All Forum Posts by: Scott Kelley

You're right, there's a ton of rentals out here, but the prices have also been going up, up, up. They really didn't dip too much with the adjustment and have gone up 20% in some areas. Of course that's awesome for investing, but can be prohibitive to some investors.

If you are looking, Redmond Ridge and Issaquah will have decent pricing for renting and a relatively easy commute to most places. Renton is mixed but has some rough neighborhoods and some traffic issues (but the area around the Landing is good if you're renting), and I'd avoid Kent for the most part. Kirkland and the East side are great but the prices are high. Bothell is good but the traffic to get anywhere from there is rough.

The current trend is these "apodments" which have a communal living space and each renter has a room that is basically a studio cut in half. For those who loved the dorms, they might be a good option.

@Brian Burke Thanks for the posts about this topic, I've found it very helpful. Of course every attorney I contact wants me to have multiple LLC's. The current recommendation is to have one Wyoming LLC that then is a partner in separate LLCs for each of my properties (in Colorado and Washington). I think that's overkill but I hadn't heard any differently until reading your posts. Of course each LLC would also cost $700 to set up through the attorney.

I'm now thinking that I will set up only one Colorado LLC, for the property I'm currently researching and looking to purchase with a partner but not the Wyoming one.

Can you help me with information about when to form the LLC and how to finance the duplex properly? It looks like you touch on the subject here but I need more help. Would my partner and I get a mortgage together and purchase the duplex and then move it into the LLC? Or would we have to purchase it under the LLC (with a higher interest rate and downpayment?) Is there any case that this would still make more sense for us to simply buy the house together and do the LLC later?

Thanks for the help and input!

Scott

Thanks Mike, I'll wait until my attorney is around and then discuss with commercial lenders also.

Thanks Wade, I may need to look into that option also. I'm sure there are transfer taxes for me to move the place into the LLC if I do that after buying

Thanks Ed, that's what I thought.

We would then move it into our LLC, correct?

Hi all, I'm planning to purchase a new duplex in Colorado Springs with a colleague. It looks like we would be best served to form an LLC for the asset protection. We plan to purchase at least 3 additional multi family properties in that area.

My question is this: Can you help me understand how financing would work? Would we purchase the duplex with our personal credit and move it into the LLC, or would it be beneficial to have the LLC totally formed before we make the offer, and use it immediately? I have a call in to an attorney but he is out for the week and I think this group is so knowledgeable about these topics that I thought it would be valuable to ask. If there are already valuable discussions about this, please let me know and I'll look for them.

Thanks,

Scott

Excellent, thank you all. I just verified that the son is on the lease but not the girlfriend. I will follow up with her

Hi all, I just had a weird situation come up with my rental house.

My renter just contacted me demanding that I evict her son and his girlfriend.

She is the person on the lease and I don't recall if he is listed as a secondary renter. I'm not home to check that yet.

She apparently called the police but what he has been doing does not count as harassment.

Do I have any responsibility to evict him?

My thought is that since he is not the renter, my only infection responsibility would be to evict all of them including her.

This house is in Colorado. I don't know if that would affect the requirement or not. She is indicating that she understands that it is my responsibility and would be my cost to evict him.

Hi all, I'm just curious your thoughts on mobile homes as rentals. I just recently came across a couple of units that I could either pay cash for or even use a credit card to pay in full, and then have instant cash flow.

It's something I haven't considered, my goal has been to buy single or multi family and hold that.

Is there a higher vacancy rate in mobiles typically?

Thanks
Scott

Corey Jacobs Cool, I'll keep trying. Thanks!