All Forum Posts by: Juan Silva

@Michele Fischer I'm not glad to hear you're finding 1% to be the norm, but at least I'm thankful for you validating my findings thus far. 

I've been searching the MLS for a couple months now looking for my first rental investment in Western Washington, but so far haven't found anything close to the suggested 2% rent to purchase price rule.

Does anyone have suggestions on which areas fit the mark? If not, then what percentages are other REI's typically realizing when purchasing SFR and/or 2-4 unit properties in King, Snohomish, Pierce counties.

Thanks in advance for any/all feedback.

@Jerry W. That's an interesting concept of rolling one mortgage into another. Would you be willing to share your banker's contact info? If not directly herein, then I can PM you as well.

In a similar vane, how would you estimate rehab/repair costs and calculate a fair price if the property is rented and you're unable to view it before making an offer? 

Would you simply factor in a repair buffer? If so, then would it be a fixed amount ($10-15K) or a sliding percentage based on the property's age (A% @ B yrs, C% @ D yrs, etc)? If the latter, what would be best practices for age-based percentages?

Then once your offer is accepted, and your inspection finds issues higher than estimated, how would you typically handle getting favorable consideration; price adjustment or seller credit at closing?

Thanks in advance for the insight.

@Roger Vi  and everyone who responded. This is a great case study on how to use the BP  forums' collective knowledge and resources as an anchor for successful negotiations. 

Thanks for posting and I'll definitely remember these nuggets when it's my turn!

R/ Juan

@Roger Vi 

I appreciate your response to Desiree's question and see you're located in Everett. I'm a new REI in Kirkland and would love to connect. I sent you a separate colleague request and look forward to hearing from you.

R/ Juan

@Wendell De Guzman 

Appreciate the extensive list of questions and I'll be looking to put these into practice hopefully very soon.

@Sharon Tzib  Please confirm this is the doc to which you were referring in your post:

http://www.biggerpockets.com/files/user/MehranK/file/property-manager-questionnaire

@Vlad Kuzin

Not to jump on the bandwagon (actually I guess I am), but would you please share your CPA contacts with me as well :-).

Thanks in advance,

Juan Silva

@Steve Vaughan  & @Michele Fischer 

I appreciate the warm welcome from you both! Do either of you do any investing in/around the greater Seattle area? If not, then are there specific reasons why you don't?

R/ Juan

Greetings fellow BP'ers!  

I'm a novice real estate investor checking in from the greater Seattle area and I have one of my work colleagues to thank for introducing me to BP. 

After relocating to the Pacific Northwest I joined the internet retail industry, and although I'm just starting to invest part-time, my ultimate goal is to sever corporate ties through buy-hold passive income. My initial plan is to focus locally, with my sites set on parlaying what I learn into investing nationally.

Like the many of you who've come before me, it's time to get my money working for me instead of the other way around! I'm definitely looking forward to absorbing all this site has to offer and making meaningful connections through BP.

Best Regards,

Juan Silva