All Forum Posts by: Julien Jeannot

Welcome!

I'd echo the previous comments. Get in there and learn, but jump in as soon as you can, experience is the best teacher.

Aside from that, start chatting with folks and pick their brains. Local REIA or informal groups are great place to learn and build relationships. It's a people business after all.

I'd recommend keeping your cash and joining a local investor group. Ether a local REIA with minimal yearly fee or the weekly/monthly informal gatherings. I've learned an enormous amount and made connections which opened doors to opportunities. I find folks are happy to share their experience and help out the rookies as well as the veterans.

Terry,

My philosophy is to take rent increase when you can, but to balance it with the following items.

- Year over year expense increase: insurance, tax, and maintenance.

- Cost of a turn in case the tenant decides to leave and when the breakeven will be.

- Your next acquisition, keep in mind the ratios bank like to see. The higher The income to deb service ratio, the better.

As far as breaking the news. Always keep in mind local laws, keep it professional and you can always soften the blow by showing comps, pointing to inflating expenses to keep the place well kept. Another approach I've used successfully is to replace or improve something at the property to keep good relations and keep the tenant happy: new appliances, floor, fence, ect...

Congrats Kyle!

Aside from an attorney and local PM, I'd suggest getting to know www.rhawa.org.

It is a wealth of information and has fantastic legal forms.

I'd consider having an RE attorney send a letter to the seller, that usually does the trick and it will cost you $200-$300.

I concur, take your time screening and make sure you follow local laws.

I'd recommend checking out: www.rhawa.com for both laws and screening services.

Hey James, 

Curious if you had a chance to implement the idea and how it went.

 Thanks!

Hi Michelle, we would be a good fit, but unfortunately Tacoma is a bit far for us.

However, have you looked into a reverse 1031 exchanges to address the timing risk? The multi families are still is high demand and I'm considering the reverse 1031 as an option for our investments in this market.

I've had good experience with BECU and Washington Federal