All Forum Posts by: Will Spruill

I've been dealing with US Bank trying to get a loan to get capital out of two out of state rental duplexes. Long story short, I've gotten nowhere. My question is, what is a better lender for this type of situation? Does anyone have good experience working with one? My goal is to get some capital out of these properties fir more investments.

Again I have 100% equity in both properties and 800+ credit. I live out of state. They are both professionally managed and fully occupied.

Our LLC bought a duplex for $70,000; is this a deductible expense that will be a write off over a period of time? As a two member LLC, would we each write off $35,000 acting as a pass thru entity, or is this a separate LLC write off?

I just bought a new policy on a new rental duplex. The quote was the same for the LLC or personal name.

Why do you have the LLC? I ask this since most LLC theories are to limit liability is a buisness or property. If you own the property in your personal name then liability rest on you for the building.

I do have a short sale offer in for a Kent/Federal Way area condo ($85k accepted offer and market price $100k). Anything with a Seattle zip code is off my radar; way overpriced in my opinion.

We'll see how the out of state rental works; so far so good.

Welcome Matt; I'm in the same boat as you (live in West Seattle). My first investment property was a condo at the Des Moines marina that needed some rehab. I paid $80k for it (2bed/1bath/700sq.ft.) and get $950 an month rent. It was a great initial investment and it cash flows $150 a month, but the appreciation potential is super.

I've been looking hard for the past couple months to find something in our area that I can mange with some better cash flow......its just not happening. So currently I've partnered up and purchased an out of state duplex that has a 16% cap rate with property management for $10,000 less than my Des Moines condo.

Good luck on your venture.

Anyone have a recommendation for the Indy area for an inspector?

Thanks, Will

Has anyone here worked with Norada real estate investment group? http://www.noradarealestate.com/

I'm looking for some reviews of their "turn key" rental properties.

How is a duplex for $45k and $1k monthly rent too low. In my area (Seattle) to get $1k rent, you're in for $100k plus. This is a good deal all day long.

What I wont disagree with is this being the "ghetto". I don't know this area at all and thanks for the neighborhood analysis.

Now, what experience has everyone had with rentals in "ghetto" neighborhoods that have good income potential? Is it worth the risk? What is the risk of rentals in "Ghetto" areas? With a good property management company and screening, I would assume getting rent shouldn't be a problem.

I'm very new at this, so let me hear some opinions.

I have a unique situation. A local investor (Seattle) and I got together talking about rentals. He wants to free up some capital and offered up a duplex for $45k; its currently occupied in each side for $500 each. I cant touch anything in my area that's multi-family for under $300k

Its managed by a local Cleveland company and sounds like a great deal, as I'm looking for a long term 15-20 yr. investment. I'm not concerned with a quick money maker. The property is located in the Coit neighborhood and from Google maps satellite view, I'd call it a decent neighborhood (no board-ups, derelict cars or businesses).

This would be a cash buy for me, so the loan side wouldn't be a problem. I'm just looking for others who are in the same area and similar experiences.