All Forum Posts by: Shawn Peden

Thank you for the replies, I have put in 2 calls so far to the lawyer that I normally deal with, but he has yet to return my call. I was hoping to get some input here while waiting for him to get back to me. I haven't talked with the new tenants much yet because I wanted to wait on the lawyer, so I am not sure if they paid a damage deposit or not. However if they paid him a deposit I would also think they signed a lease (fake or not) with him. I will need to get a deposit from them, or give them a month lease to move out and get someone else in. I may have to try getting ahold of a different lawyer and move on. 

So, I have been renting out to an individual for a few years. I just found out roughly 2 weeks ago, that he has been subletting to a couple for over a year, and charging them $200 more than what his rent was. I never knew because anytime I came over he made sure they were out of the rental. He finally made a mistake by telling the "tenants" I was going to be there at 3pm and instead was 2pm. He had told them it was his place all this time apparently. He also changed the locks so I no longer had a key. Anyways here is the actual questions, now that I know he is not living there and they are, can I just redo a lease with this couple effective immediately? Can I change the locks? The individual who is supposed to be the tenant, has some stuff in the garage, what do I do with it? I am unsure of all of these things because of the COVID situation going on, and I am in Washington state, where governor Inslee has put a moratorium in place that says I basically cant evict for any reason or even mention it. I know I am not evicting because he isn't living there, but I do have a contract with him? The next question I have, is about the rent he has been collecting, do I have the right to sue for the extra $200 he has been getting for my rental and would it even be worth trying? Looking forward to your answers.

Aaron Miley is putting a meetup together,  Thursday the 26th at 6pm, I would tag him and you so you could look him up, but the android app doesn't work for that. If you search for him though, or look a few posts back I am sure you can find it.

Welcome to BP Kellen and the Spokane area!! There is tons of heat info as well as some wonderful contacts on the site. There are a couple of good REI groups in the area, one in CDA and a group just starting up here in Spokane. If you ever want to chat just hit me up.

Welcome to B.P. Jose you certainly came to the right place to learn about real estate investing. Tons of good info as well as people to network with. Let  me know if you ever want to get together to talk shop. 

@Mark Fredrick I am certainly up for a local happy hour meet. Iwill plan on Tuesday, but if it has to move to another date I am fine with that as well, just keep me posted. 

@Aaron Miley I totally understand, but being busy with deals is a good thing!!! Hopefully you can get something together soon.

@Peter Grote I have had a couple rentals in Spokane for 10+ years now, typically my units are rented out in less than a couple weeks unless something needs repairs. Several times they have been rented out before the previous Tennant moves out. I think the rental market is very strong here. Hope that helps out. 

As far as I know, this meeting only happened once or twice, not sure what happened but I never got a reply when I asked 7 months ago. There is a group out in the valley that seems to be an ok group but also brings in speakers to promote a mentor program. Haven't been to the Cda one yet, would love to go but I work at 1am so couldn't really make it yet. Aaron miley was talking about getting one going at one point also, but haven't heard if it started or not. I would love to see one get started and meet up with some local BP members. 

@William Collins that makes perfect sense. I am working on 2 BRRRR properties ATM as well, one with a partner, one on my own. I really love the idea of the BRRRR strategy and this will be my first implement of it. So I guess I was basing my question off of the numbers you provided and I must be missing something, you said purchase of $65k and rehab of $69k = $134k, with a refi of $140k? That's only $6k-ish to reinvest? Also where are you finding 95-110% on a investment property, best I have found is 80%, or are you able to do owner occupied somehow? Very interested in hearing more.

@William Collins sounds like you are getting a great start on your goals. How are you doing your financing? Did you have a big pot of money to start with between investors? Or doing some sort of private money lending? It looks like with the refinance you won't have equity to reinvest or am I looking at that wrong? Keep up the good work and good luck on your goals.