All Forum Posts by: Account Closed

Account Closed has started 141 posts and replied 4068 times.

Originally posted by @Chad Osborne:

Hi everybody, new to the BP forum and excited to utilize this awesome and vast wealth of knowledge. My wife and I live in Eastern Massachusetts. Real estate has been getting quite pricey up here, so we were looking into other markets. This past spring, we took a trip down to Charleston, SC, more specifically Folly Beach, and loved it down there. We love the idea of getting a short-term rental in the area, and was wondering if anyone had any feedback, either positive or negative. Neighborhoods to look into, contractors, cleaning service, ect. We are hoping to be able to utilize the 10% down vacation home strategy. We are figuring we can get much more "bang for our buck" doing vacation rentals at 10% down as opposed to 20-30% down in our expensive home market. Thanks for the info! I can't wait to someday be able to return the favor!!

My wife and I just spent a week at a VRBO at Isle of Palms. Loved it. Seems to be very very STR friendly.

0 Votes

Originally posted by @Justin Megna:

I'm a new real estate investor, aspiring to build a rental portfolio with management contracted out. I'm also open to flips and wholesales. I realize that all kinds of contracts are going to be necessary no matter what kind of deal I do. There will be contracts for property purchases, wholesale contracts, and property management contracts. None of the instructors I've been listening to seem to mention hiring lawyers to examine their deals. Since I currently know nothing about the required contracts, will I need the oversight of a lawyer? What do I need to know about contracts to make sure I'm legally covered and getting a fair deal? How should a newbie learn about the variety of real estate contracts?

Yes, you definately need a qualified local real estate attrney to go over or write any contracts you use. The question to ask the attorney is: "Can you defend this in court?".

0 Votes

Originally posted by @Colby Valladares:

@Account Closed also I was wondering what exactly made you fun at leave the state? What laws or regulations were the most hurtful to you?

There is a guy on BP from Wenatchee I think, but can't remember for sure, that does pretty well in that market. He seems to have a handle on things there. I personally would find Yakima to be difficult with the gangs. Spokane would be a great market and I like the Tri-cities. People are just more sane in those markets.

I was buying foreclosures in King, Snohomish and Piece during the last cycle. Washington changed the law to now it's a felony to approach someone in foreclosure or who thinks they may be headed for foreclosure and they have up to 6 years to sue you. How does that make any sense? In Seattle you don't really have a choice in selecting your tenants. Others will say you do, but they don't understand how lawsuits and the legal system actually look at it. I've spent a lot of money and time will attorneys over the years and attorneys think differently than you and I. You don't know what you don't know. Well, I do know and I voted with my feet. ;-)

I found who I was thinking of, seems to be a good resource for E. WAshington

@Steve Vaughan:

https://www.biggerpockets.com/...

2 Votes

Originally posted by @Colby Valladares:

Hello my name is Colby and I’m looking to invest in a rental property in Washington state. I was wondering if any rental property owners might be able to tell me what it’s like to be a landlord here and what you like and don’t like about Washington state! Thank you!

It's like taking a hammer to your big toe.

I had multiple rentals in Seattle. We sold all of them and left the state because of City/State landlord changes. The east side of the state might be a better choice if you must. But KIng, Snohomish, Pierce - no way.

4 Votes

Originally posted by @Jay Garrison:

Hi,

I am in talks with a masonry company to do some major repairs to my chimney. I have been sent an estimate already, but when I asked for the contractor's license info (they were referred to me by my carpenter) I was told I wouldn't be able to get that info until I signed a contract. Is this Standard Operating Procedure? I'd like to do my due diligence about the company, especially since this work involves some major coin. Thanks!

Your carpenter is getting a fee from the contractor to refer the contractor. He doesn't want to lose his fee by you going around him. I think it's dishonest and unprofessional to not disclose things like that and I never use a contractor I can't vet. I've used unlicensed contractors, but I knew it up front and decided to take the risk on my own, well informed, experience. So no, if he won't allow you to talk to the contractor or review his license, it's a "No Go". The guy will disappear at the first sign of trouble and you'll be left holding the bag.

2 Votes

Chicago, Illinois

Originally posted by @Victor Chen:

Hi all,

I'm interested in real estate investing and would like to learn about legal issues relating to owning and / or landloarding properties. What are some places where I can learn about the legal issues? Thanks!

This will get you started:

http://www.seattle.gov/dpd/cms...

http://www.seattle.gov/housing...

0 Votes

Originally posted by @Alex Silang:

What do you think? Interest rates are very low right now. However, the newspapers are saying that it's almost guaranteed the Fed is going to raise rates next year. That could cause a decline in prices.

If you buy now, you might get a decline in value in the short to medium term. You might not be able to do a decent cashout-refi for awhile. A couple years in the line, you might be in the red. That means you're subsisting on rental profits, which probably aren't great right now due to a run up in prices in many areas.

Just curious to hear everyone's thoughts.

If you plan on flipping, it's a great time to get into the right market with the right property or if you plan on buying & holding, it's a great time to get into the right market with the right property. If you plan on speculating tho', well, then it's a coin toss as to whether it's a good time ot not.

1 Vote

Originally posted by @Daniel Hurtado:

I’m planning on starting wholesaling full time next month and my main concern is how long does it take to get a deal. I’ll be cold calling. I’ll be local in Phoenix, AZ

It takes 12 months

1 Vote

Originally posted by @Harrison Wilford:

So I have a tenant that I went over to give notice of non renewal to. They quit paying rent when they got the notice. Section 8 is still paying their portion though. Since the Virginia eviction moratorium ends 9/30/2021, is there any way I would be able to evict them before then? I am very concerned that the moratorium will get extended. Thank you to all who can help. Sadly I didn’t hire a property manager.

You don't need a property manager, you need a local eviction attorney who can advise you of what the law allows.

0 Votes

Originally posted by @Daniel Hurtado:

I’m planning on starting wholesaling full time next month and my main concern is how long does it take to get a deal. I’ll be cold calling. I’ll be local in Phoenix, AZ

Please define what you think a "deal" is.

0 Votes

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All Forum Posts by: Account Closed

Account Closed has started 141 posts and replied 4068 times.

Post: Short-term Rentals in Charleston, SC area

Post: What do I need to learn about contracts?

Post: Being a landlord in Washington State!

Post: Being a landlord in Washington State!

Post: Contractor won't share license info w/o signed contract?

Post: Real estate legal issues

Post: Should I buy now or wait a couple of years?

Post: How long does it take to get a deal

Post: I have a tenant that quit paying? Can I evict them right now?

Post: How long does it take to get a deal