All Forum Posts by: Tyler Blackwell

Thanks Jacqueline and Matthew!

Hey Brandon,

I'm actually doing marketing now for smaller multi-families in Thurston County to find just this type of deal. They don't come along very often; that is to say, I haven't found one yet (Michael Quarles would probably say I need to do more pieces)! I think it's well worth due diligence. Is the price negotiable?

The question I always have in that area is: is it in the flood zone :) ? Flood insurance can really break a budget in Grays Harbor County.  I need more information, but I might be interesting in partnering. The numbers are really intriguing and I think that even if you "overpay" for it now that it's not fully occupied, you're still getting it for a bargain considering your estimate of value. 

Thanks Jd! I agree that she had plenty of time to prepare for move out and shouldn't get a chance to remedy anything outstanding.

By the way, she was there an additional 6 days, not just one :) It's a loss to us of a few hundred dollars.

I appreciate the feedback!

We had a challenging tenant finally move out today, 6 days late. To give some context, she lived in our basement rental unit and had a one-year lease. We saw she was a complete mess, she ALWAYS paid late, and wasn't easy to work with, so we decided pretty early we weren't going to renew her lease after the year ended, and we actually gave her 10 weeks notice to move, anticipating we might have issues. 

By not leaving on time, she broke our lease agreement. We actually had to put a 3-day notice to quit on her door to get her moving. She stayed left one day after that legally expired. At least that worked and she moved out, but I have two questions on how to approach the rest from here, given that she technically is in breach.

1. On move-out, does she have the opportunity to remedy any deficits in cleaning or make repairs? She's already taken a long time to move out, so we hesitate to allow this. It may take too long and judging on other work she elected to do without our permission, the work will be of poor quality. 

2. Are we allowed to take out a pro-rated amount from the security deposit for days she spent after the lease expired?

tl;dr: if a tenant moves out late, see questions!

Thanks!

Hi Bill, welcome to the site! There are quite a few BiggerPockets (BP) members in the south sound area, so try to connect with as many as you can. There is no REIA in Olympia that I know of, but there is one called REAPS that has meetings regularly up north, and sometimes REIAWA has meetings in Tacoma. The BP meetups in Lakewood are pretty well-attended, too. I hope to meet you at one of these meetings :)

Re: Tom Glaspie
I've seen his remodel work and he does a quality job. Not sure how active he is now in the current market but a couple years back he was doing a good volume of flips in the Olympia area. I've worked with him on one occasion in which I bird-dogged a deal his way. The place was a complete rehab, not a job for any beginner, and it looked wonderful when he finished. He has a lot of experience with real estate and deals with bird-dogs, wholesalers, etc. Seems like a nice guy, too. 

I'm very happy to hear this type of success story. This is a very wise investment for a "newbie." You now have a place to live and management is easier because you're right there at the property (this can be good AND bad, of course). When you decide to move out you've got a cash-flowing asset that you acquired with very little of your own money. Congratulations, my friend; GREAT move!

If this is a rental, I would save the money on the remodel and I probably wouldn't even relgaze...this really is a pretty nice relic from the old days and it looks like it's in really great shape. 

Kyle, that is one hell of an action plan! I love it!

Welcome to the site. There is a pretty active REIA in Seattle (reiawa.com) and another one called REAPS. Check them out and get involved with them. Most of the meetings are a bit far for me, but they sometimes have them in Tacoma near the dome.

A single step gets you started on your plan. Best of luck with the first deal!

 This is BEAUTIFUL advice.