All Forum Posts by: Tamar Mar

Congrats, Tiffany! 

Yes, we always run a credit report, but I also look at the total picture as well, especially the criminal record. We screen tenants on the phone to prequalify before inviting them to the open houses for our SFH rentals, and meet all applicants before they apply. Sometimes it's a gut check that can weed out better prospects. Employment history is also heavily weighed. I understand a person can lose their job tomorrow, but I like to see a history of solid employment - i.e. not switching jobs every few months, just as if I were hiring a new employee.

In my experience, we have never once considered the size of the yard when purchasing a SFH. Most of our tenants are interested in more space vs. an apartment, which they usually get with a SFH. Some families are looking for a yard for their kids to play, but a smaller yard has not yet deterred potential tenants, especially if the quality inside the home is great.

Ha!  @davidfaulker, your description rings a bell with me.  Especially because the last two properties we have renovated have been broken into.  Good way to think about it!  

Hi Kyle - I've been using one free software program, and one that is very inexpensive.  rentecdirect.com helps keep track of expenses and revenues tied directly to a property.  I use the free platform.  You can export your data to Quickbooks if wanted/needed.  I also use eRentPayment to collect rents.  It's great - sends out notices several days before rent is due, as well as automated late payment notices, adds late payment fees, etc.  I think it's $2 per transaction, which is well worth the money spent.  

Nope.  It usually seems to me that the first lie is only the beginning of a series of lies.  

Congrats!  We had our first tenant lease signed back in July.  (Well, we had a rental years ago, but it was run by a property manager, so we just collected the checks.)  I agree - it felt great!  

And yes, many people will say they have a huge deposit available, but I think many are blowing smoke. We had tenants picked out, ready to go sign the lease, and they backed out because the funds were "not available" even though they swore up and down that they were.  But it all worked out in the end with the 2nd person on our waiting list.  

Good luck!

Pretty stoked over here. Three weeks ago, we closed on the sale of our first flip (in which we sold over $100k over the acquisition price), and we just won a bid for our first duplex two days ago. It will be a quick, 2-week close, all cash offer. We actually beat a higher priced offer due to our clean bid through the MLS. A few things we cannot believe: 1) That we are acquiring a duplex in Seattle proper for $220k.  That is unreal. 2) The land it sits on - it is surrounded on three sides by small apartment complexes.  The land is a decent size.  Perhaps after building up equity over 10 years or more, we could build our own small apartment there?  

A few important notes on this deal: 

*It takes diligence to keep an eye out for what's coming up on the market.  My husband @Bruce Mar sources our properties, and has several list serves that send him data daily. We look at several properties a week.

*One has to be able to move quickly.  This came up on the market on Thursday.  I was there by 3 pm with my 3 kids in tow to take a peek (I have my RE license, so I can have on-the-spot access when I need it).  I immediately called the broker and told her we'd be writing up the offer.

*Only one of the units was vacant, so we haven't seen the bottom unit yet - one has to be open to imagining the possibilities that exist, sight unseen.  

We're on our way to our 100 unit goal......

Thanks all!

@Tim Ryan - the rehab and carrying costs were roughly $10k.  Plus some serious sweat equity, and dragging our 3 kids back and forth to the property with us.   :)

@Justin Owens - yes, it was an all cash deal

@Jesse T. - we're keeping our eyes out right now for the next deal. Looking for a SFH or duplex in King County, WA. The online auctions tend to present a bunch of good deals; I also recently obtained my RE license, so we're monitoring for deals through the MLS as well.

We just had a great success on our first deal that I wanted to share. 

We purchased a SFH for a rental in October via Auction site online. Worked our tail feathers off for 2 weeks to get it ready to rent. Went on vacation. Came back to find out that we had missed a governing document in the HOA that mandated the home was owner-occupied for a period of one year, then it had to be approved, and the rental cap was a low 7.5%! (Note: next time, do thorough due diligence when getting involved with an HOA - or avoid them! Lesson learned.)

I had a minor heart attack for about 1.5 minutes, called my husband @Bruce Mar , and he said "We'll go to plan B - sell it!"  So we spent another 3 weeks making the house really pop - granite countertops, new carpet, etc, etc.  Put it on the market the first weekend in January, and had three offers over asking price, and ended up closing the deal over for more than $100k over what we purchased it for. 

We feel totally spoiled that our first deal went so well, and added fuel to the machine to keep investing in more properties....now we're keeping our eyes out for the next one. 

Good times!