All Forum Posts by: Anthony Giannette

As a property manager, one of our buildings had a boiler. It was necessarily heavy on maintenance but functions to this day. Installed 1929. The real issue is uneven heating and very hot steam comes out of those things. Be ready for tenant calls regarding cold spots in the building from time to time. And be sure to hire a maintenance guy who already knows boilers. Teaching a young man to deal with this type of heating can lead to a new world of headaches. Steam is prone to weird noises such as pinging, hammering and hissing. This is from a boiler that functions just fine. 

Keep your presence alive here at biggerpockets. Since you have a small amount of cash right now, look into the wholesaling niche. I hear Wholesaling for Dummies is very useful. I actually met a wholesaler who swears by that book. He started after reading the book twice. Now this does not mean this will work for you or me or absolutely everyone. But it is a start and at least one person was able to launch from there.

Jump on it !!

or wholesale it if the future repairs look difficult.

@Matthew Croft

In my state, breaking your lease without that clause in the contract is zero cost; It's not in the contract, it doesn't exist and any penalty charged is an invitation to a court battle. Check your local Tenant/Landlord advocacy and see if that missing clause is still enforceable. Most states require the penalty to be spelled out in plain English.

Just as the other advice herein, you'll still need to be in a position to buy something. Link up with your fellow code writers and pool resources.

@Ray Lai

The 30 day window has been a part of mortgage lending for over a decade. Of course, the reporting companies may massage the numbers on their end. It's their report. I am not using citations to be accurate here and keep this number as a permanent part of my sales efforts. That's why I mention checking with your mortgage broker. The FED keeps changing things as often as possible to keep everyone on their toes.

You could be the hard money lender.

Sarah,

Though this question is answered already, applying for loans within the time limit of 30 days only hits your score card once. This has been changing lately as my mortgage broker has informed me. Check with your broker on that one. Keep in mind the time limit. This makes for attempting lump-applications to every broker you know instead of one-at-a-time.

I wonder if turning down an approved loan is a surprise to a banker?

Lastly, keep in mind the rule of "Re-Assignment". Be sure the LLC actually purchases the property. If it's assigned by quit claim deed, there could be problems down the road. Another question for your attorney.

Also, during closing, be sure to confirm all paperwork with escrow. They are all professionals but if your name ends up where you don't want it, more issues may arise.

While wholesaling is better on the outskirts of King county. Rents have climbed 30% or so in 2016 alone! Renton was renting at 1200 or so in 2015 but nothing is available now under $1500/mo. It's a great area for investors since housing and rents are rising together. It's an odd combination when both markets flow with each other like this.

Brokers respond slowly to marketing via email. The best result will be by contacting the managing broker at each office and meeting the brokers in person at networking events. Your best customers will be hitting the conventions for HUD, REO, and Realtors events.