All Forum Posts by: Mike R.

thank you!!!!  feeling better alreay

inherited tenant is threatening to sue due to mold causing daughters health issues. We've owned the place for 2 months but tenant has been there 3 years. Per his request we did clean some mildew / mold (small spot behind furniture ) and it has not grown back.  Do we have a problem? 

the issue is the "good tenant" is seriously considering breaking the lease due to the harassment .  The other tenant has been given a 20 day notice but a lot can happen between now and then

we have a tenant that claims another tenant is harassing her (looking in her windows, taking videos etc). We have witnessed none of this behavior.  The tenant that is supposedly the harasser claims the other tenant is up to no good, funny smells coming from her apartment (she even called the police about the smells--police found nothing unusual and neither have we).   we do not want to get involved with disputes between tenants but the one claiming harassment is considering leaving and filing a police report etc. what are our obligations given we have not seen any of the behavior?

there will always be frustrations in this field so don't let it get you down.   

You are doing the right things!!!!  Pat yourself on the back and say good job.  You have taken the first, and hardest, step---deciding RE is what you want to do.  You also took the 2nd step,  reseaching and learning--you found this websight . Finally you did something most people couldn't do---ask for help!!  You did the first and most difficult THREE steps!!! Great job, but don't stop.  You may not have money now but if you are devoted and save you will.  In the mean time try this. 1) read the book I started with (and read multiple times)--the complete guide to buying and selling apartment buildings by Steve berges. 2) take a Microsoft Excel class--you will be doing lots of spreadsheets 3) read as many of the posts on this websight as possible 4) consider becoming a RE agent--they know the deals when they come up, you can meet investors and learn from them and you can make money that you can use for your first deal

with interest rates where they are (low) and where they are headed(higher). Why wouldn't an investor lock in current rates for as long as possible.  Rate lock for six years and then annual resets thereafter sounds like a lot of risk

Once a year we always ask what would they like to see/change that would make them happy/recommend this as a place a friend would want to stay

I've said this in other posts but worth repeating for the folks not as familiar with Seattle...do a google search on rent control, rental prop inspection requirements, crime, homelessness, etc.  sorry but I wouldn't buy in King County..yes there are deals but you can say that about any location--there are always desperate sellers, etc. but Seattle proper has a lot of headwinds for investors as far as I am concerned.  Maybe check out Federal Way, Bonny Lake, Summer.

i use rentometer (which is OK but not great--simple but not sure about accuracy), craigslist, redfin (search for multifamily props for sale and note the rents they are charging) and our RE agent. 

 Thank you for quick turnaround!!  Did the utility do the work or did you use a sub metering firm?  How did the tenants take it?