All Forum Posts by: Rudy Manna

The previous owner had a month to month lease and I never got a chance to sign a lease. Curious how that might impact the scenario?

I am in a very interesting situation.

I am closing a real triplex tomorrow, and the seller tells me today that one of the tenants hasn't paid this months rent. I am not sure if this is just one -off or have to go through the eviction process.

Does anybody have experience with similar situation. Any steps I should take right away (like giving notice on the door right after I buy tomorrow)?

I am debating weather to go for Tacoma or Bremerton for my next property. I have one under contract in Tacoma with roughly1% rule. i was thinking about sticking to Tacoma, as I am getting familiar with the city, but then Bremerton also looks attractive.

What do you think of appreciation outlook in Bremerton? Will it outpace Tacoma, let's say in next 3 years?

I have a MFH under contract that I want to close. I am working with a lender to get traditional financing with 25% down. There are existing tenants but no lease (no paperwork) and the rents are lower than market. One of the reasons getting slight discount.

Now my plan was to buy as - is and have the tenants sign new lease. Now the bank is asking for the current lease (even if its is month to month). 

Are there creative ways to bypass the issue? Suggestions welcome.

@Justin Peila

@Jay Hinrichs

Any downside on investing in remote areas? I can assume low liquidity, low growth , high vacency, but I don't have any experience investing in remote areas. 

Thoughts?

We hear a lot about 2% rule. Is it even remotely possible anywhere in WA. I am searching the markets in Southside of Seattle (Tacoma, Puyallup, etc.), its a fight to get even 1% rule work.

Thoughts? Does the rule work in other parts of the country?

 Great point. Definitely keep in mind during my next purchase.

I have a multifamily home under contract and I am going with a local bank . I am putting 25% down, regular loan (this is my 3rd property). I asked the bank If I can go with 20% down payment and the bank tells me that I can't go below 25% for multifamily properties.

Does that sound right? For this purchase I will probably go with the current bank but for future purchases I want to learn if there ways to buy Multi-Family with 20% down-payment. 

Its good to hear that fellow investors are mostly bullish about Tacoma.

Most of the growth in Tacoma so far is driven by the fact that Tacoma was one of the hardest hit in 2008 recession. Even  then current prices are 10% lower compared to 2008 highs.

We can all agree that Tacoma will continue to grow as Seattle grows, but the point is that can Tacoma grow as fast as the areas closer to Seattle (or at least close)? If there is correction, how badly Tacoma will be affected? Are there local dynamics (Tacoma jobs/safety) strong enough?

Agree some people from Seattle will move to Tacoma but I can argue that it will be a very small trickle down effect. There will be cheaper condos in Seattle area, constructions in North and South all the way till Tacoma.

My point is without any game changers such as light rail extensions or large employer setting base in Tacoma, growth rate in Tacoma will be lower than Seattle and immediate neighbourhood.

I like the cash flow and buying in tacoma for that. But less bullish on growth. 

I am an investor from Seattle area. I am looking into Tacoma area to grow my portfolio (Buy and Hold). The cash flow is reasonable, and there are some fixer lowers readily available.

What do people generally feel about Tacoma, maybe 10/20 years from today? On one hand there is hope that Tacoma can become what is Oakland for SF, on the other hand with high crime rates, and not much high quality local employment it can continue to remain as a black spot in the greater Seattle area.

I was looking into the news of light rail expansion, but appears that it is yet to be voted.

What are your thoughts about Tacoma in general?