All Forum Posts by: Charles Perkins

For me financial freedom is financially being able to do the things my wife and I want to do.  This may be in retirement or not.  Currently I'm semi-retired, I am an active LTR investor but no longer work 9-5.  I' consider us to be financially free though there are up periodic demands of my time.  Eventually we will sell off property to fully retire.  Still considering exit strategies and timing.  

I seem to recall new legislation around banking and lending a few years back. Does one need to be licensed to purchase and/or sell a note or does it only apply to creating new notes? If so is this were third parties can still make it work?

Notes has been something I have considered on several occasions in my investing life. I certainly can see the potential, but like other areas of real estate investing there are pitfalls.  

@Jay Hinrichs I'm sure you have knowledge of the legal issues, the vetting process, lending regulations, and I have no idea what other issues to consider.  

Like any investment I'm certain that with the potential for good profits there is the potential for losses.  I know there is risk and this is an area for me full of land mines because I don't know that much about these risks.  Can you explain some of them.

I'm an active investor.  Semi retired at this point since the real estate keeps me active.  This was my model from the start.

The legislation that I originally referred to actually appears to come from the new legislation in Tacoma code.  There is nothing related to rental fees or security deposits that has passed recently for Pierce County.

It does get confusing.  Tacoma code gets brought up in a search of Pierce County code.  I'm actually finding very little in the Pierce county code beyond fair housing laws specific to Pierce County.

The website I have given has a search function as well as the table of contents for the current code.

Here is the best place to research Pierce County ordinances.

https://pierce.county.codes/search?q=Rental+&mode=smart&scop...

Pierce County regulations passed in 2023.

Late fees for Pierce County are capped at 1.5% of monthly rent with a maximum of $75/month.

A landlord must allow security deposit to be spread over a period of 3-6 months.  6 months for a 1 year lease.

The pet deposit can be no more than 25% of the month's rent.

You will also want to know the laws under RCW 59.18 for Washington State.

 Surrounding cities have there own pitfalls but these are workable if you understand the local and state laws.

Sounds like this is a house hack.  It sounds like you are renting a room as such I would have both sign the lease and equally be responsible.  If you're renting a bed rather than a room.  I would have two separate leases for which each would be solely responsible.