All Forum Posts by: Gary Jenson

I bought some small multi-family properties in a C / D area.  I bought 3-5 years ago, so my payment is far lower than what the last few years of craziness has pushed prices to. So, I've rehabbed as I've had vacancies, rather than all up front.  I have only raised rents 5%/year max.  that's way behind what market rate is, and it's left me with largely pretty devoted tenants.  No one has wanted to leave through the covid times.  One just stopped paying, and isn't communicating, so I'm trying to figure out what is going on there.  I'll probably give a significant rent bump if it comes to a new tenant, but keep it 85% or lower of market rate, to keep long-term and tenants on my side, despite the undesirable neighborhood.

If you didn't buy cheap, you may not have that luxury and be able to still stay cash-flowing.  I'm doing a lot better now without the turnover. 

My hope is that the area will improve.  We self manage (another lesson learned!) and spend a LOT OF TIME on screening.  We talk with them a lot.  I have no interest in 'automated' scripted/all online ads/applications/etc.  We have tenants call us when we get a zillow 'tour request', so they have to reach out.  We talk with them on the pre-screen using a modified brandonTurner-like form.  Then we talk with them a lot on a tour if it comes to that.  We're looking for folks we believe in, which don't necessarily have the strongest numbers.  It seems most folks claim to want to do yard work, but then aren't so strong in that once they move in.  But a few do that, and we are able to improve the looks of lots.  We're out of town, and we farm out snow/lawn care to tenants.  Finding true gardening tenants is hard.  maybe if we spent the time to drive by where they live before we signed them on.  So many folks are having a hard time paying for housing, that there should be some rent-paying and yard-friendly folks in the bunch.

So, we've bought several properties close together, and we're hoping to bring the area up.  Check back in 10 years to see how it's gone...

@Tom Gimer

We're NOT to a probate situation yet, but if the family doesn't get some assets sold soon, they will not have any cash available for a while. Two weeks for a title co closing may be longer than the owner has left.

@Kate Barry The title co will do 2 weeks, I'm looking for faster than that. Two attorneys I tried aren't able to take new client or haven't gotten back to me.

Trying to get cash into hands of estate before probate kicks in.

Seller owns property outright. house has probs I am aware of, probably more so than seller. Seller (actually power of attorney holder) needs money ASAP, for reals. Title co says they need 2 weeks to close. I've got the cash. No one worried about splitting cents on power bill and property taxes, just needs to be done.

Can I fill out a hud-1 and file a deed with my county? I'll resell it after fixes.

What's the quickest way to get the seller their money and get sale recorded?

(I'm also looking into unlisted? lien holders. Blindsided sellers had no reason to be sneaky, they no longer need the house but do need cash from it's sale ASAP.)

Thanks in advance for info on fastest closing possible!

BECU in WA state will do it.

I've liked Lynn Lang in Anacortes for a CPA, she has props.

I just rehabbed a unit with all laminate flooring. I'm looking to take the clientele up a notch, but the neighborhood is not the best so I feel like I've got to give something, probably the option for pets. I'm thinking a 1.5x security deposit, plus $20 / mo /pet.

When new tenant Bob moves out in a couple of years, are the floor scratches from Fido going to be damages, or just normal wear and tear that I can't with hold from the deposit?

Thanks!

hi Brendan. Welcome to anacortes. I hope things turn our well for you here. We've loved living here. 

I haven't gotten far investing in New props  here.  I've been doing that in eastern wa.

I like your style, just going for it. 

Good luck!!!

Look at the county website, https://skagitcounty.net.  The 'property one stop' search is fantastic. The 'comps' tab sends you into a pretty good sales comp tool where you can tweak parameters. 

All the recorded docs, etc are right there.

Thanks folks!!!!