All Forum Posts by: Roger Vi

I would only show an occupied unit if it looked better than an empty unit (nice furniture, clean tenants). Otherwise, I don't think the time you waste disappointing applicants outweighs the slight chance an applicant will see past the mess and rent anyway. It's all about pretty pictures and initial presentation on the showing these days. The video recommendation is genius. I've tried this but my units are either too small or my videography game is weak. Instead, I've used an app on my phone to take full 360 degree panoramas of each room. The app is cheap and it is very easy to do yourself or train someone. When people view these, they can zoom in on virtually anything in the room visible from where I take the picture. I am using an iPhone 6S and can zoom in on the walls/appliances and see close up details clearly.

Nice to see a local lender on the board SON-HSIUNG RIU ! I'm up here in Everett as well. I will keep your name in mind next time I need a loan (very soon). Feel free to reach out if you ever need an opinion of the market up north!

Neighborhood Scout and a few other sites might have this info for free or paid subscription.

I would call a few real estate agents in the actual neighborhoods and I'm sure they could find it for you quick. You could act as a buyer, but I would just tell them what I'm doing and offer them my transaction if I ever buy in that town. Someone will be smart enough to take the offer and I would send them a visa gift card afterwards.

Robert P. Always good to see someone that wants maximum efficiency! Here's what I would do: Post an ad with some pictures or no pictures when you are 1 week from finishing. I've even used other pictures from similar units in the past, the pictures or not that important at this point. Just get the price, move in date, and general location. DO NOT give out address, I made this mistake recently and lost some potential applicants when they saw the remodel mess. A full week is necessary because you will notice the different response rates on different days of the week, people seem to get the most done on Friday-Monday for this sort of thing. Holidays throw everything off, but a full week will get you what you need to test price and interest. Don't think too much about your wait list but start one anyway. Most people that say they will call you back when ready will likely have found a place already. When the unit is ready for pictures, I would take some nice ones and post a DIFFERENT ad with your address and pretty pictures. Delete the old one completely. People sometimes scroll past the old listings, so if you update the pictures on the same listing many will miss it. At this point I would also call the people on my interest list to schedule viewings. An open house one Friday Saturday or Sunday is a great way to stir up interest and save you time by bunching your viewings together. Hope this helps, good luck!

@Timothy Foster Welcome to Everett! I've been here my entire life and grew up in South Everett. As I got older and more serious about investing, I have gradually moved towards North Everett for affordability and better cash flow on rentals. You can make it work in any part of town, just know there are many neighborhoods and suburbs in and around Everett, each one offers a different game in terms of RE investments and returns.

North Everett; north of 41st St, South of EVCC, between the Snohomish River and Possession Sound; is where I would say I am focused and have been following for the past 5 years. I purchased my first single family home in this neighborhood, a 4plex here, and am currently looking for a property with potential cash flow to trade my SF for. 

You will have a hard time finding cash flowing properties that meet BP standards in this area. I will let you know that with persistence and dedication it can be done. You will not find a ready to go rental at this time that meets the 1% or 50% rule. With a little knowledge, creativity, and the resources to upgrade a home, this can be done. If you post a deal on the forums for a Everett home, 99% will consider it overpriced and tell you to run! This is the west coast and the game is very different from middle American "cash flow" cities. Most of the price is in the land. This is terrible for an investor looking strictly for cash-flow (most on BP). At the same time it can work out great for someone who understands this market and is willing to accept the risks that come with buying in a high appreciation area.

I am in Everett 24/7 and love to meet my neighborhood investors. Whether you are planning to buy a chunk of the town this summer or are looking to buy a property every 3 years to fund your retirement, I would be very interested in hearing your plans and seeing if I can offer any advice. I'll shoot you a colleague request now.

Hope you enjoy your stay in Everett and good luck on your journey!

I live in Everett and have looked into vacation rentals on Island County for the last 2 years, mainly running numbers and day dreaming.

My main cause for concern is the 180 day low season from October-March. Most vacation homes drop their rates 50%+ during this time and still can't get booked. I book a yearly getaway to a water/beach front Vacation home on Whidbey Island every December for this reason. This makes it so you really have to be on top of your game during the high season to squeeze every dollar out. It can be done, but it is far from a passive dollar.

Upside is the demand is very strong during the high season. I have to add that I only focus on premium properties (water-front, better-than-average design, short drive to store) and have noticed even the "B+" properties don't guarantee everyday gets booked during high season. The premium properties seem to go quick every year. From what I noticed, a couple hundred extra a night is nothing to this market, they come from all over the world and are definitely willing to pay for the experience. 

Last thing I will add is I've always dreamed of building a bunch of environmentally friendly micro-homes on a piece of waterfront land around here. I think there is plenty of demand for $100/night huts where people can stay warm, star gaze, hear the water, and start a fire away from the busy city. Search "micro-home" on youtube and you will see plenty of ideas for this sort of thing. People put a living room, an office, a bedroom, and a bathroom in 150 sqft its crazy!

Good luck on your venture and please keep us updated! Also, could you tell us more about your land? Is there any premium amenities/features or attractions nearby? 

Regardless of who's fault it is, it is the landlords responsibility to keep the place safe and livable. 1st step is replace the door. 2nd step is to find out who is responsible. Since it is just a door, I wouldn't do too much detective work on finding the perp. Just bill the tenant and if they take months to pay take it out of the deposit and don't renew the lease. If you would rather not deal with a move out, just eat the cost and keep bugging the tenant about it. That's what I would do at least. Hope it helps.

When I see urine stains on the floor beneath carpet/pad, I cover it with KILZ interior primer. $20 for a gallon at lowes and I've never run into a urine problem that this didn't solve. 

@Corey Woodruff Thanks for the tip, I heard this podcast a while back but am replaying it now for a refresher!

@Marian Smith Condo structure advice is interesting, I will look more into this. It was originally a single family home and currently not separately metered, so this could be a stretch. Will definitely be looking to pay under market value.

@Nick Weiss You sound just like me when I was in college!

Next question would be: What is your goal with real estate? Is it financial independence? Extra income on the side of your career? Retirement?