All Forum Posts by: Wendy Carpenter

@Account Closed, that's the problem, I don't have contact with him (and neighbors don't have info either), I only know all of that because of the immediate aftermath of her death. I never met him in person. 

Neighbors tried finding his info about 6 months after she died because squatters tried to move in, but I don't think they got anywhere (they called me looking because I have her cat?!)

Will bank jump in just before the tax sale then? They'll kind of let it hang out until the very last minute? 

There's a zombie duplex (with an additional trashed single wide) that I'm eyeing if I can get it for a song (cause let me tell you, this place is what nightmares are made of, but I'm a glutton for punishment). Only problem is that I'm not sure how to find or talk to a decision maker about buying it. 

Here's what I know (long story short):

-Owner died about 2 years ago (currently still the owner according to the county), however, it is listing "her" address as an Arizona address, but I dont know if it was listed that way before her death. 

-I'm 100% sure she's dead, as I became the reluctant owner of the cat she left behind AND I was there for her body removal by the coroner (hey, I have an exciting life!).

-No children, no husband. The only "heir" found was her brother, but she was very estranged from him, so it was a "there's no one else to claim her stuff" kind of thing. (Could the Arizona address be her brother's address but it is still in her name?)

-Turns out she had a REALLY bad QVC problem and was basically up to her eyeballs in debt leveraged from the property to pay for said habit. 

-Once brother saw that the place was underwater like whoa and its condition, he said "no way, Jose," and said he would just let it go back to the bank, and wiped his hands clean of the whole situation.

-I drove by it earlier today, no posted evidence of foreclosure. 

-Taxes are delinquent about 1.5 years now. 

-This place is so bad, I think the bank is probably doing the "maybe if we pretend it's not there, it won't be," kind of thing, as this is not a place any bank wants to deal with. Example: hardcore indoor chainsmoker for about 35 years. This is a "to the studs and then some" kind of place. Cat Pee Palace as well! 

I've got a pipe dream that maybe I can acquire it for about what is owed in taxes....am I delusional? Has anyone dealt with anything like this? Any leads on how to claim this sh$tshow for myself would be great! 

@Jennifer Beadlesundefined YES! You are awesome! For one, I love to hear that you have done it with a HELOC, and two, I would love all of you recommdations for lenders and agents! Thank you!!

So right now I'm in an "analysis paralysis" and information overload state of mind. I'm looking for some suggestions about how others would go about starting a portfolio and best way to continue it. A lot of the information I have been reading doesn't apply to my target area (e.g. We don't have houses for sale for $20k).

About me: I have a good union job and great credit. I have about $185k in equity in my current residence. About 8 months ago, I bought the foreclosed home behind my property, and very long story short (a lot of learning and lessons were involved in that story), I just finished extensive renovations on it. Renter just moved in. I'd say I now have at least $150k equity in that place (appraisal happening in the next month or so). I don't have a lot of "cash on hand" to start me off, so I'm hoping to use a HELOC(s) to get me going?

I'm looking to get into small multi family (ideally tri- and fourplexes) in the South King, Pierce, and Thurston County areas of Washington. Right now, I've been reading until the cows come home, but still feel a bit stuck because there's so many people with opposite opinions.

Breaking it down--

*Primary home: $185k equity

*SFR rental: $150k in equity

*Not a lot of liquid cash for investment

*Target area generally is priced between $250k (likely a duplex at that price) up to about $500k (for a tri- or fourplex--my preferred investment)

*current goal is to have probably 12-15 doors within the next few years

Have you been where I am? WHERE DO I GO FROM HERE? HELP!

HELOC as cash for a 20-25% downpayment? And once I buy my first multi using a HELOC as the downpayment, do I use conventional to pay back my HELOC(s), then do it all over again?

**with all that being said, I'm on the hunt for a great, experienced multiplex RE agent in my area and a finance guru! I'm a serious investor looking for a team to get me going!**

@Andrew Hodgson, the A-frame one?! You better believe it! The potential is so intriguing!! 

Yes! Let's talk and I would love the name of your RE agent! 

Thank you, Shellon! Cheers to you and your goals! 

Tiffany, I will definitely look into those! I'm very glad to hear those are coming up! It would be great to meet you, as well!

Hi everyone, 

I'm looking to get into multi family investing in the near future. I just finished an extensive rehab on a sfr in the Thurston county area (just had renter move in, buy and hold property). THAT was a huge learning experience and led me to reevaluate my goals. I'm now looking to get into triplexes and fourplexes instead of sfr (goal as of now is 10-12 doors, but hey, the sky is the limit!). I also currently owner occupy a home with great equity, so I want to make my money and equity work for me and get me long term passive income!

Previously talked with a multi family RE broker who left me with a lot of questions and seemed to kind of blow me off when he realized I didn't have $500k in my pocket right this minute. But I have a great job and great equity in my current holdings.  So, I'm looking for an experienced RE agent, who can help me reach my investment goals with some sweat equity and smart deals. My target area is South King, Pierce, and Thurston counties. 

Would also love to connect with newbies in my area with the same goals for some good ideas and discussions! (Sometimes I feel like my questions are pretty basic for experienced people, but I'm learning, reading, and figuring this out!)

Heather, it sounds like we have the same goals and questions! My target area is also Tacoma (live in Yelm), we should connect! I'm a newbie (one sfh (buy and hold)  just finished big renovation and I learned a LOT, along with blood, sweat, and tears), and really looking to connect with people to share ideas and knowledge!