All Forum Posts by: Wayne Prentiss

@Tarin Todd

Hello Tarin and welcome to Bigger Pockets! Your local knowledge of Tacoma is going to be a great asset in wholesaling, so you've already got an advantage. I'm guessing you've heard it, but if not I strongly recommend the BP Podcast #116 with Nasar Elarabi. I'm not a wholesaler, but his approach really resonated with me - if only I were interested in his market! We've had little success finding buy-and-hold properties through wholesalers here in the Puget Sound area (including Tacoma), so we've found all our deals ourselves. That may just mean there is a ripe opportunity for you! Good luck!

Adrian, can we assume you mean contractors bonding insurance?

Precisely. Based on my experiences, I'd just meet with the City. If you get lucky, you'll get someone who is very helpful. Get what you can in writing. Whatever you can't get in writing, write up yourself and email notes back to the City as, "this is what I understood from our discussion, please tell me if I'm wrong." Having worked with several cities (including Seattle), unless they specifically ask, I would not volunteer a lot of information about what you plan to do with the property. There is a decent chance they will treat you better as an future resident (who'd rent out the MIL + other unit) versus an absentee landlord.

Great feedback from Kevin S. and Michael Skura, Juan. I don't see this as a great deal, particularly when you factor the risk of HOA (lack of control). It is just too skinny, without money for reserves, legal expenses, property management (take this out even if you plan to manage yourself), etc.. However, if you are looking at a home, it might be just fine.

Dominic, it is a bit quirky, but I've had great luck with: 

http://www.city-data.com/

- lots of demographic data

- lots of data that would matter to your clients (either renters or owner-occupants)

I really recommend staying with the hardwoods, where it sounds like you have a true "no regrets" move. When we find good wood floors under carpet, we spruce it up and keep it. Per Beth L., it is appealing to just about everyone, and will be a nice retention for your clients. The wood is more open to damage, but I would never consider using that as a reason to cover them with vinyl on my own places. The benefits of a) lower cost and b) better appeal make the case.

We also have used the vinyl option, but it just doesn't resonate with our renters quite same way as real wood floors!

Congratulations, Rocky, looks super solid!

Welcome to BP and Washington, @jeremyM8!

Aaron, this looks solid to me. Any hidden issues? Is it on an arterial? Is it the best property on the block? Asbestos? It is nice to see that the plumbing and electricity should be in good shape....

Chris, I'm less familiar with how you can access this in Texas (though I have property there), but I typically would use a two-state process. First, I would look at the Harris County records (assuming that is where the property is) and see when the property was purchased, and what the loan amount was for. Go the the Clerks' website as a good first bet. This will give you a "best case" scenario you can calculate from the year they bought the home and what the initial loan was, which assumes they have been making payments on time, haven't put on a 2nd mortgage, etc..

Second, (assuming you can get a good read from step #1 and it is worth your time), just ask them to get you the latest statement from their lender. That is a direct way to see if they are serious, as well...

Best of luck, sir!