All Forum Posts by: Rudy Manna

I have old house rented out (built in 193) in the Seattle area. It had multiple layers of wallpaper in the first floor. Those are probably from 1970s. Very recently I put new wallpaper since the old wallpaper keep getting pilled off and coming out. Are there any other approaches to solve the problem. I want to fix it and the tenant is also irritated since the wallpapers are hanging in his bedroom. Ideas are welcome and thanks in advance.

Now I that I am narrowing my search to 4/2 s in South Tacoma, will $1600-1700 pm be reasonable assumption?

@Curt McClements 3/1= 3 Bed 1 Bah

@Catherine German 

Agree Puyallup DT is extremely hot, I heard that too, but is it possible to hit 1%? e.g., a 3/1 will go for 220-250k, how much the rents look like?

@Justin Peila 

Really, you can get $1500 for 3/1? I was calculating with $1200. How about south or East tacoma, Is that still $1500?

@Justin Peila It used to be really easy when I bought last 3 months ago. Now that I am looking again, most 3/1 in South Tacoma are asking for $130k+, that also need 10-20k rehab. Those will probably rent for 1200-1300. The 2/1 are also in that range. North Tacoma is already lot worse in terms of cash flow.

How are you finding your deals?

1% rule anywhere around Seattle is impossible long since. Now it looks  very tight in Tacoma/Lakewood too, as far SFHs are concerned.

I have been actively looking and almost all of SFHs are around 0.7-0.85% range. Even fixers are lower than 1%. The old formula where get something around 100k, put 10k in rehab and charge $1100 pm looks like long gone.

Are other investors having better luck now? Any strategy I should be using?

@Catherine German

Thanks, do anybody know how is the situation with Tacoma Housing Authority? Are they approving any increases? 

I got a section 8 tenant with a 6 month lease. The apartment is in Tacoma where rents are growing fast and I am looking to increasing 5% every 6 month. What is the process look like for increasing rents with section 8.

Thanks 

@Bill Gulley

This is informative. I have a few questions though:

- When you say include a property management company, is that as a partner or just as a property manager.

- Yet to talk with Banks, but any pointers on what kind of banks we have a good chance for those deals? Local banks for typical mortgage loans, or is it something else?

We all have paying W2 jobs and  smaller Multi (up-to 3 units) experience, looking to scale up to bigger league. Thanks again.

I am thinking of buying a large multifamily (12 units) with two other investors. All three have good W2 jobs. My understanding we can still go with traditional bank financing as co-applicants. Looking to hear some real experiences and any other pitfalls I should be aware of? Are there any other options?