All Forum Posts by: Kai Van Leuven

@Bryan Clement

I try to have multiple options for tenants. Whatever gets the one I want to fill out an application, I go with.

1. Cozy- great and easy. Interfaces well with my rent collection process. Definitely my first choice for more high tech folks

2. Zillow- I use Zillow because my properties are listed on Zillow as a way to advertise. They have a decent credit report but I wish it was as transparent as cozy.

3. Hard copy- the local landlord association will process paper copies. For some reason a lot of people like them. Folks that are turned off by online applications and glitches. I think the report sucks as far as information but it does give a score in regards to credit.

Good luck!!!

@Tony Bevilacqua

I usually hold on to everything. This might be a good time to sell but answer these questions.

1. Do you make a ton of money? Is 500/mo a drop in the bucket. There may be some long term strategy to keeping it (taxes, appreciation, retirement, ect.)

2. Could you refinance and get it closer to positive?

3. Are you at market for rents?

Usually transactional costs make me hold on to stuff that I already own. If you truly have 100k in equity and you are not cashflowing there is a problem. The market would say that your rents are too low, rate is too high, or it is a high dollar rental home (ex. 1 million+).

@Seung Oh

You are a smart guy and will probably be able to figure this out by yourself but I will put in my 2 cents.

1. Buying v Renting a million dollar home usually does not make sense. No one buys in that market with the expectation of renting. It doesn’t make sense from a purchase price to rent ratio. Renting probably makes the most sense if you want that lifestyle.

2. Look at an area outside of your current area to invest. I am talking local, like 2 hours max. Look at growth patterns and where things are going and invest there. Those areas are usually less impacted by a recession because they offer the basic need, housing.

3. People on here often think that areas outside of where they live are the best places to invest. I feel like ignorance makes them feel better than the complete truth. Find a small area, learn what the savviest investor is doing and do it better.

@Chris Harrington

There is really a big difference between western and eastern Washington. To invest in eastern Washington is more similar to Idaho or Eastern Oregon. Not similar at all to the Puget Sound Region. To me it is like someone saying “I want to invest in New York State.”

The Puget Sound is a pretty nice area but the prices are pretty high and have probably peaked.

Spokane is growing right now from what I have heard.

@Amy Zemser

I have read the Washington Landlord-Tenant Act probably once a year for the last 10. It is pretty easy to navigate online and has links to different sections. After all this time of reading it. I feel like I have a ton of rights as a landlord. It is really the key to being successful. In NY it is probably just as available online. Good luck.

I feel like the fear of not knowing is worse than just studying it out.

Also, in Washington it is a statutory law on the landlord tenant. It changes the game as far as each sides duties.

*I am not an attorney/lawyer. I suggest talking with one.

@Charlie Moore

A couple of random thoughts

1. If someone comes in and really demands anything from me (paint, carpet, discounts, ect.) it is a good way to screen them out. They are going to be more headache and hassle than I have time for.

2. You have to have a baseline for cleanliness and how presentable the home is. Painting and cleaning are super easy and make the home show 100x better. Most tenants and people in general lack any vision for what a property could be.

3. I have noticed that if a place is not ready, it is a waste of time to show. I have done it, and I always think it will fly and miss out on some quality people. You ain’t getting them back. 4-6 hours of cleanup and touchup might have been the tipping point.

@Justine Scheuher and @Joe Villeneuve

Joe is totally right on this one. They came to you. They don’t have any idea how to do it. If all the work is equal I would ask for more of the split maybe 50/25/25. I know what I bring to a deal and I feel like it could not be matched by a partner.

@Jim K.

Dude your posts are 100% right on. People think they will sit back and do nothing. That it will all come to them because they are smarter than the next guy. There are no GURU secrets! It is hard work, really hard work. There is not enough “meat on the bone” to be paying other people (property managers, handyman, accountants, lawyers, ect.).

All my stuff is B/C. I will tell you, the C stuff is way harder to manage. At one point I managed D and F stuff. It was horrific. I would never go back.

Also the lower than replacement cost stuff makes no sense. The cash flow has to be so much higher to offset an asset that is losing money against inflation.

@Nick Mess

I love my setup.

1. F350 7.3 Diesel. It had 300k+ miles when I bought it for 4K about 6 years ago. It is an absolute beast.

2. Enclosed trailer- 5x8, is completely full of tools and I can do any repair with it. Cost $350

3. Every tool imaginable. Costs around 4K.

I would say for less than 10k to be up and running is nothing. You do one months worth of work had everything starts to pay for itself.

@Hobart King

BTW- I have taken out probably 10 chimneys in my day. Super easy.

1. Grab a framing hammer

2. Start at the top and lightly tap the bricks the mortar is not as strong as you would think.

3. Throw them outside to the ground below

4. When you get inside, grab three sheets of OSB. One for the ground and then make a backstop against the closest walls.

5. Throw them down against the OSB. Have someone help you and don’t hit them

Good luck!