All Forum Posts by: Jake DeAtley

THE LARGEST REI MEETUP.COM GROUP IN THURSTON COUNTY IS SPINNING BACK UP AND EXPANDING ON SOCIAL MEDIA.

If you are an investor based in Washington State and close enough to Olympia, I highly recommend joining the new Facebook group!

Please consider following the new Facebook group to stay up to date and network with other local investors and industry professionals!

https://www.facebook.com/group...

We plan to host our first in person event this coming May at our new open air rooftop deck location right up against the harbor of Olympia, and will be hosting an April zoom meeting for members that wish to discuss and contribute to the decision making of the group going forward. 

We will also be opening up a Mastermind group toward the end of this year for more experienced investors. Stay tuned. 

I look forward to networking again in 2021!!!

Regards,

Jake DeAtley 

Thurston County, WA finally opened back up for indoor restaurant seating! I am a local investor and property manager of 16 doors here in Thurston County and I want to network with others in the area again! If anyone wants to grab a beer and talk about 2021 goals or general RE stuff, reply in this thread! Cheers

Keywords: Olympia, Tumwater, Lacey, Lewis County, Pierce County, Mason County, multifamily and more

Hi @Kasey Ferlic , Congrats on buying at a great time and seeing some crazy appreciation! Did you make any improvements to force more appreciation, or was this all from the general market appreciation? I would encourage you to continue buying deals as long as the numbers work for you! Its a great time to lock up extremely low interest rates. I bought my first 3 deals all within 6 months, so I wouldn't let 2 in one year scare you as long as you feel prepared! Deals are definitely hard to come by, but if you are willing to be creative or work a little extra hard, deals are around. Happy to help if I can! 

@Tiffani T. 1031 exchanges can be tricky to pull off in todays market, but its still possible. Probably the best way to go about it is to get initially set up with a 1031 professional, then find the property you want to acquire and get a contingent offer accepted. If you show that you have a property that is ready to sell and will go fast, you may be able to get a contingent offer accepted in this market. 
I am taking a 1031 exchange class in the beginning of Feb from these guys referenced below. McFerran law. They are Based out of Tacoma and seem very willing to answer questions via the phone number below!-

hi @Tiffani T., I am not a CPA, however it is my understanding that you have to live in the home in at least 2 of the last 5 years since owning it. Thus, any profits you gain from the sale of this house would be subject to capital gains. The only way I am aware to really avoid this is to use the 1031 exchange, or move into the property for a couple of years :) 
There are other strategies to mitigate or minimize tax impact if you owned it outright and did something creative like a lease to own or owner financing. Happy to be of service in any way I can as well! 

@Ian G. Sounds like you've been thinking about it for a while now! Can I ask where your moving from? I am a broker here in the Olympia area, but I got started in real estate as an investor well before I got into the business full time. As you noted, the market is super hot right now and inventory is at record lows. I was looking yesterday and there was only about 120 single family houses (regardless of price point) in all of Thurston County on the market. Pretty crazy. Pierce County is even hotter! I read recently that Pierce County was one of the hottest counties in all of the USA. I would suggest that both counties are going to perform similarly over the coming years and to move wherever you think is best for your lifestyle and general comfort. If you wanted me to set you up on a property tracker or two, we could set some specific criteria, such as w/ ADU's, split-levels, extra kitchens, etc. and see new listings as they hit the market. Happy to help if I can!

@Courtney Clark it is true that Washington state isnt the most landlord friendly state, but I'd try not to let that deter you, it just means you need to do your due diligence and make sure you are following all landlord-tenant laws. I have 16 doors and had 1 couple that fell on hard enough times due to covid that they couldn't afford rent. They told me they were going to move back in with family and although I did lose a month of rent (still hoping to get them on a payment plan at some point), I attribute it to good tenant screening. If you pick good tenants, check references, and require a minimum credit score, I think its fairly safe still. Good tenants dont want their credit destroyed and know that they cant just free ride and it would catch up to bite them. Best of luck! 

@Nik Satterfield are you still in need or did you get taken care of? 

Cheers 

@Bryan Heck 
Generally you can get lists like that from title companies. I believe it was Chicago Title here locally that I've heard is pretty good with providing those. May cost you a few bucks. The challenge with lenders right now is that they are super busy and thus have been a bit pickier with whom they are working with, as they cannot keep up right now, so the conventional straight forward loans are most lenders focus right now. When you do approach a LO, I would recommend really making sure you have your ducks in a row and have all recommended documents ready to roll. Kevin Romines with Geneva Financial is investor friendly. I believe he stays pretty busy as well. He is also a BP member. you could find him on here. 
Cheers!

Hi @Bryan Heck, Nice to see another Olympian join the site! It does sound like you are in a good position to identify properties with deferred maintenance, which is a great target for mailings. @Sherief Elbassuoni threw you some great tips. You may very well be familiar with this, but a great place to start is searching your properties on the county assessor website- https://tcproperty.co.thurston...
Always happy to connect! Cheers