All Forum Posts by: Andrew Hodgson

Welcome @Nathan Buchheit You seem motivated and have a good plan to get you started on your journey. Please let me know if there's any way I can help you.

Hi @AJ Yearby and let me say, in advance, welcome to Oly! I have a couple tips that I hope you find helpful. First, I have a fantastic realtor friend, who is investor-friendly (he invests in real estate himself) that can find you what you need. Connect with me through BP or email me and I will get you his contact info.

For the school issue, I've been told before by the Olympia School District that they do allow a limited number of student transfers from neighboring school districts, but they admit that there are always more transfer applicants than they can approve. If you can get one of those transfers because of your kid's program, that will open up what area you can buy in. But to be safe, zip codes 98501, 98506, 98502 are going to be your best bets to stay in the Olympia school district (always double-check of course). 

Let me know if you have more questions, I'm happy to help.

Hi @Mo Sylla. I'd love to take a look, thanks.

Hi @Ted Klein, I have heard good things about OBEE credit union and their HELOC terms. Timberland Bank is investor-friendly and they are a portfolio lender, so it might be worth establishing a relationship with them for future investing needs.

Awesome, thanks Naomi!

Hi @Justin Koehn, I sent you a couple messages just now with my list of recommended people, hope it helps. Let me know if I can help with more info.

Hi @Guy Yoes

There's two things you need to consider:

1. If you plan on collecting rent from a tenant in this out-of-state property, then yes your LLC would need to register with that state, like Wayne says, as a foreign entity.

2. The other consideration is not related to where the property is, but rather how much equity you have exposed in one LLC. Creating a new LLC to reduce how much equity you have sitting in one entity is key to your overall asset protection structure.

Hope this helps, feel free to PM or email me.

Welcome @Wesley Cheng to the BiggerPockets family. There is so much to learn and so many ways to learn it here. I recommend the Ultimate Beginner's Guide to get your bearings. Also, posts and articles throughout BiggerPockets will have links in them to related articles, so you can get lots of perspectives on topics.

Here's the link to the UBG

https://www.biggerpockets.com/real-estate-investin...

Wow @Blade Deatley that is so inspiring! I love the heart you have to succeed, and the fact that you acted so quickly on it is amazing. Keep moving forward!

@Michael Aschenbrenner

Hi Michael, so I would disagree with Chris that shorter is always better. If you do not have the necessary protections and contingencies in your contract, any deal could (and eventually will) go sideways without a way for you to get out of it. Most homeowners know that selling a home takes paperwork, heck try getting cell phone or cable service with a one-page agreement! You are still saving them from having to get an attorney, dealing with realtors, etc. and THAT'S the real hassle they don't want.

Especially if you plan on doing this long-term, you need to have better legal protections-- and a solid contract is just too valuable to not have. Also, generic contracts (downloaded online for example) don't take into account WA laws and norms, which your attorney's contract did. Much of the length of his contract was the required Seller's Disclosure Statement. Even if you plan on waiving it, the full statement must be in there for a valid real estate contract in WA. (I am not an attorney nor I am not providing you legal advice)

If you are really concerned that a lengthy contract will lose you the deal, then either the seller isn't truly motivated and you would've lost the deal later on anyways, or you haven't sold them well enough on the benefits of working with you.

Hope that helps!