All Forum Posts by: Riley Kuranishi

It was a law that was passed in Seattle recently which basically states that landlords are required to rent to potential tenants on a first come, first served basis. This was done basically to help equalize the tenant pool and prevent landlords from picking among a pool of renters. They set the qualifications by saying that you need to set a common standard for who you will accept into your property and the first one who meets that will technically get the space. I do believe I heard something about them delaying this for small time landlords and would eventually be cycled in however that's something to look into.

 I'm not an attorney by any means so always be sure to check with someone who's more versed in landlord-tenant law 

In my experience, with how hot the market is right now in Seattle, even if your current tenant decides to leave and is replaced with someone else you should have no problem finding a quality tenant. You have a property in a good prime location and should find another one no problem if priced correctly. However, with the way things currently are in Seattle, it's always important to be aware of the current laws. Especially with the one entailing you rent to the first qualified tenant. Pretty bogus if you ask me as it curbs our ability to choose the best tenant, but just something to keep in mind. 

Feel free to reach out if you have any other questions!

I personally interviewed at the top producing brokerages in King County, those being John L Scott. I also looked into KW, Coldwell Banker and Redfin. They all have their pros and cons, depending what exactly you're looking for. I ended up deciding on a place called Kensington. It's a newer brokerage firm but they have systems in place unlike any other places I interviewed at, plus a lot of other good things I'd be happy to discuss sometime if you like.

Interesting. I've never heard of something like that other than those ads promising to make a bunch of money for joining their team. In my experience, it's usually better to start off on your own and find some mentors to help you along the way. If you are still interested in looking into something like this I would dive a little deeper to find out how and why they structured things the way they do. 

Depending on how motivated they are, Zillow can be a good resource. They usually list FSBO and make me move owners. However, I think the best ways to go about doing it are through directly driving around and looking for those properties. Those will be the ones harder to find but also more likely to want to sell if they don't keep up on the maintenance of the home.

Congrats to you! My ultimate goal is also to be a full time investor. Hopefully it won't take too long. How long did it take you to get started in real estate/find deals and close on a consistent basis? Any thoughts or tips that may not be common knowledge?

Google maps can be a great resource at times, however, at times like this I wouldn't recommend it. Google maps is only updated periodically so you won't get a true picture of the condition of the home or any active listings. The only way this might work is if you get lucky and they update the maps recently in the area you're searching for.  

Let me know if you have any questions!

With how prices are nowadays for homes, it's always great when you already have a lead to being able to purchase your own home. Especially with the flexibility of it being within the family and doing seller financing. It really depends on your willingness and ability to take on a responsibility with owning a home as it can be no easy task at times. However the rewards can be well worth it if investing in the right property.

I can't quite say for sure the best route as I don't know all the details but I would be happy to answer any questions you might have in the future!

That turned out great! Congrats to you. I hope to be on that level someday. How did you end up getting the property? Was it through traditional financing? Cash? 

In my experience it really depends on whether or not you will gain more that much more by living with your girlfriend and if living with is more/less convenient. I purchased my first property, turned it into a rental and found that if I didn't live in it I would exponentially increase the return I would get by being able to stay elsewhere. However if living elsewhere makes things more expensive and less convenient to you then that is also something to consider.

It's all about weighing if you would like more potential cash flow for more of your time, etc.

Let me know if you have any other questions!

Cheers!

Riley