All Forum Posts by: Randy Steele

He claims rent is $800 per month but I assume that was the agreement 10 years ago when he moved in. The owner died over 6 months ago so I believe he has been living rent free since then.

I recently purchased a foreclosure that has a tenant living in it. I advised him the unit would be renting for 1200 per month and he does not want to pay that so has chosen to leave no later than the 60 day period that apparently Washington state law allows. I offered him 600 if he would move out early, but he declined. I was hoping he would accept the money mostly because I was going to require him to have the property totally cleaned up, all trash and other items removed from the property before I paid him. Now I am worried that he will leave after 60 days and leave a huge mess, not to mention possible damage to the property. He has lived there for 10 years and feels the former landlord screwed him over with a lease to own option, so he might take his frustrations out on the building, which is a double wide manufactured home. I am looking for suggestions how to entice him to leave the property in good shape when he leaves. Anybody have experience with this type of situation? What creative options have worked for you? Thanks

Hey, all, I'm still learning how to use the website and can't seem to find an answer to my question. I want to locate a networking opportunity near Tacoma, WA. I see there are "Network Events" under the "Community" tab at the top of the BP site, but I can't figure out how to search within those events and there appear to be several hundred events listed. Anybody know how to search within the Network Events?

We met with McFerran, they have a pretty nice "consulting" price, I can't recall the cost but it allows you to ask whatever you want for up to an hour and get some general information and guidance. It was really helpful, got us to realize that you only need protection if you have assets or cash that would be at risk, and turns out nearly all of our assets are tied up in either retirement funds or mortgages, so we have very little risk at the time (I guess that's a good thing?). I'd give McFerran 5 stars and would highly recommend them.

Welcome! My wife and I live in Tacoma and have 4 buildings. The podcasts are awesome!

Caitlyn. Welcome! Nice to meet somebody else with 3 kids who is a new investor in Tacoma. My wife and I purchased our first duplex 2 yes ago and now have 9 total units among 4 buildings. I started listening to BP podcast while commuting and have probably listened to 20 episodes, so much info out there! We are very interested in meeting others but our biggest struggle has been to find time to devote to investing. Even though the financials make tons of sense we can barely keep up with 3 kids and 2 careers. We have however been fairly happy with the 4 turnkey properties we found in parkland. Not your A neighborhood but they cash flow, have solid tenants and in general are not in scary areas. Let me know if you have questions about the area, my wife is a real estate agent and has some great contacts in the industry that we are happy to share, we can recommend lenders, talk about neighborhoods, schools, methanol, you know the usual stuff!! Randy

I can recommend my wife who is an agent, but perhaps I need to be a pro member to do so? She and I own 9 units in parkland. Can somebody clarify if I am allowed to list her name here?

Jeremy. Welcome! My wife and I bought our first property 2 years ago (a duplex) and have since bought 2 more duplexes and a triplex, all in Parkland. We manage them all. I would love to share contacts in the area for handyman services, plumbers, roofers, etc. My wife is also a real estate agent at windermere which has helped with our education of rental properties. Do you manage the properties yourself or use a property management company?

Thanks for the quick responses! I made an appointment with McFerran for next week. My wife, who is a real estate agent, says McFerran has been involved with several short sales, it sounds like they have a solid reputation among realtors. I set-up an LLC already but am not sure how to move my properties under the protection of the LLC. They charge $150 for an hour-long consultation. Wish me luck!

Does anybody in the Tacoma, WA, area have an attorney they would recommend who knows real estate law and LLCs? I  currently own 4 duplexes in the area, and am actively looking to acquire a few more. I've read several strategies for how to separate my personal finances from my business and am ready to get serious about this topic (the only protection I have currently is a $1M personal umbrella policy). I'm not sure how to go about finding good, reliable, affordable legal advice. Thanks!