All Forum Posts by: Account Closed

Both have their pluses and minuses (Scottsdale - beautiful homes and higher end - more profitable on each property) and (Phoenix - variety of neighborhoods, some good, some bad - but much more affordable for investing, just takes a few more properties to make the same return, but still doable)

And, the market is Not inflated here at this time. There is still room for appreciation.

0 Votes

RUN don't walk, to your nearest Real Estate Attorney and spend the $100 for an hour of his time to save you a whole lot of time, money and grief. If you have to ask that question, you have no clue to the pitfalls that lie ahead.

Now, if you are independently wealthy, and can afford delays and lawsuits and you like drama, "carry on" in the fashion you have described. ;-)

And, No, a bank wouldn't touch it in the way you've described.

Yes, it can be done. No, it can't be done the way you've outlined. Yes, you need local assistance, not answers from a generalized discussion group. (I may have just saved you $25,000 in legal fees and a year of hassles.) There are partner/ownership concerns, liability issues, entity structures, is there a demand for the houses, zoning, surveys, appraisals, VOM, VOE, labor costs, infrastructure, county hearings, ROI, taxes, more taxes and yet more taxes, real estate agents and their fees, delays, Sub contractors, (who don't show) insurance, and on and on and did I say delays and more delays.

Do it, but do it the right way. We look forward to hearing your progress.

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Forget the other stuff, why would they give you $300,000 up front? How much do you have to send them to get this "gift"?

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I work with people in your situation. The process is simply joint investor properties. There may be people in your area that do the same. (I currently cover Arizona, Washington and Texas and a little bit in British Columbia Canada.) It's the same process in all of those areas. I take the joint investor step by step through the process and we split the deal. For some people, it is the only way to learn and the only way they will ever get started. Options are explained at the link in my profile. PM me if you have any questions. regards, Ken

1 Vote

BECU and WSECU are both very good.

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Seattle, Washington

Originally posted by @David Faulkner:

I agree with most other comments and will add my spin. If somebody asks me what my strategy is, I will tell them exactly all the details minus the finances as those are more personal in nature. I don't worry because:

The sad reality is that most will not do any follow through with that info.
Even if they did have the follow through and are willing to work hard at it, they do not in most cases have the financial resources.
Even if they have the follow through and hard work, and the financial resources, then they do not have the same experience or skills.

This may sound arrogant, but it is just the reality ... I've been saving, growing my wealth, and investing in RE for 15 years, I could give anybody the same exact recipe and that doesn't mean that they could bake the cake.

I also go out of my way to explain that my way is tailor fit to me, my goals, my skills, my resources. I then try to take the time to describe not only WHAT I do, but WHY I do it and how it matches with my big picture plan. They should therefore never try to copy my way, but instead apply a similar thought process and rationale that I try to share to come up with a custom made strategy for them.

Another thing I will add that kinda annoys me is that many want me to take their hand and walk them through every single step by step, find the deals for them, help them negotiate, help them renovate, etc. for free, as if I have nothing better to do with my time. Don't get me wrong, I'm always happy to answer questions and try to help, but I sure as heck am not going to do it for them. I typically weed these people out by giving them a small "assignment" to go research something, find a property they are interested and take a first crack at analyzing it and then we can discuss ... I find that this eliminates 95% of the newbies, and if they aren't willing to follow through on a simple assignment designed to help them, then they are wasting everyone's time. If they do follow up, do the work, and come back with something, then we talk further ...

The only one more annoying than that is the newbie with no experience that asks for advice, and when the advice you give them isn't what they want or expect to hear they argue with you about it like they know better than you do.

Well stated.

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With all you CPAs you should be able to pull something off. ;-)

I think your market is headed for a crash in a year or so. (I have family in Vancouver in the real estate investing business.) The Chinese investment money is moving to Seattle and L.A. Do what a lot of Canadians have done and invest in Arizona's Resort city, Scottsdale. Some booming deals here.

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I'd leave it alone and tell the new renters that if they wanted to paint "a pre-approved by you color" they can do it at their time and expense. Not a problem with me.

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Originally posted by @John A.:

It would be easier to evict them for unauthorized pets or disturbing the neighbors than for lying about their social media account. I would be a little creeped out if I had to give someone access to a private social media account. I didn't even need to do that to get a government security clearance.

That's because the government already has it. ;-)

4 Votes

One of the best pieces of advice I got from a friend who has lots of rentals,

is to drop by, unannounced, after they get home from work, where the applicant currently lives, to get a "signature" that was "missed".

He could then see how the folks ran their day to day life and then knew what his property would be like under their care. If it is total chaos, expect the same in your property. If you are really bold you can ask "to use the bathroom" while you're there.

I've seen (and smelled) some really dreadful things in bedrooms with open doors going down the hall to the bathroom. Remember: This is your future retirement you are talking about. To them it's just another rental.

8 Votes

All Forum Posts by: Account Closed

Account Closed has started 21 posts and replied 1085 times.

Post: New to BP! - from Vancouver, BC (Canada)

Post: Build Spec House on someone else's lot

Post: Accepting an upfront payment for a 10 year contract

Post: Stuck between a rock and a hard place.

Post: Great Bank or Credit Union

Post: Stop Asking for Help. Just Stop.

Post: New to BP! - from Vancouver, BC (Canada)

Post: Is it worth it to paint an extra coat?

Post: Require applicant to give access to their social media accounts?

Post: Require applicant to give access to their social media accounts?