All Forum Posts by: Rachel Luoto

@Rachel Luoto, I don't even know what a Chanel handbag is, but it sound fancy, lol.

You're right though. That's a great tactic to getting her on-board with investing. She already started her business, Wilder Provisions, and will be incorporating in January. She does let me help with the business aspect often (I owned an eBay business in my 20's, so I'm not a total noob) and it's nice to see her working towards something and contributing. She is a stay-at-home mom still and I can tell the daily grind of just keeping up with the kids and house are wearing on her. I try to help as much as I can when I get home, but I'm practically brain dead. Thankfully, she is very understanding.

That's a great idea (hiring a maid). While it's out of our budget currently, that'd definitely be incentive for her. We clean houses on the side too; did I mention that? We should catch the upside on that and start a small cleaning business too, lol.

Your advice is almost like a hack. Was/Is your boyfriend or yourself in IT at some point? Ha ha...thanks for the tips.

Thanks @Philip Smith no IT is actually our mutual achilles heel! Just some psychology about motivation... either moving towards something you want but don't have (fancy purses), or getting rid of something you have but don't want (needing to clean the house), are both motivators :)

1 Vote

Originally posted by @Ned Carey:

@Kay Fakunle The best answer so far is @Rachel Luoto's. There are too many variables for each person as to what it the best investment. What is your friends goals, risk tolerance, resources and time frame, etc.

You mention Baltimore. I invest there and yes you can get great cash flow there. But that cash flow comes with risk and hassles. Not everyone is suited to be a landlord.

If this person is new to real estate my advice would be to put it into something very safe while he or she takes the time to learn more about investing.

Thank you @Ned Carey!

1 Vote

Thank you everyone! I will look into the estoppel - so far we have received copies of leases and payment history from the current property management. The property is priced a little low in my opinion, so I’m being extra cautious. Inspector goes out Monday, so we will see if condition has anything to do with that! It’s a duplex, and would put us at 7 units to close 2018!

0 Votes

Everyone’s given great feedback on investment strategy here. I want to address getting your wife on board! Women are incredible risk managers. Buying mace, taking birth control, grabbing a burp rag after a baby eats - these are all risk control activities. Show her how you are going to manage every aspect of risk, and invite her to help. Every objection to real estate (for instance, vacancy) is a risk control question. Encourage her to participate as “risk control” Also if you can get her something she wants... you mentioned a wood carving business. Does she have aspirations for that? Can she see how investing can give her money to grow that business, that she can use real estate money to hire a maid to take care of the house so she can focus solely on what she loves? For me it all clicked when my boyfriend pointed out I can invest in a property that cash flows enough to buy me a Chanel handbag every month for life. Sold! Lol

2 Votes

As always, it depends on goal, risk tolerance, and skill set. There’s no “best investment”, just investments that fit you the best

2 Votes

Hi Bob, I’m also in Washington and use cozy to self manage rentals here. Recently started buying out of state in Memphis... please get a reputable (and communicative) on site property manager! We are having to evict an inherited tenant, and it’s great having property management that knows the local laws and to facilitate that process.

3 Votes

Under contract (close dec 27) and the seller told our agent that they don’t want the tenants to know he’s selling. Would this be a red flag to you? What would be a legit reason the seller would want this? Thank you in advance!!

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I’m 1/2 if the only young couple at our local REIA, and some of the men at our last meet up shared with me the same problem you’ve got! My advice to them was: hire a sitter, take your wife to the REIA with you. She might feel more motivated after meeting real people who are enjoying real substantial wealth from real estate! Sometimes you have to hear the same message from a different mouth for it to click :)

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Our bookkeeping is a mess! So for Christmas, I’m making a binder to keep all our information in one spot. So far I’ve got: By property: Listing when bought Copies of keys Copies of leases Move in move out condition checklists Tenant tracker by month (to keep track of how they’ve paid rents, so we have accurate records for any future landlord) Tax year receipts for maintenance/capex items Operating expenses income Manila receipt folder Deed Insurance policy Mortgage information Financial statement, per property Other: Tax return 1040s, w2s, other income Financial statement for portfolio We currently have 5 doors and will be getting more. It will be nice to have everything in one spot to reference for CPAs, banks, and potential partners. Thank you for any input! Happy holidays :)

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@Daniel O. I live and invest in Bremerton, if you want to find out more about the area and meet local professionals I suggest going to the kitsap REAPS meeting. With a max cash outlay of $80k at 25% down, that gives a $320k property with no repairs, which could definitely buy a single family B class or small duplex C class in Bremerton - but would need more repair. If you’re flipping, hard money may roll the rehab costs into the loan. Good luck!

1 Vote

All Forum Posts by: Rachel Luoto

Rachel Luoto has started 28 posts and replied 170 times.

Post: FOI (Fear Of Investment): How to Convince Wife Investing is Safe

Post: What would you do with $80k?

Post: Red flag from Seller?

Post: FOI (Fear Of Investment): How to Convince Wife Investing is Safe

Post: What would you do with $80k?

Post: Recommendations on buying out of state rentals?

Post: Red flag from Seller?

Post: Starting Out - Spouse NOT on board. What do I do? HELP!

Post: Help me make a great Christmas gift!

Post: Suggested REI-friendly areas in Washington State?