All Forum Posts by: Nanci E Keate

I just completed the weekend program for $350 and as a newbie, I don't feel it was a rip-off. I learned a bit about the process and was given info on how to get started researching on county websites and also info on the lifecycle of a lien. I signed up for the free intro 1 evening class that was full of 'too good to be true' info so I was skeptical going into the weekend class but wanted to know more. About 30% of the weekend class was useful information, and during that time all of the participants were present, but the other 70% of the time was a bit filled with a mixture of fluff, personal stories, rah rah macho talk about domination, and stories that gave the audience FOMO. During this 70% of the time, they individually took participants out to the lobby to have one on one talks about their personal situation and reasons for being there and also to push their $35k Diamond Level annual membership. I have only good things to say about the team that did the presentation and I enjoyed talking to my advisor but there was no way I could wrap my head around spending that much. Initially I didn't understand why these professionals were traveling around the country doing this type of shpiel if they were having the type of success they presented during the weekend. I estimate that there were about 60 people on the first day and it dwindled down to about 25 people on the third day. I estimate about 10-15 people signed up for the diamond level so that is a pretty good chunk of change. The information was not presented in handout format, but on a screen, so notes had to be taken throughout the weekend so that was disappointing as it was hard to scribble info down quickly and also understand what was important/unimportant. I couldn’t find any positive reviews about the diamond level, but would love to hear a first-hand experience.

I'm in search of the Tom Wheelright of small-time newbie investors on the west coast of Washington State (anywhere between Blaine & Tacoma).  I want guidance throughout the year and not just a short conversation at tax prep time.  I am also interested in someone that can take a look at what I'm doing in QuickBooks to track my investments, and make sure I am recording everything correctly.  Any recommendations? 

My tenant paid a $200 non refundable pet fee, and I initially requested $50/mo per pet, but the tenant shares his cat with an ex and requested I half the monthly fee to $25 and I agreed.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $500,000
Cash invested: $500,000

1967 cape cod style home overlooking the Puget Sound.

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

The previous homeowner wanted to get out of paying the mortgage and was willing to sell the house for about 10% more than what was owed on the loan. The home is adjacent my own home and I wanted to control who moved in. I completed 90% of the renovations myself.

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

The previous homeowner had decided to take a job elsewhere and start his life fresh and really didn't want to deal with listing the home or cleaning it out

How did you finance this deal?

cash

How did you add value to the deal?

The home was abandoned with the previous homeowners belongings still in the home. I held a garage sale after the transfer was complete to fund the renovations. Also hired a junk removal company to take away non-saleable items as well as construction debris.
I installed new LVT, carpet, paint, bathroom millwork, faucets, plumbing fixtures. Did landscaping myself and installed a fence

What was the outcome?

Even with renovations, this house has a bit of a grandma vibe. It was listed for rent around Thanksgiving 2022 and I didn't get an appropriate tenant until April 2023

Lessons learned? Challenges?

I would consider listing it for rent prior to every detail of rehabbing being completed.

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

I worked with an excellent property manager to select a tenant, but I will manage the home myself once the tenant moves in.