All Forum Posts by: Scott Sweeney

@Ian G.

I own a rental in Olympia and have had a lot of success with Military tenants. The rental market in Olympia definitely favors landlords considering the low volume of doors available. If I could, I would buy another sfr with a fenced in yard and put a military family in it.

@Steve Vaughan. Great idea, I appreciate the insight

@Steve Vaughan. The home I have is in western heights and so far the city hasn’t had any issues with my renters!! My biggest headache so far has been the sprinkler system. Turnover is at 1.5-2 yrs with great renters in the home since 2015. This home seems like the better of my two investments but I do have concerns about finding my next quality renter. My home in Oly has a constant flow of military renters which have all been excellent.

@Remington Lyman that is a great idea and seems very doable in this position

@Darius Oglozathank you for the insight, you are correct about the underlying question. I contemplate it often, probably too much!

I live in Western Washington and own a rental home in Olympia and Wenatchee.  Both are renting for slightly below market value but they cash flow each month.  I have over $100,000 equity in both homes.  I have great renters in each home and I self manage the homes which so far has been fine.  I retire in 5 years from my W2 job and will be able to pay off one of the homes with my deferred comp account.  My question is this.  Do I continue down this 5 year road of having 1 paid off in 5 years and start working on paying off the 2nd home or should I sell and use the equity to purchase a couple other homes in a cheaper market like Columbus or Tampa?  Thank you in advance for your advice or suggestions.

@Jaysen Medhurst

The only extra expenses for the year will be a month vacancy while I find another renter. Taxes and insurance are all covered in the mortgage and I manage it myself.

I own a home with 140,000 equity and I'm trying to decide if I should continue to rent it or sell and use the cash to buy another property.  The home cash flows $550 after the mortgage is paid.  My next scenario i'm thinking about is buying a home in the Columbus ohio area and renting it out.  The thought of having a paid off home in Columbus is appealing i'm just not sure being a long distant owner is for me.  I've understand the 1031 exchange process and I've identified a good realtor/property management company in Columbus to help manage the property.  

Just looking for some advice or any other ideas on what I should do.

Investment Info:

Single-family residence buy & hold investment in Olympia.

Purchase price: $155,000
Sale price: $155,000

3bdr 2.5 bath 2 story rental home in Olympia Washington.

What made you interested in investing in this type of deal?

My vision is to have enough rental property to retire comfortably and show my sons that working for yourself is more profitable.

How did you find this deal and how did you negotiate it?

I located the deal through my realtor

How did you finance this deal?

Traditional bank financing. 30yr fixed.

How did you add value to the deal?

I have owned the home for 14 years. I also updated the flooring, painted the kitchen cabinets, painted the inside, added new trim, and granite counter tops throughout the home.

Lessons learned? Challenges?

if you plan on living in a rehab make sure it is complete before moving in!