All Forum Posts by: Rudy Manna

We hit 1% in Tacoma Market (East/South/Central) all the time with SFRs. However we mostly do rennovation, BRRRRs and rent increase. There is no way you can get close to 1% with turnkey, unless you target deep rural areas.

0 Votes

Tacoma, Washington

Originally posted by @Justin Hardin:

Anderson Advisors in Tacoma. Great advice and strategies on getting properties under an LLC and then doing a Land Trust to avoid any chance of your mortgage company triggering the due on sale clause.

Can you please elaborate on the LLC to Land trust conversion?

0 Votes

I am an real estate investor and built a decent (and growing) portfolio over the last couple of years. However, I am also an immigrant on visa.

I am not from one of the seven banned countries, but in the new world there is always a risk I might have to leave for an indefinite period. So, in case that happens I want to prepare myself. Specifically, I want to prepare for the scenario that I don't sell my portfolio and had to leave the country suddenly, and cant (or don't want to) come back for a really long period.

- Can I sell while not present in the country? Are there logistical complications?

- Can I keep holding while not present in the country for a long period? Is there any risk of losing ownership?

I still think the scenarios are improbable, but not impossible. Thanks in advance.

0 Votes

Originally posted by @Pete Perez:

@Rudy Manna

Did you end up picking up another project? Just curious how it is going.

Yeah finished two in February, trying hard for the next deals..getting deals are so hard these days in the hot market :(

0 Votes

Originally posted by @James Lusk:

@Rudy Manna Here in Washington you have to give them 20 days notice to vacate so you have missed the window for end of January. Of course, you can offer cash for keys as mentioned to get them out sooner. That may be your best bet. If you want to notify them that they will need to move out though, you will have to give them that 20 days notice as even though your lease expires, they just go into month to month if you don't notify them that you will not be renewing their lease.

Best of luck man. We just inherited 10 tenants with our Lakewood 12 unit and I'm pretty sure I will be going through this same headache to get a couple gems out.

What is the best way to notify the 20 day notice? Is sending a registered mail good enough?

0 Votes

Anybody have a referral for flat rate eviction lawyer in Tacoma area? Any rough thoughts on how much an eviction might cost?

0 Votes

Originally posted by @Linda S.:

If their lease expires at the end of the month, and it wasn't renewed-- why don't you just keep their security deposit to cover the rent? That's of course assuming there isn't a bunch of damage done to the property. Eviction is very costly and draining, if they only have 6 days left, why put yourself through all the hassle of an eviction, when you can keep their deposit?

Well I got the tenants when I bought 6 months ago, and the lease for the prior owner didn't have any security deposit. However I am not worried about the last month payment. I want to get the house back and put it back on market.

So, I am trying to figure out that, given the lease expires end of January, what is the easiest way to get the house back. I am going to talk to the tenants, but if they disagree to leave, even without a lease, how should I take ownership. I am lease worried about claiming the remaining rent.

Thanks in advance.

0 Votes

Originally posted by @Linda S.:

It sounds like it's a M2M lease, so if she hasn't paid you for this month, you should be able to keep her security deposit (1 month rent) to make up for the lost month. Depending on your state, you do have to notify her you're not renewing the lease.

Its a 6 month lease that expires end of the month. How does eviction work when there is no lease?

0 Votes

I have a Tenant who is hasn't paid me this month's rent and giving me all sort of BS. She said she has posted, that never reached me, and now saying that money order is cashed.

I am left with no other option but to start the eviction process. The good things is that the lease expires end of the month and haven't yet renewed the lease.

The rental is based in Pierce County/Washington.

Here is a couple of questions I have:

1. What is the first step I should take. Send a certified mail to pay or vacate? Do I also need to post on the door in addition to the certified mail?

2. The fast that the lease expires end of the month, does that make the eviction easier?

0 Votes

Originally posted by @Angelea Weihs:

Hello,

My parents have recently asked me to become the POA and Representative Payee for my grandmother. My grandmother has been in an adult family home for the past two years out of necessity. Prior to the adult family home, my grandmother had a savings of over 300k. She now has a savings of 200k due to the AFH costs. Once the money runs out, Medicaid will cover her expenses, however this will eliminate all flexibility that private pay provides. My parents know I am passionate (though inexperienced) about real estate and have asked me if I would be interested in solving this problem. My solution is to purchase rental properties. In order to cover my grandmothers expenses (after social security), I need to make as close to $2800 dollars in cash flow as possible. One concern I have with leveraging, is that if something goes wrong, I will not be able to cover both the rental property expenses and my grandmother's bills at the same time, so I would prefer to make cash purchases. Does anyone have any suggestions for how they would invest 200k in order to get the most cash flow possible, specifically in Washington State?

This is what I will do.

- 6 month expense, lets say $30K in cash.

- $100K in low risk cash on cash return investment. One of the easy way to get into this, is use crowdsourced platform such as realtyshares and realtymogul for Hard Money Lending, or LendingClub and Prosper for consumer lending. Pick notes that mature about an year. You will have the option of monthly interest or total on accrual. You can expect 8%-12% returns based on notes. You can also consider REIT stocks for a portion of a $100k pool since they generate excellent cash flow.

- Leverage the remaining $70K into a multi units. In secondary markets such as Tacoma you can buy 4units with the cash.

Second and third bucket should give you close to total $2k cash flow per month. Its not getting $2800 exactly, but pretty close.

3 Votes

All Forum Posts by: Rudy Manna

Rudy Manna has started 86 posts and replied 259 times.

Post: Tacoma Market for Buy-and-Hold Investments

Post: Real Estate Attorney in Washington

Post: Real Estate for Immigrants: Protecting in a Trump World

Post: Fixed Rate eviction lawyer

Post: Tenant Eviction - Please Advise

Post: Fixed Rate eviction lawyer

Post: Tenant Eviction - Please Advise

Post: Tenant Eviction - Please Advise

Post: Tenant Eviction - Please Advise

Post: How to invest 200k in Washington State for highest cash flow?