All Forum Posts by: Radley Estrada

I've invested in Tacoma, and there are pockets that are very "Brady Bunch-esq" and other's that are down right scary.  If you plan to invest in the area, its best to see the unit and neighborhood in person.  

For those interested in BRRR

1. Sign up with BP and get educated: Research what kind of REI you are attracted to.

2. Get your finances together: Clean up your credit. Pay down your loans. Save your $$$. Yes, it does take money to get into REI. It also takes disciplined saving and spending to stay in this game.

3. Continue to get educated: Find a local mentor. Download BP's REI books. Listen to the podcasts. Sit in at a local REIA meet-up.

4. Get Funding Ready To Go:  Get your loan pre-approved.  Get your money in the bank.  If you have investors, get that money ready.

5. Find a real estate agent that also invests in real estate.

6. Crunch your numbers, do your research, and make offers.

7. TAKE A HUGE LEAP OF FAITH AND CLOSE THE DEAL!!!

There is something about those who say the want to do REI, and those who've actually done it. Don't fall into the trap of 'paralysis by over-analysis' and kill every deal because it wasn't perfect. You don't want to buy a crappy deal, but, you don't want to sit on the sidelines forever.

The hands on experience of owning your first property will give you more wealth and education in REI than anyone can try to teach.  

This situation is why I've transitioned my tenants to month-to-month leases with last months rent and separate security/damage deposit collected.  

By doing this, if a tenant that needs out in a month, I already have their last months rent AND I have a full security deposit to use for any late charges or damages incurred.    

A year lease just hasn't worked for me.  

Good luck OP.  If it were my tenant, I'd like to get her out of there as soon as possible, being as diplomatic as possible.  I'd hate her to say she'll be out by November 1st, you have a new tenant lined up to move-in on November 8th - then all the sudden, she decides she doesn't want to move out after all.

I second erentpayment.com as well

Thanks @Brent Coombs for your input.  That sounds like that's the game plan I'm looking into.  

Hello BP Family,

After a ton of research on BP, reading the forums, and listening to podcasts - I took the leap and purchased my first rental property in July. I acquired a 4-plex property in Tacoma, WA using a 3.5% down FHA loan.

I am using the house-hacking and BRRR strategies - currently living in one unit, renting the other three, and repairing/upgrading the property as needed.  Although the beginning has had its challenges, I'm at a place now where things have stabilized a bit.  I'm refocusing on future goals and plan on adding more properties to my portfolio.  

And there lies my questions:  

What are my options purchasing my second property with my current property in an FHA loan?

How would you approach my situation?

How did you finance your second property?

Thank you in advance everyone.  

Thanks for the replies all.  Closer and "always locked" door lever installed.  Hopefully, this will curb the problem.   

Hello Everyone,

I'm a landlord in Washington State and have a 4-plex with a shared secure entry door where tenants can buzz in their guests.  

I'm having a security issue with a tenant whose kids are going outside to play and not securely closing the door when they return.  Sometimes the door is left wide open late at night.  Other tenants have voiced their concerns regarding this issue.  I speak with ALL the tenants, and things get good for a few weeks - but then the issue of an open security door comes back up. 

In the interest of keeping my tenants safe, I'm in the process of installing security cameras.

If my security cameras catch the culprit(s) that are leaving the door open, can a landlord add/impose a fee if it was not part of their initial lease?

Any other landlords come across this issue?  And what was your remedy?

Thanks in advance everyone!

@Thomas S. - Would the tenant's guest still be considered trespassing if they were invited to the property by the tenant?  They might not be registered tenants, but, if invited by the tenant - is that still considered trespassing?

Hey everyone, thank you all for your input. This is what makes BP awesome! After doing some research, without knowing the HUD specifics, a property that's part of the foundation is "below grade", it cannot qualify for FHA financing. Looks like one of those "quirks" associated with FHA loans. Learning something new everyday.