All Forum Posts by: Joel Thompson

@Nick Sehy I am from Washington and have not heard this before. Like @Jeff Copeland said, fees are paid to the brokerage. I'd ask the agent for clarification, maybe they explained the fee in an odd way that convoluted what they were attempting to convey. 

@Reinhard Kurzen you could probably do this yourself, but consulting with an attorney would be my recommendation. In my experience, this would not need to be a real estate specific attorney, that may save you some money.

Whenever you have a listed partner in the LLC you'll want to have an operating agreement. This is where an attorney will be very helpful.

Sounds like @Scott Smith is willing to help. I would be happy to refer you to someone based in Washington if you'd like as well.

@Reinhard Kurzen are you planning on being the sole member in your LLC or will you have other partners in your LLC?

@Gabrielle Simmons have a conversation with @Caleb Jordan. He's in your market and will be a good resource.

@Seth Rose happy to!

@Seth Rose happy to help!

I am a hard money lender based in Washington and we also lend in Oregon

@Kimberly S. this could be an excellent candidate for owner financing.

If I was in your position, I'd find a more experienced investor to partner with, one who has specifically purchased by including the seller in financing, and find out exactly what the landlord is looking to accomplish. Sounds like she's aware of her tax liability from the sale and wants to avoid that. That's a great starting point. You may find that she's looking for a way to maintain income, but doesn't want to manage the property any longer, this is definitely something you can accomplish through owner financing.

You could also partner with a wholesaler in your area that specifically is finding buyers for distressed multifamily properties.

Since you truly want to help her, DO NOT try to do this on your own. There are a lot of ways to make this work, but there are also an equal number of ways to hurt this woman. Find out as much info as you can on your own, and call some local property managers to ask for referrals for investors looking for the type/size of property that she owns.

@Seth Rose I hear that. Spanaway, DuPont, and Yelm are areas I'd consider if you want to attract those working in Tacoma/Olympia and living further out as well.

The new fast ferry from Bremerton and Kingston is making the peninsula a more viable option.

@Seth Rose Chehalis has some potential as does the peninsula.

Spokane might be an option as well.

@Seth Rose what types of properties are you looking for?