All Forum Posts by: Leon Li

Thanks!

@Jennifer Beadles

Is this event canceled? it says canceled on meetup when I click on the RSVP link.

I'm in the same boat as you just not that many property in seattle. I have 4 in the area like Kirkland and Lynnwood. Yes the appreciation is amazing and we get spoiled. I personally haven't sold any of my property. I started buying out of state using Turnkey also will be doing my own, ie finding deals putting team together. Out of state is good option if you comfortable doing remote, I find that even with turn key you can get 15+ coc. with that much liquid cash, I would buy multi family to maximum the 10 loan per person rule. Also making sure the numbers are good. I would stick to residential mfh since I have no commercial mf experience and assuming you have non as well it's a different ball game, I would avoid. I'm also at a cross road, whether to sell all go big or small steps, I'm in tech so I know the seattle market is not slowing down.

Courtney, Investing out of state can be difficult when first starting out, if you want the good deals. You can do turn key properties by going with a turnkey provider, just make sure to do your research. Theyll do everything for you, it's really easy. The downside is you wont learn as much. I highly recommend investing locally first, the learning process is priceless. I personally manage locally and invest out of state, so the experience is valuable.

That MF cash flow is horrible, when the cash flow is that bad usually you count on the appreciation, with MF appreciation is bad comparing to sfh. why not invest in SFH, I think it's still relatively easy to find a turnkey property for 15% cash on cash return. Just need find a good turn key company first. If you can find off market deals SFH can have much better returns even in B neighborhoods.

I would rate you a 10. Definitely start investing in real estate, doing it part time while having a full time job is perfect. Just make sure you are not completely depended on appreciation. You should cash flow 200+ rental income monthly after all expenses and 1 to 100 ratio if purchase price is 100k rent should be atleast 1000. BP calculator works very well to determine the numbers.

The LLC has to be where the property is located. You can do umbrella and skip the LLC also works, but I recommend an LLC if theres tons of equity.

if you decide not to go the lawyer route, you can search online for a PM near that property and have them take over. The new PM can go to the property and access the situation.

I live too far from Spokane otherwise I would join

I have come across the same issues. Personally I just purchase rental properties as my self and move it into LLC afterwards, with that I had issues with banks needed 2 years of rental history, to solve that probably you just need to find a investor friendly lender, they can count all rental income 75% I believe, the house can be newly purchased. For Heloc it is more difficult to count the income if it's less than 2 years but I had found a lender that ignore that rule as well, with local bank. Hope that helps.