All Forum Posts by: Rudy Manna

My parents discouraged me on a lot of things because they thought it was too risky and because they were worried about me..Over time I made it a practice to keep every new venture confidential (even from friends) prior to execution. I think sharing before execution is a distraction, and its more efficient to keep it to yourself (or partners) at early stage. Find out the sweet spot when you can talk about your success and start building your brand.

It’s great to hear that people from Tech community are getting into real estate investing. I worked for Amazon and Expedia, and for most people in the Tech industry real estate is an opaque world with lots of unknown and fear factors. I started about an year ago, and closed 5 deals in Seattle and Southend.

I think Seattle or Southend (Tacoma- Renton) can be great place to invest if you know what you are looking for and be patient for the right “deal”. I don’t think you investment decisions should be because of change in rental laws. The laws are probably something to keep in mind when screening the tenant, writing the rental agreement etc, but if you are setting up fair and transparent rental business, I don’t see much worry. The main target of those laws are units with lots of deferred maintenance and shady practice.

Personally, I think Seattle is a great place to invest compared to Arizona or mid-west. It’s got a great potential for both cash flow and growth. Seattle is becoming the hub of cloud computing and machine learning, Amazon is on track for becoming a Trillion dollar company. There is a huge imbalance for supply and demand, with demographics of young couples looking to build a nest. Urban density in Seattle-Bellevue-Redmond will continue to spike. The spillover of working class population will continue to happen towards Renton-Tacoma.

My bet is with Seattle.

How about 6 PM thursday?

Confirming this is the location: 17262 Redmond Way, Redmond, WA 98052

My contactis  rudranil dot manna at gmail.com

@Peter Grote

@Pete Perez

@Ruth Bayang

I am sorry to say this, but I think the deals that are distributed in Tacoma, Olympia and Seattle south-side are piece of crap. The terribly underestimate the rehab cost and severely overestimate the ARV, and most frequently miss associated costs such as double closing, financing fees, escrow costs etc. I am following all the deals from the top 5 wholesalers in the area, and they are just not deals. There is a sentiment that things that come from wholesalers are deals, and it is being used to sell crap-loads at a premium prices.

I have been finding my deals from MLS through analyzing lots of houses (I mean lots, almost every house), having my own data analysis tools, looking at lots of houses, finding out the sweet spot during negotiation with the owners and/or giving them some incentive during closing (faster closing, waivers etc. ). I applied those strategy off MLS and closed 4 houses in 2016 in the area. Those deals probably aren't the deal of a lifetime, but they are better than almost all deals that are disseminated through the wholesalers.I think the only way you can make wholeaaling work is have your own wholesaling/ direct-mail campaign and that's something I am working on.

I personally know that experts like

@Ryland Taniguchi or  

@Albert Bui have relationships to find better deals from wholesalers, but I seriously think newcomers shouldn't try wholesalers to start with. It's a ugly channel, and most probably you will stuck with a piece of crap. Work hard, scour through the MLS, analyze lots of deals, see lots of houses, and something will work out. Don't touch wholesaling as it is now in 2016.

Thanks for tagging me. unfortunately couldn't attend the first one (busy looking at other deals :))..definitely will attend this one.

I have new newly bought and remodeled house in market for rent. The rental market is good, but because of timing in late December there aren't that many contacts.

However got one couple that want to rent right away. The man had an involuntary judgement against him and spent few years in jail. They have good earnings and savings, and can potentially give large security deposit.

Personally, they appeared good people to me and like to rent them if there is a way I can mitigate the risks. Thoughts are welcome.

 your product looks super interesting..how long does it take for you to issue loans? And what are your loan charges?

 Not really..here is the example with representative numbers..

Initial HML loan: 90k (70k towards purchase, 20k rehab), Initial down-payment 10k

Even though appraisal might come 130k, with a rate-term refi I can only refi the loan amount 90k. I dont know of an way to get back the 10k with a rate-term refi.

Let me know if you know anything.

 Yes, please see my response

https://www.biggerpockets.com/forums/49/topics/363...

I am very close to moving out of HML and the traditional lender is going to do a rate term-refi of the entire HML. HML rolled the points cost and rehab cost into the loan which is being rolled into regular loan. However since its a rate term refi I wont be getting the initial downpayment with HML. I bought the property with 90% down, hence I will have 10% of initial purchase price locked in the house, which isn't much though. I am able to roll all other costs into the loan such as points, most of the interest, purchase and rehab costs.

Here is the deal summary:

https://www.biggerpockets.com/forums/223/topics/390677-latest-brrrr-in-tacoma?page=1#p2458464