All Forum Posts by: Jay Yoo

Just wanted to see if you can share your tips and challenges of remote real estate investment.

Living in Seattle WA, no longer cash flowing any properties with conventional 20% down from my own analysis. I have a small condo and Cash on cash ROI is 3%.

I would rather look into Texas and Tennessee where more likely investors friendly.

Can you share your tips and how to find network for property management and contractor?

Should I work with realtor at the remote market or a realtor local here?

General ideas to get to the first deals would be great. Thank you.

@Jonathan Taylor hello. Is LOC required to register to invest other States besides where Im living?

Investment Info:

Condo other investment.

Purchase price: $241,000
Cash invested: $50,000

first time investment, too much focused on location, didn't think about ROI enough. I'm going to sell the property in 2021

What made you interested in investing in this type of deal?

LIght rail station coming in 2024

How did you find this deal and how did you negotiate it?

found on Redfin, my realtor and I wanted to win on several other bids, we bid $20,000 more than listing price in a hope for appraisal coming lower so we can re-negotiate. However, appraisal came exactly what we offered so we lost a way to back out, and ended up paying more money in the beginning. I didn't anticipate this happening and I had to put my car in a collateral loan to cover the downpayment, and touched 401k a bit. that took long time to pay back and recover.

How did you finance this deal?

Conventional mortgage

What was the outcome?

In the beginning, I wasn't able to find tenants to cover the all cost. Ended up finding college students and rented out two beds room and create a living room with curtain divider.

Lessons learned? Challenges?

Because of light rail station coming in few years, I pulled the trigger but as W-2 fulltime salary, I'm not able to recover and save capital to be able to invest and build portfolio. I need to sell this property and invest to other Investor friendly state. Seattle is no longer investment state.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with realtor that I've known personally at church but I learned that decision will be made by me and realtor can only make suggestions. When they suggest, better listen. I didn't lose any capital but wasted time and delayed working towards to building experience.

Hello all

I know I wasn’t quite careful with my plan in near future.

Im in the middle of refinancing on a investment property, and 80% progressed.

I would like to sell the property in June 2021 when my tenant's contract ends. So I can make a better investment on a higher ROI. $50k cash invested and $2k cash flow a year, knowing HOA increase and water heater near EOL.

Should I take the non-refundable $500 I paid to the lender and cancel it? Or should I continue with refi and adds $6000 closing cost on principal? I guess I answered my question but wanted to see if others have any other opinions. Thank you.

Good Monday Landlords!

Im a new in landlording in WA, and REI. Future tenants failed to give me notice and I contacted the tenant at her work to find out why she is not responding to my texts, voicemesages.

Lease is starting on July 1st 2020, and signed on 5/24/2020. However, she hasnt given notice to me and I contacted her supervisor at work, then finally she contacted me. She said she was sick.

Is the letter below good enough or should I be recording her voice with her agreement? Any additional steps to do especially with tenants-landlords issues lately?

Is my wording too strong or is this ok for sake of legal evidence?

Thank you!

—————————

Letter of Lease Cancellation

Tenant, name, and Landlord, name have agreed to terminate the lease contract commencing July 1st, 2020 due to a tenant’s personal situation.

The tenant name intends to break the lease agreement, which results in the full early termination fees. In addition, the tenant, name has agreed that the full amount of $600 for the security deposit shall be collected by the landlord, name . With the tenant’s circumstances and given a missing notice before the term is initiated, Security Deposit, $600 will not be paid back to the tenant, and shall be collected by the landlord.

Tenant has read, and understands and agrees to this letter. Tenant, name ), and landlord, name hereby that both parties shall not have any legal actions to take from signed date.

Hope all of you stay safe physically and psychologically.

I’m looking online for some standing kiosk payment system for mobile home park, which tenants can sign the lease electronically and make the payment.

Appreciate for your time and if you have any services for MHP that have increased efficiency and had a good experience, please let me know! Thank you

Dear all,

Im renting a room in our house, someone finally shows interest moving in. She is coming from Hawaii next week to see the room. During this covid-19, what would be a good idea to let her in but make sure she is not positive for corona virus?

Thank you all and be safe!

Hello. I live in Washington. I work full time for a company but they decided to put me on Shared work program to reduce 50% hour cut.

For the loss of 50%, I was told that I’m eligible to file unemployment benefits.

Are there any negative impacts in the future when I need to apply mortgage applications with banks or affects my credit scores?

Have anyone heard Washington Employment Security Department is already low in funds for unemployment benefits?

Thanks

@Andrew Brewer

Would this law be only applicable to landlords who own more than 4 rental properties?

Hi All

I know most of you are busy getting your tax filed. I’m planning to create a llc, and looking for a good online service that walks me thru the process.

Some websites offer registered agent but just wanted to check with you what your experiences have been whether you’ve just filed your self, or use online services with extra cost.

Thank you all