All Forum Posts by: Account Closed

Yes! Put a 5 unit under contract in Everett yesterday

@Matthew Hime BECU will allow you to pull $100k line on a rental with almost zero hassle. We just did one in Everett and initiated a second one yesterday on a different property. 10-15 days if it is a solid property and you have your paperwork in order.

@Jared Skov congrats on the purchase. Mowing lawns is a great way to keep an eye on the property. I still do it myself with about half our lawns. I even found our last two off-market deals running around town mowing our lawns. You spot many owners doing the same thing and can pick them out pretty easily after a while.

Is your duplex in Mount Vernon?

@Amy Jo Holweger be conservative with rents when you run your numbers. $2300 in the "rougher part of town" sounds pretty high. Your vacancy is typically going to be higher too for a 3bd. And if you want good tenants with decent credit scores and high income they are not very likely going to be paying top dollar rent in the "rougher part of town". Just some food for thought. 

@Kevin Dickson we have an operating agreement that my lawyer drafted that lines out the fact that I am the managing member and in charge of day to day operations. This allows me to take action on the LLC's behalf without have to check in with the partners constantly. They receive monthly statements and distributions but presently have zero access to the bank account.

I have 10 properties. Many I hold in my personal name. 1 I hold in a wholly owned LLC. 1 I hold in a 50/50 LLC and several are owned in my partner's names with a side operating agreement established giving us ownership. If you are getting 3 partners together I strongly suggest have a vetted operating agreement that outlines decision making, accounting, exit strategies, etc. You don't want to be thinking about that stuff after it is too late.

PS - If your rental property is 1-4 units it is very unlikely you will be using a bank that lends to an LLC.

RealEstateExpress.com

@Amanda Dallman we own numerous post and pier and have had zero issues financing any of them.

@Kari D. we buy soley in north Everett 

-bayside

-northwest

-riverside neighborhoods 

Avoid north of 16th and east of broadway and I wouldn’t touch anything around casino road

@Rupesh Singh $600k could get you a solid 4plex in a Seattle suburb like Everett, Tacoma or Kent. You could net around $1,000/mo cash flow and have a lot of potential for appreciation. That being said, you would have to put $150k down on a $600k fourplex.

@Jamie Nacht I am in real estate to become wealthy. A couple thousand more dollars a year of cashflow is not going to get me there at the rate I am looking for. Buying property with some cashflow that allows me to reinvest in an appreciating market has allowed me to reach my goal year after year and tremendously grow my net worth over the last 5 years. Easy to say in a bull market, I know, I know. But while everyone was sitting on the sidelines we were picking up fourplexes left and right in Everett. We chose Everett because it had/has decent cashflow but also a significant amount of appreciation potential.