All Forum Posts by: Henry T.

On the flip side, I have a good friend who moved here from another state. His old residence out of state is pending, He will receive 400k+ in equity which he will put down on a new place in WA state, also pending. The WA state credit union where he wanted to establish himself with a checking/savings account refused to take him. 800 credit, federal worker, very reliable, but out of state ID. Refused!!

Meanwhile, I had a tenant that left two years ago. Minority guy. When he applied with me he had zero credit. There was no way I was gonna rent to him. He worked at the airport in the kitchen of one of those typical deli's, he did have 20k in savings. Anyway, he eventually won me over and I took a chance on him. You might say I did a good deed. This was not a good business decision, but I hoped I was doing the right thing. His mother had just died. Gut said ok take a chance, something I never do. Previous landlord review was positive. He worked out very well.

Anyway, the tenant, the reason he gave notice was because he was buying a house. I'm thinking what? How? He went into the same credit union, asked for a zero down loan to buy a house at $320k and got it. 2, 3 years later, the house is now worth $550k.

I was ecstatic and very happy for him, and excited that he's on his way in real estate.

My question is what the  F*&$%^ happened between these two? The one that should easily get a bank account couldn't. The one with no history, got an account, and a mortgage to boot!! What the heck is going on?

It's been a long time since I applied for a loan, and it was not easy.

Last time I went in for a new checking account the credit union fell all over themselves to get my business. Have things recently changed to where financial institutions have lost their minds?

 Had me going, I thought you were gonna mention John Wayne Gacy!! Yikes!

Fascinating, all of it.  Btw, I have a friend with acreage in Oregon who sells timber. I don't know much about it but she is very fond of that property. 3rd generation. $$$$ cash cow.  I've wondered how that works? Sounds much better than dealing with tenants.

 You don't want to be in a position where you have to tow it. It may not even be legal in your area. If the rules are not spelled out in your lease, he may have the right to keep it right where it is. Try being nice, tell him you need the space for something, and get him to put it on the street. Once its on the street the city will tow it if you complain. If its on your property you're pretty much screwed if you're not the vehicle owner(at least in Seattle). If it rolls into the street at night by itself you would be very lucky.

Where do you get losing 70k selling? If you did Redfin I'd figure about 40k. Maybe you have fix up costs?  I would sell. Yes you may also see an uptick in value with interest coming down.  I don't recommend being a landlord in Seattle. 

you should post dimensions. a drawing maybe?

"get the piece o crap car outta my back yard now! and put it on the street where it belongs.""

You're gonna be stuck with it if you don't get on it.

"Thank you for the request for new hardwood floors.  We are always thankful for suggestions and take them seriously. At the present rate of rent it is not within our budget to allocate the funds for this expenditure. Thanks again for your suggestion, we very much appreciate your tenancy. "

PS. I would never do a project like this with a tenant occupying. AND I would never put in new hardwood floors for a renter. Raise their rent a few more times, maybe they'll leave and then you can do your rehabs with no interference.  PSS. Seattle, worst place in the world to be a landlord. Be careful, the place is loaded with professional tenants.

I always take my new tenant thru the house and show them that the drains are clear and that the drains are their responsibility, it helps to get the responsibility into their heads. Of course roots, or malfunctions are my problem. Too much paper, napkins, toy trucks, etc - tenants problem.  Make sure it is stated clearly in the lease.

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