All Forum Posts by: Scott Price

Hi Carly,

You are likely better off with your BRRR strategy in Tacoma, if your interest is to build income and wealth. Vacation rental properties are very management intensive, have much higher maintenance and cleaning costs, advertising and marketing, ongoing guest interaction and issue resolution, and property management fees are much higher if you are not doing it yourself (doing it yourself would be more difficult if done from Tacoma). However, if you are already interested to buy a "second home" on Whidbey, then making it a vacation rental would be a great way to defer or eliminate costs, though there is also value to your time that running a vacation rental will require. But, I would say the priority in that case is it being a second home more so than it being an investment property. Also remember that there are a lot of other factors to consider for vacation rental properties such as seasonality/demand, view/waterfront vs. not, community amenities, what it is near, making it warm and inviting, etc.

Best Regards,

Scott

I would really appreciate a recommendation for an asset protection attorney that specializes in real estate investors that is based in the Puget Sound area. I contacted Anderson Advisors but they provide way more services than I need. I just need a 1 hour phone consultation to review the asset protection strategy put in place this past year by my current asset protection attorney which I would not recommend.

Thank you,

Scott

I agree with @Account Closed that the price is  reasonable, especially if you have the need for a mobile notary.  I will use local bank notaries if it works out for my schedule.  But if it works better to have a mobile notary come to me, then the fees charged have usually been $150-175.  Even if I don't completely need a mobile notary, it seems reasonable to pay $25 to eliminate wasting my time with a round trip and waiting for someone in a bank lobby.

However, multiple (not all) lenders & escrow companies will require that documents are notarized either at the title/escrow company or by an "approved" notary from their list of notary companies.  These lenders & escrow companies actually will not accept a notary outside of that list, even if the other notary is a fully licensed notary.  I expect that this online service would likely fall outside of those lenders' approved lists, at least for now.

Also, this approach would produce a different physical end product than the traditional signature, stamp, and ID checking process.  That's likely a bit too outside the box for most title/escrow companies that want physical paper in a standard format/approach that they can get recorded with the local county office.

But, just like many things that started out as "different" and not generally accepted, yet later became normal and accepted, this may become more of a standard option over time.  Electronic signatures (like Docusign) have had a gradual but expanding acceptance period, for example.

Scott

29 unit apartment complex for sale near expanding Navy base with highly constrained local supply of rentals.  Rents have been escalating quickly and vacancy periods are minimal.  There is a lack of housing and lack of new building areas/options, which means lack of competition.

Property is located in Oak Harbor, Washington.  It is well maintained, professionally managed, has very high ongoing occupancy, and has a desirable unit mix (six 2 bedroom units, thirteen 1 bedroom units, and ten studio units).

For more information, visit www.seabreezeoakharbor.com

Hi @Micah Bell, I recently purchased an apartment complex in Memphis that came with an existing contract for laundry services.  It is with MacGray, the same company mentioned above by @Douglas Skipworth.  So far, it seems to be going fine, after working through the initial paperwork.  However, they of course do take a significant portion of the income for their services.

At another property I own outside of Memphis, I have directly handled all of the laundry services directly through my property management firm.  They just stop by each month to collect the quarters.  When a problem is reported by a tenant regarding one of the machines, they just submit a work order request to the best local appliance repair company.

Both approaches have actually worked fine for me.  So it really depends upon where you want to be regarding "hands off / auto-pilot" or a bit more hands-on.  There is also some increased "insurance" in going with a contract, since they take care of all the upkeep and expenses on the machines.  New commercial grade laundry machines are pricey compared to residential models.

I will likely go with self-management after the laundry contract expires at my Memphis apartment community, but both approaches have their pros and cons.

Scott

Hi @Evan Craig, welcome to the area!  I live on Whidbey and own a number of rental units in Oak Harbor as well as other areas.  I will likely be setting up a local Whidbey investor's Meetup, so be sure to use the BP keywords search for "Oak Harbor" and you'll receive the announcement.

In the Seattle area, there is REAPS and REIAWA as the two largest local REIAs, in addition to the Bellingham group mentioned above.  REAPS also has off-shoot sub-group meetings, including one north.  There are also BP Meetups, smaller invite-only groups, several landlord associations, etc., though again most in western Washington tend to centered around Seattle so you'd need to do some driving.

Let me know if I can ever be of assistance.

Scott Price

Sure thing, @Kelsy Soderlund.  You are definitely on the invite list.  :-)  I'll let you know when I schedule it!

Hi @Steve Vaughan, thanks for reaching out.  I'm thinking of having an informal local Whidbey investors Meetup soon.  So, you may want to relay my contact info to your bro-in-law and perhaps we can connect that way.

Wenatchee has not been on my radar much because it is a bit smaller population base than I usually invest in, but I'm always open to considering interesting opportunities in new locations!

Welcome to BP, Melissa.  I currently own rental units in Yakima and am looking to purchase more that are good for long term hold / cash flow.  Please add me to your buyer's list.  I'll PM you with more contact info.

Thank you,

Scott

@Zachary Cuneo, welcome to BP and house hacking!

I live south of you on Whidbey Island, and own a number of apartments + office/retail buildings in the area.  I may be getting together with some other local investors soon, and if so I'll extend the invitation to you as well.

Best Regards,

Scott Price