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All Forum Posts by: Randy Vincent

Randy Vincent has started 3 posts and replied 10 times.

Post: Looking for General Contractor recommendations in the Cleveland area

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @Bob Stevens:
Quote from @Randy Vincent:

Hi Everyone,

I see there was another post about this topic 3 months ago, but it sputtered out…

I’m looking into buying my first rental property in the Cleveland area, and I’m sure whatever property I decide to pursue will need some degree of repair or updating. So, I’d really appreciate any General Contractor recommendations that anyone could pass along.

Thank you!


 Randy, I have contractors, PM in place AND properties IF you're a cash buyer. If you are going the traditional route, when you close feel free to reach out. I can handle it all for you. Also send me the address I will tell you A OK or not. 

Good luck 

Thank Bob, will do!

Post: Looking for General Contractor recommendations in the Cleveland area

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2

Hi Everyone,

I see there was another post about this topic 3 months ago, but it sputtered out…

I’m looking into buying my first rental property in the Cleveland area, and I’m sure whatever property I decide to pursue will need some degree of repair or updating. So, I’d really appreciate any General Contractor recommendations that anyone could pass along.

Thank you!

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @David Leggett:

Hey Randy, that sounds awesome you're looking to purchase some properties in the Cleveland market!  I wouldn't worry about squatters, it definitely happens, but I don't think Cleveland is uniquely worse than other larger cities, and there's a lot of steps you can take to help prevent this problem if you have a vacant property or something that's getting worked on or you're waiting to rent out.  


Thanks David! It does seem like it's largely an avoidable issue with some simple precautions.

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @Bob Stevens:
Quote from @Randy Vincent:

Hi Everyone,

My wife and I are looking to buy our first MFH in the Cleveland area, and I’m interested in knowing if anyone has had to deal with squatters on their properties. I’m wondering how common of a problem squatting is in the Cleveland area, and what strategies can be used to minimize the chances of it happening. Perhaps the problem has been blown out of proportion by the media, but we would just like to ensure that it doesn’t happen to us.

Thanks!


 I have done 100s and 100s , maybe I had 2 squatters over 10 years, SO no not a problem, 


Good to know, thanks Bob!

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @Nathan Gesner:
Quote from @Randy Vincent:

It depends on the market. I live in a market where half the occupants don't lock their doors at night. Cleveland, like most big cities, has a large number of squatters. It's important to educate yourself on how to prevent it from happening, and then being prepared to act quickly and decisively if it does happen.

The problem is pervasive enough in Cleveland that a Google search turned up a lot of news articles, helpful blogs, and other resources.


Great advice, thank you Nathan.

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @Verna Littleton:

Check on the property often and install cameras if you think it will be a problem.  Just dont leave the property sitting empty for a long period of time.  If they see no activity at the property, then yes they may squat there  


Thank you Verna. Makes sense that the less the property sits vacant, the better. And, I will definitely consider the use of a security camera.

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2
Quote from @Andrew Weiner:

As a local manager we don't come across true squatters very often.  The more common issue is someone who is related to the property staying over and having to go through an eviction.  On the handful of times we have found someone in a unit we have threated to call the police and it has generally worked, they would need to show something that ties them to the unit (mail, utility bill, or lease) for the police to not get involved.  

In the event that you do have a true squatter its a fairly standard eviction process which is unfortunate but does happen in this business.

On a preventative note if you have a vacant unit you can put in a security system that uses cellular and you will get notification if anyone comes in.  If you get the police immediately then it should be easy to get them out as trespassing or breaking and entering.  

Thanks very much Andrew. What is the most common example of "someone who is related to the property staying over" ?

Post: Are squatters a common problem for rental property investors?

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2

Hi Everyone,

My wife and I are looking to buy our first MFH in the Cleveland area, and I’m interested in knowing if anyone has had to deal with squatters on their properties. I’m wondering how common of a problem squatting is in the Cleveland area, and what strategies can be used to minimize the chances of it happening. Perhaps the problem has been blown out of proportion by the media, but we would just like to ensure that it doesn’t happen to us.

Thanks!

Post: Home Equity Loan for Down Payment

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2

I don't think you did anything wrong by telling them that. I was asked the same question when I was applying for my HELOC, and I was approved with no problems. They should only care about your current DTI. If they turn you down because of that, I would simply go elsewhere for your HELOC.

Post: New Investor in Washington State

Randy Vincent
Pro Member
Posted
  • Investor
  • Lake Stevens, WA
  • Posts 10
  • Votes 2

Hello Everyone,

I live in Snohomish County, WA, and I'm very excited to begin my journey in real estate investing. I currently have a full-time career as a senior engineer in the aerospace industry, but I've always been interested in real estate, and I view REI as a way to supplement my future retirement.

I’m interested in initially doing fix and flips to build up capital for buy and hold investments in multi-family properties, and I have about $200K in home equity that I can leverage to get started. Because prices are so high in Washington, I had been considering investing out-of-state, but after reading feedback from others in this forum I realize that the smartest approach when starting out is to invest closer to home.

Therefore, I would love to hear from other investors in Washington about where in the state it’s still possible to find deals. While I live in the greater Seattle area, I frequently travel all over the state, so I’m open to a wide range of areas.

Thank you, and looking forward to connecting!