All Forum Posts by: Jorgen Nicholls

James and Associates are a major property manager in Port Angeles. I'm unsure if they manage all the way down to Poulsbo, but it can't hurt to ask.

I'm putting a deal together in Port Angeles, WA. The first conversation was with my wife, got her onboard. Next, I'm looking for a lender to discuss getting pre-approved. I've tried talking to a few credit unions and banks in my area, but they are not very responsive through email. So my next move is to look for a mortgage broker. Does anyone have a great recommendation for mortgage brokers who can service Washington state residents? Prefer to use local but not a huge expectation. Thanks!

@Jim Goebel Thank you for the advise. I don't currently own my residence.

I recently had a conversation with an agent I connected with in town about a potential duplex deal. The agent told me that the property would sell for $150k or less, and repairs would be $40k-$50k. I drove by the property tonight and it looks rather poor on the outside so I would agree with that repair budget or increase it a few thousand dollars. 

Comparable rents in the area from dealcheck.io are $1,400 and the ARV is $224k.

I would have to find financing for the entire deal but I'm wondering if I should go for it or if this is too big a project on my first deal. Any advice is greatly appreciated. 

@Inessa Stysis Welcome! I am also a newbie aspiring investor in western Washington.

Sounds like you have a good amount of background in the tax area of real estate. Good luck on your future investments!

@Adam Rasmussen Yeah I've been thinking STRs could do very well here with the college + tourist season

@Adam Rasmussen I'm in Port Angeles but want to do similar thing, nice to know there's other people around.

@Byron Scott Congratulations! I hope to join you soon.

@Tyler Kress A man came upon a fork in the road; one side was well trodden and groomed for travel, the other frought with peril and tricky to traverse. He took the road less traveled by - and that has made all the difference.

Fables aside, any time you expose yourself to risk someone will tell you all the bad things that could go wrong and that the sky is falling. Your keys to prevent that is to turn uncertainty into risk, and manage or mitigate that risk to not effect your bottom line.

I've been reading about transferring a personal mortgage to an LLC and thought it would be a good idea for my personal investing journey - though I don't have any properties yet. One thing that I've seen come up is that if you transfer the mortgage to an LLC the bank can call due-on-sale (though they rarely do) and then you could be facing foreclosure. Not ideal.

I was browsing on another real estate investing forum and came across this article: https://www.fanniemae.com/content/guide/servicing/d1/4.1/02.html

5 Black dots down, 5 white dots down, it mentions that LLCs should (would?) be excluded from due-on-sale regulations.

Do any of you more experienced investors have additional information? Have you dealt with this recently?