All Forum Posts by: Grace Wang

Hi Everyone, 

We are looking for a reliable, professional property management company for multifamily in South Tacoma, preferably being operated by real estate investors.

Your recommendations/thoughts are very appreciated! 

Thank you for all your help in advance !

@John Underwood, thanks for the reply John. I don't know if my section 8 office would qualify them for me. They qualified them for the amount that the program would subsidize, but it is up the tenant find landlord who will be willing to lease to them. And it is up to the landlord to do all the diligent to qualify them. I am planning to do the regular background check and credit report, but was debating how I should make the judgement if they are qualified for the income requirement. If the tenant only needs to make 2.5 x of their portion of rent ($500 x 2.5 = $1250) compared to if they need to make enough money equal to  2.5 x market rent substrate section voucher amount ($1000 x 2.5 - $500= $2000). They would  need to make a lot more using the second method. 

Hi Everyone, 

We closed on a 8 units last month, and trying to fill two vacancy. I have a question on how do you make the judgement if the section 8 tenant meet the income criteria in regards to the general rule of thumb of 2.5 x  of rent as a income requirement. 

1. Would tenant make 2.5 x of their portion of rent be sufficient? 

2. Or should they make 2.5 x of the market rent minus the government subsidy. 

For example, if rent is $1000, and tenant have a section 8 voucher for $500. How much should he/she make to be considered to meet the income requirement of 2.5 x of rent. 

Your feedback is very much appreciated it!

@Account Closed

Yes, We are closing on a couple of vacant land this Friday. 

Are planning to see a property this summer. Is this too late to start the process? 

Is it ok to exchange a property to a couple raw vacant lands?

Hi all

I am looking into have a reverse 1031 exchange. 

Any recommendations for a exchange facilitator? 

Your input is much appreciated. 

Grace

@Account Closed Thank you. I might be over thinking it. Easement scared me a little. It ease my worries a little reading what you wrote. Thank you!!

@Account Closed Thank you for your input. So if there is easement listed on the deed, there will be no argument on the boundary, but what about maintenance agreement? should I contact them about that to make sure they are willing to share the responsibility to maintain the driveway prior to buying the land? 

Hi Everyone, 

I have a piece of land under contract, and doing feasibility studies. It is my first time, so have a lot of questions. First of all, is it a must to conduct a geotechnical study and land survey prior to close the deal? How much does those normally cost? Any recommendations for geotechnical engineer and land surveyor? 

Also if there is a shared driveway among three properties, and there is no exiting private road access agreement, is it a good idea to contact the other owners to see if they are willing to come to agreement before closing the deal? 

Your input would be very much appreciated !

We are seeking for an experienced wholesaler who can build rapport and negotiate with seller. Please send me an email if you are interested.

Commission: $1500 per contract

[email protected] 

@Charlie FitzgeraldI don't think we could renovate the unit less than 7 days. With the amount of money that we have to put in versus the extra rent we might be able to collect is not proportional. The rent was quite a bit below market previously, we already increase quite a bit so far, we don't want to push the tenants out and create vacancy. As it is right now, we are cash flowing $1700/month (without budgeting the maintenance and vacancy, since those are still hypothetically at this point). We will do more renovation after we got some of the money back from the cash flow. Thank you for your advice though, it is brilliant!

@Doug DeMulling   Thank you for taking time to comment on this. Yes, definitely, we could did a lot better on doing diligence. In fact, how to do my diligence is the biggest lesson I learn on this deal. The home inspector we hired was expensive and useless. He didn't point out more than half of the stuff, and I was inexperienced.  Next time, I definitely do better on that. 

@Roger Leonard Thank you so much for the encouragement! It means a lot to me to hear this.  It is very exciting. I am hooked. I like the challenges, and the sense of learning and growth. I don't think I will lose money on this. I could have done better for sure, but it is really not bad for the first deal. It can be a lot worse. Lol..

@Libbie Grant Thank you so much for the encouragement! It is really hard to find deal being a new investor like me.  I work hard on this.  I was studying books and going to seminar for a year, and looking at the market for over a year.  I said to myself, what the heck, making mistake is not the end of the world. It is better to make a lot of mistakes really fast, fail fast, and then succeed, than not doing anything. Thank you again!