All Forum Posts by: Julien Jeannot

Nope.

Tenants shopping around is part of the business.

What is the driving concern -  spending time on a candidate and not panning out? 

That too is part of the business, I've had plenty of no shows and unqualified folks taking my time. 

I'd start enforcing your lease and get the process started yesterday. Keep in mind the new local laws, leases have a tendency for certain clauses to become outdated in WA state .

We do not operate in a landlord friendly state and a single misstep in the process can set you back dragging the eviction process out (if it gets to that). Some of the penalties for improper approach can be painful and expensive.

Resources: 

-My personal go-to: https://www.rhawa.org/ . Most of the good stuff is through their membership, but it is well worth it for the information and their legal forms. For the DIYer its a good place to start.

-An attorney: contact the bar association of your county for referrals and a free 30min consultation. My preferred approach because 1. they know all the ins and out of the process and will ensure success. Sometime that looks like a "speedy" resolution through the court process as opposed to a year because the DIY approached missed critical deadlines, communication medium or a process unique to the city.

I would agree with above post. Sounds like a pitch for a business rather then a passive real estate play.

Maybe an air B&B play if you've got land to add units, but high risk.

Given the situation, you are right to seek an attorney to understand your options and follow the process to a T. 

Best to let the pros handle it, far too many things can go wrong and reset your eviction timeline (at least in my state) if its where its headed.

To find an attorney, try calling your local Bar association. In my state they provide a few referrals with a free 30min consultation.

I've also used avvo.com to find a local attorney.

Couple ideas:

- Hire a local RE agent to comp it for you

- Ask the hardmoney lender. They one I work with run their own comps.

@Terry Steigerwald Glad I could help out. 

Happy investing!

More risk, more rewards.

Analysis paralysis is common amongst my clients. Here are my thoughts on it and how to overcome it:

Top five reasons I’ve come across:

1. Information Overload: The real estate market is complex and constantly changing. Investors have access to a vast amount of information, including property values, market trends, financing options, Gurus, and more. Trying to process all this data can lead to paralysis as investors struggle to filter out what's relevant and make informed decisions.
2. Fear of Making Mistakes: Real estate investments often involve significant sums of money. The fear of making a wrong decision, buying a property with hidden issues, or missing out on a better opportunity can lead investors to second-guess themselves and delay making a decision.
3. Lack of Confidence: New or inexperienced investors may lack the confidence to assess properties accurately and evaluate potential risks. This lack of confidence can lead to overthinking and constant research without taking the plunge.
4. Perfectionism: Some investors set unrealistically high standards for their investments, aiming to find the "perfect" property or deal. This pursuit of perfection can lead to analysis paralysis, as it becomes challenging to find a property that meets all criteria.
5. Decision Fatigue: Analyzing properties, financing options, and market trends requires mental effort. Over time, this continuous decision-making process can lead to decision fatigue, where the ability to make sound judgments becomes compromised. As a result, investors might find themselves stuck in a cycle of over-analysis.

To overcome analysis paralysis, I advise real estate investors to take several steps:

• Set Clear Criteria: Define specific investment criteria and goals. This narrows down the options and helps investors focus on properties that align with their objectives. Keep it short and simple! You are not running a fund or a syndication.
• Create a Timeline: Establish a timeline for decision-making. Having a structured approach can prevent investors from endlessly researching and encourage them to take action within a reasonable timeframe.
• Seek Expert Advice: Consulting with experienced real estate professionals, such as agents, brokers, or mentors, can provide valuable insights and help investors feel more confident in their decisions. Find a trusted thought partner, forums can be helpful, but often lead back to issue #1.
• Start Small: If a large investment seems overwhelming, consider starting with a smaller property or investment. Gaining experience and confidence on a smaller scale can reduce the fear of making mistakes.
• Limit Research Time: Allocate a specific amount of time for research and analysis. This prevents information overload and forces investors to focus on the most critical aspects. Think the 80/20 rule.
• Practice Decision-Making: Making decisions is a skill that can be practiced and refined. Start with smaller decisions and work up to larger ones to build confidence in your judgment.

Remember that while thorough research is important, there comes a point where taking action is crucial for progress. Balancing analysis with action is key to successful real estate investing.

Yes, I've never see it positive or neutral cash flow in a duplex house hack in Yr 1. Yr 5 though... different story.

Networking and given back has been.