All Forum Posts by: Wes S.

@Liz Faber Ask for a free consultation with a local real estate attorney, one specializing in tenant-landlord issues. I'm guessing the main point is how the landlord calculates your utility bill -- does the lease specify a formula for this or simply "utilities"? San Francisco and California are very tenant-friendly, so you should have the power on your side in this.

@Josh Lyons I think you should get the property first, and then you'll know if you need it. The first time something comes up and you say "Oh wow, I need a truck" you'll have to rent/borrow and it will be annoying. But what if that only happens twice in the first year? If there's not a need, you can get by with a cheaper second vehicle -- at least until you see the cost/benefit balance switch as you acquire more properties to manage.

@Nic Lee it's definitely possible, but I'm trying to get started as well. I did one purchase from the other side of the world, and one year later it's still going well. I pretty much paid retail price (I know, not ideal), but it was a good first purchase from outside the U.S. And I was able to immediately get a tenant, so you've got to know the market you're investing in very well. 

@Sultan Maawali you can't be "pretty sure" about the legality and get investors. First step is to chat with a lawyer in your state, as the laws will vary.

@Kari D. I use Koetje Property Management for my two properties in Whidbey -- but I know they also work in Burlington. They have been great for 5+ years that I've used them.

@Rebecca M. @Scott Price If there are some meetups (or even an exchange of info), please count me in. I can't make any physical meetings, but I'm available for Skype/email.

@Baudouin Charles a good rule is to not keep any secrets. First, tell you boss at your company and make sure it's okay -- it doesn't do any good to make an investor mentor if you also lose your 9-to-5.

As for approaching the individual: 1) explain why you're interested; 2) say that you did get the ok from your company, and that you're doing it in a totally private not-related-to-your-company way; and 3) offer to help out with his properties like you said.

A key thing to be clear about -- if you offer to do any of your professional day-job work for him on the side as a favor for him helping you out, you need to be sure that your company doesn't mind you doing it. Because that could definitely look like you're taking business away from them. So either have that discussion with your boss early to feel it out, or state from the beginning that you will not be working on the side.

@Eddie Aviles I can recommend Koetje Property Management. I have used them for the past 5 years and have considered them the best I've ever seen. They use a flat 11% management fee (no first-month fees or anything), which incentivizes them to keep tenants there for a long time. In fact our tenant moved in in 2013 and hasn't left. They're responsive and provide great communication.