All Forum Posts by: Nghi Le

Was this in Burien / White Center?  I rarely see profit numbers this big in that area!  Really great job!

I have a meeting up in Shoreline that day until 7pm, so I'll be a little late!

Hi @Bob Malecki,

The people at the auction always tell me that the new owner is only responsible for the previous 6 months of HOA dues. That lines up with the research you found :-)

A lot of investors in REAPS like Doug Owens, but he's in Ballard (although he'll come to the Eastside REAPS monthly meetings).  I haven't tried him yet though.

I've had a good experience with Jerry Walker, who is in Bellevue/Redmond.  I agreed with his way of thinking more than most other attorneys.

I think both give a discount if you're a part of REAPS.

Hi @Maxim, @Maxim Bovykin, welcome to BiggerPockets!

It's interesting that you found BiggerPockets through Brandon's book.  Most people I know find BP through the podcasts or referred by another fellow BP real estate investor.  But you'll definitely find a wealth of information here, and I think as you spend more time here, your job's going to be at risk ;-)

I'm also a fellow Software Engineer in my day job, working as a Microsoft BI Consultant on the Microsoft campus.  Perhaps we can sit down and chat over lunch (Café 16?) sometime :-)

Ahh, the seller found an end buyer that was willing to buy the property as-is for much higher than we could offer.  Darn Zillow's "Make Me Move" and Seattle's hot market, lol.

I'll take the leads in South or Central King County ;-)

@Troy Gravett You clarified things for me very well, especially the "better for long-term holds" part.  Thank you!

@Aaron Ramm Sorry for the late response!  I'm not as active on BP as I used to be :-(

The house is in central Seattle.  The seller saw one of our flips in progress and reached out to us.  The rehab should be around $50k - $60k.

We're still waiting to hear from the seller on whether they'll accept our offer or not.  In the meantime, we also made another seller an owner-financing offer, but this one has no mortgage, so it'll be much simpler to structure it.

Will keep you updated!

I plan on having a property manager for all of my future rentals.  If they hold the security deposits and also give me a year-end statement, do I still need the separate bank accounts or to keep track of things in QuickBooks?  I was hoping to avoid all of that by going through Property Management.

An update from my end:

I found a credit union that provides free unlimited checks (with duplicates), free incoming wires, and other great benefits.  I opened a business account with them and don't have this problem anymore :-)