All Forum Posts by: Matta Nguyen

@Dusty Cady hi Dustin,

So i ended up not getting that place, not because of the credit but seller received a better offer. However the solution that we came up with was escrow holdback. So in that term, the seller agreed to hold certain amount of money for problem that needed to be fixed in escrow account after closing ( i think they have to put certain percentages higher than the bid from verified contractor). After close, the money is going to be used to fixed the problem, whatever left will be returned to seller.

This escrow holdback will be available depends on lender. You should definitely check with your lender to see if they have this option. If they do, verify what needs to be done.

Hope that help! 

@Brandon Sturgill: Hi Brandon, I'm in the similar situation with her as well. Haven't submitted the contract yet but seller has noted that they would be willing to credit $20k. Personally I want to money to fix it myself, however if following the lender's policy I'm only able to get 3% credit from sellers and it will go to closing cost... You mentioned that we can ask the seller to take full proceeds and write the check at closing. When in the process + How do you mention that to them and in which form of contract?

Thank you!

@Account Closed: Hi Grant, I took your advice and start looking into some properties in Everett now. Found a place that I think can provide me a good CF + easier commute. Will keep you update if I decide to go in with the offer!

@Mary M.

Thank you Mary for your input! Have a couple questions:

1. Do you come to your places every beginning of the month to collect rent?

2. Have you ever had problem with tenants calling you urgently and you can't be there right away? if yes how do you manage it?

3. How do you build a good IMO team? Finding people that you trust to work with?

4. When you first bought your place, was it fully occupied or not? Which tool you would recommend for people like me to use in order to screen tenants?

Again, I really appreciate all the support!! It's great seeing and getting supports from female investors that went to the route that I am thinking of  going. Making me feel like I can do it :) 

Thanks guys for your input.

I'm actually still calculate Property management as item in deciding to purchase this place. Still reviewing some property managers's document + contracts in case I want to use one.

To answer @James Wise's question, down the road in the next couple years I actually want to own properties and have my own property management company. :) I was first mainly looking at places that I can get my hand dirty by being a landlord and managing. This 4 flex came up with everything that I was looking for except the fact that it's further that what I wanted. Right now, I have one single family for rent close by but if this deal comes through, it would be my first multi-units. Kinda scary ... Still thinking about which approach I should take.

@Erich Bubbel

Thanks Eric!

It's true that I'm a little concern about not finding people to work with (property manager/ contractors) before making the offer! But yes feasibility period might give me a little more time

@Brandon Vukelich: Hi Brandon

Thank you for the genuine respond. 

I'm actually looking for Property manager in Tacoma area to partner with at the moment to see if all the number make sense. The reason I thought about managing it myself because I have been dreaming to have a property management business myself and thought the best practice is getting my hand dirty plus the thought of reducing the expense for property management

However as a newbie I haven't considered all the factors. Will need to look more into Cause Ordinance or Tenants Union + others. 

Hi.

So a little bit about my situation. I'm a 26 year old female that have full-time job and have been very interested in real estate. Right now I have the option to put in offer for either a Condo in Capitol Hill Seattle or a multi-unit in Tacoma city, WA. I live in North Seattle Area where it could take 1:45' to Tacoma and 20' to Capitol Hill Seattle. 

I have always been looking for a multi-unit with good cash-flow however Seattle area has been a tough market. Its price has jumped significantly last couple years (slower down now but still) , multi-unit having positive CF in my price range is  very competitive which  pushed my search to nearby Cities and led me to a 4flex in Tacoma. The four-flex is in good shape with solid income and low vacancy rate. I want to manage the place without property manager since I think it's a real practice for myself. Thinking about training tenants to paying rent through direct deposit or online software. I'm also planning to visit the property once a week or once every other week. 

However, I don't have the team with me at the moment, also the fact that I live so far from the place. The fear of having something breaks down, tenant's request when I don't know what to do or able to get there right away make me feel a little nervous of this deal. I'm thinking in getting contractors come and evaluate during the inspection period with the thought it I could potentially find a great contractor to work with if tenants have problem...

At the same time, while searching for potential investment, I came across a 2 bed-room condo in Capitol Hill with low HOA, It raised an idea in me that this condo could brought me great CF with short-term rental (airbnb). It is definitely not my ideal investment since I know how HOA and assessment are out of my control. However it is in prime location with desperate seller that I thought I could get a good deal from it.

Very different type of properties! I personally would want both in my portfolio but for now I have to decide and go with one that make more sense

...If it were you which one you would choose? and if you choose 4flex that is 1 hour and half away, what is the most efficient way to manage it by yourself? How to make a great team with you.

Love it! Congrats!!