am buying a home for my family" type buyer.  I understand the agent doesn't want to waste his/her time showing multiple properties for me to run off and purchase with another agent.  But... as an investor I would not sign one of those agreements.  This could place you in a 1 year contract with an agent who really doesn't know what they are doing.  (If this is standard for the area, and you have proven their ability to be an investor-friendly agent then this may be different.)  

I have never been asked to sign an exclusive agreement here in WA.  I would reach out to many different agents/brokers and see if this is standard in Austin.  If it is, you might want to interview a few candidates before signing an exclusive agreement.  Otherwise, shop around and focus on proving yourself as a legit investor so the agent doesn't feel like they might be wasting their time.  Good luck!