All Forum Posts by: Kevin Miles

Consider 

http://www.mcferranlaw.com/

You can arrange a $150 consult.  

They know real estate.  

Best wishes.

Kevin M

Hello,

Does anyone know of HELOC lender in WA state area that is worthy of a recommendation?

Any and all input is appreciated.

Thanks,

Kevin

I agree with Austin.  Remind him that with an eviction on his record, he will be very hard pressed to find a place to live, period.  In the long run, it is best to have them gone.  Start fresh with another buyer; preferably a buyer that has been well screened.  

So, Mr. non payer, you have two choices:  we part peaceably, no hard feelings, you move on - or I have to get legal with this situation and you probably get your wages garnished, you get an eviction on your record, you can't find a decent place to live, blah, blah.  

I have had to tell my tenants, "look, it's not personal, but I have to do this to protect myself.  It's my duty".  They get it.  

Good luck Eric.  I know it is stressful.  Chock it up to experience.  See the bigger picture.  Next ones will be better.  

Hey Lewis,

I could see myself using his service and would love to have his contact info, if you don't mind sharing.  You can PM me or email me. 

Thanks.  Talk to you another time,

Kevin M

Oops.  I meant good job, not goof job.  

Goof job Chris,

Do you mean $708 PITI?

Did you have to do any renovations before renting?  What part of town is that in?

Hey Mark,

Below are a few resources that may prove useful. 

You must make sure you become familiar with the SD laws and requirements and be sure you have the correct forms. The SDMA should prove to be a good place to start, though you  will have to pay the membership fee. 

I would also suggest you search Amazon.com for a book or two on landlording. 

Best wishes for profitable and smooth landlording. 

http://www.sdmha.com/

http://portal.hud.gov/hudportal/HUD?src=/states/so...

http://www.nolo.com/legal-encyclopedia/overview-la...

Regards,

Kevin M

Hey everybody,

Anybody out there doing MH deals in WA?

I want to get started buying/selling in Pierce County, but am concerned about the states requirements to be a licensed dealer.  Here is the link that shows the requirements:

http://www.dol.wa.gov/business/vehiclevesseldealer...

Some of the requirements are pretty challenging (such as that of needing to have a business location, zoned commercial, open 10-4 at least five days per week), especially for a small time lone wolf  

If I buy some dudes old trailer and then register it in my name at the DOL, then sell a few weeks later - and do this repeatedly - can i expect to be queried and/or told by the DOL that I have to be licensed and told to cease and desist or is this licensing requirement generally not enforced in WA? 

Any work round's that anybody can suggest (unofficially, of course). Does purchasing the homes using a "personal property trust" shield a buyer/seller at all?

And, of course there are Safe Act and Dodd Frank concerns.  

I am open to all suggesting and guidance.

Regards,

Kevin

Hey Long,

Good on you for planning ahead and for intending to become a successful REI. Now is a good time for you to focus on educating yourself. I suggest you listen to every BP podcast, starting from the first one. Then listen to them again. Read REI investing books and read some more. A kindle reader would be a good tool for that . These BP links will give you a place to start:

http://www.biggerpockets.com/forums/79/topics/9268...

http://www.biggerpockets.com/forums/79/topics/9360...

If you connect with me via my BP profile page, I can give you a list of some of the books that I have found useful.  

I urge you to continue to use BP to get to know some local active investors that you might be able to work for, even if just part time weekends or whatever.  That would be an awesome way to learn.  

Talk to you later,

Kevin

You can stipulate in your purchase agreement how long the inspection window period shall be.  Ten days is typical for single family and small multi's, I believe.  

So, once you have the property under contract, you do a walk through.  If you want to proceed, you then hire an inspector.  Otherwise, the property fails your initial walk through inspection and you pull out of the deal.  Easypeezy.

If you do get the property under contract, you must obtain copies of the tenants lease/rental agreement.  Also get a copy of the tenants initial rental application and credit/background checks (if available) so you can see what sort of folks are living there. 

I would also ask for a copy of the properties insurance binder so you know it is insurable and who is carrying the policy. 

Let us know how things progress.