All Forum Posts by: Alex Chin

Hey @Terence King - if you are looking to connect to local REI, there is indeed a meet-up in the Lakewood area every month. @Troy Fisher, @Kevin C., and @Tiffany Plovie collectively run the three biggest gatherings in the Puget Sound region. I believe there is also an Olympia meet that is just getting off the ground as well, but don't know who is running it.

Cheers, and welcome to the community!

Hello @Alfred P. Lee

I am not sure if I understand your question. Are you saying you are currently holding small residential apartments or if that is your goal?

Also, I am not sure of what verification process you are referring to, you will need to expand on that if you would like good input from the community.

Hey @Joni Bickel. You might want to give Podcast #109 with Scott Smith a listen, I believe he discusses trusts and asset protection and is more than willing to take out-of-state clients. 

I don't necessarily believe that you need to have a local CPA, although obviously you should go with what you are more comfortable with, but it may be worth exploring an out-of-state CPA if they will meet your needs and have the expertise you need.

https://www.biggerpockets.com/renewsblog/2015/02/1...

@Michael Liddicoat - Appreciate you giving your take on your market. Sounds like something I'll be looking into as my locality becomes tapped out for rentals.

I would bet that, as it sounds like the market is pretty tight, rentals will be seeing a steady upwards creep in the next few years, and I'll be paying attention to what local investors are saying to track it.

Hey @Michael Brady. Hello and welcome to the Puget Sound REI community! Sounds like you've already found your motivation, all that's left is to decide you path. My impression is that you are going to be focused on a buy-hold strategy, is that correct?

What sort of questions can the community help you with right now? What are you seeking at the moment to help move forwards? And what do you bring to the table to make it happen? What do you see as being your investing advantage?

Hello @Michael Liddicoat! Greetings and welcome to the Washington BP community! If you bird-dog on the regular for cash-flowing properties, you'll definitely find a ready market among the investors here. If you have a solid sense for the numbers and can truly spot deals, there will definitely be takers for what you are offering.

If you don't mind my asking, what metrics do you look at to determine the potential of an income property? What expenses do you ballpark before adding it to the list and sending it out?

@Alan Reza - If you intend on investing long-term, I recommend looking into setting up a system such that you do not need to involve your parents as property managers in any major capacity (tenant locating qualifies as such in my mind). In your online ads, you can include your phone number/email and if they pass the pre-screen and screening, you can look to try creating a relationship with a local real estate agent who can do the showings for you.

If your parents intend to invest as partners with you, that changes things entirely and I would then recommend setting up some kind of corporate structure to help maintain that family-business separation.

Finally, if you end up purchasing property in Clarkston, it may make sense to pursue student housing as the returns can be very attractive and a lot more manageable than a lot of folks think.

Cheers, and here's to success!

Hey @Joshua Oclaray and welcome to the Puget Sound community!

Wholesaling is definitely possible, I know a few in the Seattle area who are quite successful at it. I also know of at least one who wholesales long distance in places like Philadelphia. Some of the folks I interact with a lot prefer looking into the Tacoma market for their wholesales, flipping is still strong in that market and you may want to take a look.

If you're looking to invest in Midwest markets for cash flow, I would start by searching for "turnkey" on BP and getting your education going from there.

@Sam Denny - One word of caution though, remember that I'm just one person giving their opinion. I would highly advise taking a look on the MLS yourself, and running numbers using local rental rates. Always double check, if you hunt and do some direct outreach you might be able to find a serious deal that will pencil out.

@Prasad J. - to be honest, I don't even bother looking at advertised numbers from the MLS. The only things I care about are the physical metrics/amenities of the building, and what the initial ask price is from the seller. Everything else, including a rough cap rate, I build myself because I don't feel that I can rely on the seller's word when it comes to rental rates, expenses, even taxes/insurance.

@Cody May - one thing that I would advise, especially for someone just starting out who is seriously considering a house-hack for their first investment, is to keep the W-2 or find something similar to it for at least the forseeable future. You will find a very different reaction by lending institutions for someone who has steady income vs. an entrepreneur who recently quit their job and cannot show a couple years of employment.

Even though they're a pain to deal with, the banks still offer the best, long-term lending options. Very difficult to find a <20% down, <4% rates in the private sector.