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All Forum Posts by: Steve K.

Steve K. has started 4 posts and replied 67 times.

Post: Aloha from Hawaii...

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

@Loren Limatoc  Welcome.  There is a real estate investment club / organization called REAPS you may want to check out.  REAPS has meetings at Fife monthly.  Fife is close to Puyallup.  If you can find a REAPS member to take you, you can go into other bigger club meeting and events for free.

Otherwise BiggerPockets is your best bet. 

@Jerry Padilla  For "tiny", downtown Tokyo, Japan condos have some great ideas.  Their furniture and appliances are designed to be tiny compared to western sizes.  Condo restrooms are just a bit bigger than RV restrooms.

In Seattle, there are some houses such 834 NW 53rd St, Unit A, Seattle on Redfin or Zillow.  These houses are "smaller" because don't take up a lot of real estate footprint.  There is no common roof with the neighbors, so no worries about special assessment surprises for repairs.    According to our company civil engineers and architects, new constructions can have LEED features built in to achieve energy reduction and recycled material.  Asphalt shingles leach material during rain storms, and can leach material not great for ground water.  Storm water drain system gets impacted because sometimes the asphalt shingle aggregate gets washed into the system.  Our green LEED architects reminds me constantly how we should go with metal roof or concrete material when we build. Concrete and metal are easily recycled.  Asphalt shingles, not so much.  The architects also want rain gardens and reclaim rain water to flush toilets.  LOL  

@Account Closed  Even if you get a good deal, if there is no job and paycheck to pay the mortgage, or if there is rental restrictions, maybe it's not such a good deal after all.

Time to break out the initial contract and read the clauses one by one.  Maybe talk to the developer about cancelling the deal and get a deposit back is the best way to go.  You may have a way out if developer did not fulfill all the terms of the contract because  of construction issues and delaying delivery of said condo by one year.  Unilateral contract modification such as not finishing construction on time without notifying another party and get written permission to extend delivery date is usually breach of contract.  So you may be on firm ground to re-negotiate the deal.

Not legal advise.  Consult a lawyer.

Post: FHA loan

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

@Brandon O.   That's called occupancy fraud.  The monthly interest difference is probably $100-200.  The risk is being investigated by the Federal Bureau of Investigation and is
punishable by up to 30 years in federal prison or $1,000,000 fine, or both.

Just don't do it.

@Lian Chavda  Going wholesale route is a good way to get started.  However, you'll need some funds to really get going with wholesale.  For example, in whole sale real estate transaction, in order to get a property under contract for wholesaling, you'll need to have some funds to show the seller that you are serious.  It is negotiable with the seller.  So it can be $500.  Can be $4000.  It all depends.

Get to know the neighborhoods.  Go to a few open houses.  Only cost to you is time and gas money.  You'll gain better judgement with experience.  Good luck.

Post: Investing out of state

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

@Ming Wu  Take a look at turnkey rental properties and see the type of deals they are offering.  One example is Memphis Invest.  There is also a website called "Turn Key Review" that has a more example properties.

Post: Hello BP members

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

@Mark Gibbs Welcome. Jay Hinrichs posted quite a bit of info on the mobile home parks. Look for his posts using the search feature on BiggerPockets. If you are looking to invest in mobile home park, as opposed to mobile home, then you get the right idea. There is a commercial real estate website called Loopnet you may want to check out and see if any mobile home parks are nearby. There are some mobile homes for sale around Seattle. Most are within 55+ year communities, which will exclude a lot of potential renters if rental is your goal. Mobile homes don't go up in value like SFR and older mobile homes may be hard to repair because parts are hard to find. So yeah, invest in the mobile home park and not individual mobile home when just starting out.

Just my 2 cents.

Post: New Member in Tacoma, WA

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

@Caroline Hedin   You may want to bring the county sheriff or the police with you when trying to enter the first time.   You are concerned about your own safety and the well being of the tenant since you can't get in contact with the tenant. 

Don't go alone.

@Erin A.   For all practical purposes, it's tied to two years of borrower's rental property income. 

**Following discussion is lender and loan underwriter dependent.  There can be different interpretations. This is my interpretation.** The rental income can be tied to property, disregarding the who the property owner is (or was), if rental history documentation is available.  Lenders like to use tax returns to verify because it's a 3rd party data source.  For example. If I acquire a rental property (using conventional loan) in 2014, and I want to use the cash flow from the property as an asset in 2015 to purchase the next property, then it would be great if I can show documentation that the rental property was also a rental in 2012, 2013.  Would I be able to get a 2013 tax return schedule E  on the rental property from the seller?   Most likely not.  However, there are mitigating factors a lender/underwriter can consider.  One possibility is an independent appraisal on market rent.  Another possibility is the Fannie Mae/Freddie Mac Operating Income Statement.  Even if I can produce these documentation, it's up to lender's discretion whether they want to accept the documentation.

Post: Ethical or unethical?

Steve K.Posted
  • Bellevue, WA
  • Posts 69
  • Votes 20

Think win-win when negotiating.  I'll just  leave it at that.