All Forum Posts by: Andrew Hodgson

Hi @James Krusmark, I'd recommend looking into Anderson Business Advisors, they combine CPA and legal services in one firm and they specialize in strategy for real estate investors. I have been using them for a couple years now, they are definitely top tier. They have an office in Tacoma so they know WA law, taxes, etc but most of their operations have moved to their Las Vegas hq. Hope that helps!

Hi @Joseph Donan, I have 3 options for you. The Washington Landlords Association is a great resource, and it's even better for us because their office is here in Oly. walandlord.org

As some WA landlord-tenant laws just changed July 1st, and given the variations in landlord tenant law from city to city, probably working with a local real estate lawyer to draft a lease would be the best overall choice. WA is not known to be landlord friendly, generally speaking, so the lease has to be solid and specific. There's a lawyer that goes to the Olympia REI meetups, if you message me I can give you his contact info.

I know BiggerPockets has state-specific leases and other documents that are available. I haven't looked into it though. I don't know if these docs get updated regularly.

@Wendy Lacey

I second @Marc Winter, land trust it. As others said, confirm that title company and insurances will be good with this strategy.

I second @Account Closed, look for Everett to be the next Tacoma.

Hi @Joseph Donan welcome to the BP forums. My two cents: managing your multi-family while you live there would probably be the best way to make the decision to self-manage or not in the future. Experience it, see how it changes your perspective. Being right next door to your tenants is a double-edged sword, but it would definitely answer your question. I can't stress enough how important it will be to invest in a comprehensive, well-crafted Lease that, among other things, will set boundaries so that you aren't bugged at all hours of the day for every little thing, etc. And screen your tenants!

After a little while, if you decide that you hate self-managing, well you can always bring in a property manager later on if you want. Remember to budget management fees into the numbers from the outset so it won't affect your cash flow to make the switch. I'd recommend looking at Hometown Property Management in Olympia if the time comes for a property manager.

When it comes time to find a multifamily property, I'd be happy to help you with that. All the best!

@Ryder Meehan, where?

Hi @Terry Basil Marian II, welcome to BiggerPockets! The real estate investor group Trevor mentioned is headed up by @Naomi Pinger so be sure to connect with her. 

@Aaron Nelson what's your opinion on University Place right now?

Hi @Daniel Matthew, I vote for @Brian Hughes less-sexy approach. It will teach you the value of cash flow in real life, and give you the discipline you will need for the rest of your investing career. I would only suggest a step 5) start with house hacking a 2-4 unit multifamily house. Find like-minded colleagues at work and partner up. All the best to you!

Hi @Aaron Lewis, I second what Ken said, the County where the house is will have online records showing the name and mailing address of the owner. The owner's mailing address on file may not be the physical address of the property, so be sure to look out for that.

If you find out the owner is an LLC or corporation, then you will need to look up online who the contact person for that entity is. Looks like New Jersey has business search tools through the NJ Dept of Revenue website and the NJ Secretary of State's website.

Good luck!