All Forum Posts by: Lacey Hunter

Hi all!  Trying to get a feel for whats considered market for a commercial placement (as a % of commitment due at closing).  Anyone close a commercial deal recently that could provide some insight?  I'm seeing 3% as a suggested benchmark which feels high but I've also been out of the commercial space for some years so my knowledge is dated.  Thanks!

 Hi Bjorn - confirming this is the right site / group?
https://walandlord.org/

Many thanks @Bjorn Ahlblad and @Steve Vaughan - super helpful on both fronts!

Hi team!

I'm doing some googling and striking out - is there a single 'best' place to look on the wa state governors site that includes the latest mandates/executive orders on housing as they pertain to landlords and tenants?  https://www.governor.wa.gov/

I fully expected to see 'housing' as a category and any orders subcategorized beneath it but no luck so far... this is super important as exec orders supersede the language in existing leases so I definitely want to be aware. Thanks in advance!

Hi!  I'm looking to understand which addendums specifically are included in the attorney-reviewed WA state lease thats for sale for $99... I was expecting to see separate lines for things like Carbon Monoxide / Lead Based Paint / Smoke Detectors etc.  However the list on the site only includes the following... hoping to understand what all is included in #8 in case someone has already purchased these forms and wouldn't mind confirming!  Thanks in advance!

1. Residential Lease Agreement 

2. Application 

3. Lease Amendment 

4. Lease Guaranty

5. Lease Extension 

6. Move In + Move Out 

7. Pet Addendum 

8. Lease Addendum (whats in this? how many addendums/which ones?)

Thanks so much!  And - confirmed by CPA.  Basically since the income is being captured/reported by both sides (the PM reports/is taxed on the management fee income, the owner reports/is taxed on the net rental income on their own return) there's nothing further to do.

Thanks Nathan!

Help!  I'm in WA state and have invested in residential real estate for several years - all management is done via a 3rd party.  I just caught wind of some changes to the tax code that might make issuing a 1099 required (from the landlord, me, to the property manager).  

This seems off to me though, because management fees are already reported by the PM on their own tax records...sources online seem to vary by state / not refer back to the actual tax code.  I would be so appreciative of any guidance or thoughts!  Thanks in advance!

Small multi-family (2-4 units) buy & hold investment in Moses Lake.

Purchase price: $195,000

Side-by-side duplex with separate fenced yards and carports that is zoned such that it can be subdivided into two homes and sold or financed separately.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $195,000

Side-by-side duplex with separate fenced yards and carports that is zoned such that it can be subdivided into two homes and sold or financed separately.

What made you interested in investing in this type of deal?

The ability to subdivide it; the up and coming neighborhood where its located; under market in place rents

How did you find this deal and how did you negotiate it?

Off market; MLRG agent was going to list it for another client and our agent showed it to us ahead of listing.

How did you finance this deal?

Conventional 30-yr fixed

How did you add value to the deal?

Both sides required new windows and a (cosmetic) gut rehab; will be completely finished by EOY 2022.

What was the outcome?

Highly successful; in place rents increased +60% since taking possession

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jennifer Kron and the entire team at Moses Lake Realty are outstanding for support across the entire spectrum of services needed to purchase, rehab and rent out property across Grant County!

Investment Info:

Single-family residence buy & hold investment in Moses Lake.

Purchase price: $205,000

3 bed / 2 bath 1,560sf rambler with 2 car garage and fully fenced backyard. Easy access to highway 17 and schools, lake and recreation.

What made you interested in investing in this type of deal?

Perfect 'in the box' investment that is appealing to a wide swath of renters (3/2 with garage and fenced yard + proximity to schools is great for families and couples!)

How did you find this deal and how did you negotiate it?

MLS; owners were in the process of moving out and hadn't yet listed it. Did a walk through inspection and made them an offer before it was listed for $5k under asking and was accepted.

How did you finance this deal?

Conventional 30-yr fixed

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jennifer Kron and the entire team at Moses Lake Realty are outstanding for support across the entire spectrum of services needed to purchase, rehab and rent out property across Grant County!