All Forum Posts by: Ted Klein

@Courtney Downtain
I would never let a tenant in by themselves. Last thing you want is a squatter that you end up having to evict after they destroy your place. 

I agree with @Mike Dorneman & @Matthew Paul I also do the prescreen telephone interview and only setup a showing when they meet the prescreen criteria of adequate income, no prior evictions, referrals, no smokers and no pets (in my case). I then set a couple hour window for showings and scheduling a window for each tenant. It seems to work pretty good. As Matt said, you get to see their car and how they are dressed. Often times, the inside of their car is a reflection of how they would keep the inside of your unit. However, I have had situations where they were driving high dollar cars, they were dressed to the hilt yet their income barely made my minimum requirement (3x rent). This to me indicated that they probably had other priorities with their money and as Mike said, paying you probably won't be a priority.

@Account Closed Thanks for the information, I will keep them in mind if the need arises. Thanks...

I am looking for any recommendations on quality property management firms in the Puget Sound, Snohomish County area. Any recommendations of dependable and trustworthy firms would be greatly appreciated.

@Bjorn Ahlblad @Adrian Chu @Andrew Hodgson @Nolan M. @David Stone @Jameson Sullivan @Kai Van Leuven Thanks to all for the recommendations. I should be able to find some favorable terms with all of these suggestions. Sorry for the late reply, We are just finishing up a full rehab on our personal residence and have been working long days trying to get done so we can move back in. Once again, thanks to all for your input.

I am looking for a lender in the Puget Sound area that will provide a HELOC where I can pull out my equity on my investment properties. I have a DTI in mid 20% and a FICO above 835 and have seasoned the rental income over 18 months, so qualification shouldn't be a problem. I have talked to a couple of local credit unions and either I got connected with the wrong person or they are not very generous on what they are willing to provide as each of them were not quoting very favorable terms. What should I be asking them when I make the initial contact? Can anyone recommend a provider that is willing to work with an investor?

@Moncy Samuel Sorry to hear about your problems. I second @Caleb Heimsoth that you need a property manager. I do not accept any personal checks or money orders. I only accept electronic deposits. I have a temporary account that I provide the information to the prospective tenants for their deposit and rent payments. Immediately after the deposit is made I get a text from my bank and the money is quickly transferred to a different account. Problem solved...

@Andrew Syrios didn't you put together a heat map of KC awhile back? I recall seeing it and it was very helpful in evaluating neighborhoods. If so, perhaps it is due for a repost :)

@Mike Castellow I have heard stories about people doing renovations in historical districts. Apparently renovations within the district are subject to review and regulations to confirm the remodel conforms to authentic standards of design and workmanship. Having to conform could potentially wreck your reno budget. You probably should check with the local town hall to see if a property is of historical significance as part of your due diligence.

@Mike Castellow Sorry to hear about your wife's conditions wishing her all the best. That certainly warrants a closer look at areas for quality of life factors rather than just economic conditions. The areas you have mentioned have been discussed quite frequently on the forums. I personally think that Kansas City maybe a good choice with the discussion of the possible Sprint and T-Mobile merger. Kansas City has a pretty diverse economy. I have looked at Kansas City before and find that the conditions there meet my requirements but I had trouble setting up a team there. I reached out to a few contractors but none of them followed up. If you want to send me a PM I would provide the contractor names and more details in why I choose not to pursue further. Nothing replaces personal time in these locations as you have already done. Wishing you the best in your research and hope that your choice is one that will help alleviate your wifes allergic reactions and provide you the returns you are looking for to match your investment style.

@Mike Castellow The primary benefit of the forums is to ask, share and learn from others in a manner that incites others to join in the discussions. Please share the areas you are considering investing in and others will contribute more information regarding potential emerging markets and the fundamentals that make sense in these markets. Sharing this information with the community helps everyone.