All Forum Posts by: Steve Wynne

I don't have data but I can provide the anecdotal evidence that my property out in Puyallup (not far from Tacoma) had huge interest with many applications submitted prior to viewings.  Lease up too only a few days on a <600 sq ft 1/1 which you are probably well aware as being typically more difficult.  My Tacoma duplex has not had a tenant turn in almost 5 years

I love the idea of paying off debt early but, when rates are so low, your money could go a bit further outside of paying down a low-rate mortgage. Also, having a lot of equity built up does put a big target on your back from a liability standpoint if anyone should want to sue you (or an LLC). Also, cash is king in hard times where you can use cash at will rather than relying on changing bank standards to gain access to your equity. If your debt/income ratios aren't right for the bank your only choice becomes a sale to gain that access which may not be ideal in that market cycle.

Excellent!  It sounds like you are on the right track then!  As they say 10% of a deal is better than 100% of no deal...

have you tried to find someone who has experience in the type of investing you are looking for?  Finding someone to participate in your first few deals might help.  

welcome @Erik Sirs to BP!  I see you are near where I live and invest too.  I wish you well and hope to see you at one of our local meet ups!

Would a partner with good credit and income history help avoid the problem?

there are a number of them listed on Meetup.com. I try to attend the Lakewood Ram Meetup and the new Olympia meetup but there are those in Kirkland and Seattle too:

http://www.meetup.com/PacificNWRealEstate/events/

The Olympia meetup hosted by @Naomi Pinger is this Thursday  Apr 28, 6:30 PM - 9:30 PM and will be at Dirty Dave's Pizza - 3939 Martin Way E, Olympia

@Brookley Maynard welcome to BP!  Have you joined a local credit union?  The reason I ask is, they have fresh start programs to help repair you credit.  I would also recommend Clark Howard podcasts (where I learned about it) so you can pick up tips on saving money, improving your credit and avoiding scams.

Let's just say that I have been sitting on the fence for a long LONG time believing all the anecdotal horror stories of how awful land lording is.  Since listening to podcasts and talking to people who are successful at it I have gained the courage I needed to buy 2 duplexes.  If the horror stories are true I haven't had them.  I have had a number of headaches along the way but I now know that I can handle them.  I also know of a great network of people from BP I can now talk to who not only do this but who succeed at it.