• Calling All Rental Owners

    In thinking about what to write this week, explaining what a 3 day notice is and how to use it came to my mind.  Most of my investors really struggle with serving a notice to their tenants.  Do not be afraid!  Once you have dealt with this notice, you will see how easy it is to use.

    A 3 day notice is the legal notice you give to a tenant when they are late in paying their rent.  The notice is a pay or vacate notice and they are always mean sounding.  But it covers your tail as a landlord especially if you have to walk through the whole legal process.  Think of this notice as a reservation of your legal rights.  The 3 day notice is the start of the legal process.  You serve the notice after your lease’s grace period is over.  For our rentals, the grace period is up on the 5th of the month.  On the 5th, I fill out the notice, send copies to my servers for posting on the house and mail a copy of the notice.  The notice gets posted to the door or served to the tenant on the 6th.  Then I have to wait 3 days.  If the tenant has not called me or paid the charges, then I proceed with the legal process.

    You are probably wondering do I always serve the notice?  My answer back is absolutely!  If one of my tenants has not paid the rent, you can guarantee I will be completing a notice for them.  Even if I talk with them and make an agreement, I always serve the notice.  Most of the time I try to forewarn the tenant about the notice and let them know if they abide by our agreement, then the notice will be satisfied.  Often, this is as far as the process goes.  Then we can all move on to next month.

    As a landlord, this notice is the only way to protect yourself from a tenant who fails to pay the rent.  This is the first step on the legal process and the only way to start the process, too.  Like I tell all my investors, “Never be afraid to serve the notice when the rent is late, regardless of the reason behind it”

     

  • Calling All Rental Owners

    Over the weekend, I had a great discussion with a property manager about some common questions I get concerning tenants.  This particular discussion lead to a question I hear frequently.  “My tenant is not great about paying on time, but does pay the rent.”

    My mantra is a firm but fair policy.  Our leases provide a 5 day grace period for paying the rent, which is due on the 1st of the month.  If the tenant pays within the grace period, there is no late fee.  If the tenant pays after the grace period, there is a $60 late fee plus a daily fee.  The way a landlord protects themselves is to have a policy of always send out a 3 day notice for non-payment of rent(regardless of the reason).  This is the landlords only protection to start a legal process if the tenant does not pay.  In the 13 years of managing properties, I have found if I stick to the terms of the lease, my tenants pay on time or they will communicate with me about what is going on.  The other lesson I have learned (the hard way) is to be very consistent with 3 day notices!

    Stay tuned for more rental management tips…

  • Calling all Rental Owners

    Over the last years, I have been actively involved in the management of rental properties.  It always shocks me to talk with rental owners who have a few properties that seem to be doing alright, but they always dread the phone call at the beginning of the month or chasing the tenant about the rent.

    In searching for an informative way to help our investors become experts at their rental management, I have decided to share some tips on what I have learned as a manager.

    If you have any specific questions you would like answered, feel free to email me at beccac@realtywest.com

  • “Flipping” is what you make it!

    Dunn_County-old_farm

    Everyone wants to “flip” a property for a quick profit…

    “Flipping” a property can mean a variety of different things.  For some, “flipping” means contracting professionals to remodel an investment home and selling it as soon as the work is done.  For others, “flipping” means to hold onto the property until the market naturally increases the property’s value.

    How long should you hold onto a property to avoid higher taxes?  What do you need to know before you start down the real estate investment road?

    The Realty West Properties team has helped hundreds of investors find the right formula for the right pay off.  Call us today and let us help you get started.

    Realty West Properties

    206.242.2627

    realtywest.com

  • Where to find contractors in your neighborhood.

    Porch.com

    What’s Porch?

    Porch is a website (and app!) as well as a local Seattle start-up.  Porch allows you to look up historical information your property.  Perhaps more importantly, this helpful tool shows you the repair, renovation and update projects performed in your neighborhood.  You can see what was done, which professionals did the work (as well as their ratings) and get a quote for your project.  A simple, quick way to research contractors near you!

  • Loan Originator Wendy Atencio

    Some people go above and beyond to make sure you succeed.  For several years now, Wendy Atencio at New American Funding has done just that.  The Realty West Properties family can work with any lender, but it is the rare few like Wendy who make the process a smooth sailing pleasure.

    To say thanks we want to highlight Wendy’s hard work and commitment to excellence.

    Thanks Wendy, we love working with you and consider you part of the family.

    Wendi Atencio:

    WA NMLS-115791

    CO 1000033047
    Senior Loan Originator Regulated by the Division of Real Estate

    Email: Wendi.Atencio@nafinc.com
    Phone: (206) 412-0131

  • Realty West Investor Philosophy

    Our team at Realty West Properties has helped dozens of families grow their investments from their first starter home to a full fledged real estate portfolio.  We don’t take short cuts or believe in ‘too good to be true’ tricks.  We simply offer tried, true and time tested advice in how to build wealth through a successful real estate investment portfolio.

    Nowadays everyone wants to get rich quick!  “Flip” a property and quit their day jobs.  However, we have a couple sayings in the Realty West Family.

    When you “buy low” you ensure you are buying something you can afford in addition to your living expenses.  It can be difficult to see a home purely as an investment and one of the most common mistakes people make is “investing” in a second home they themselves want to live in.

    An investment property is something someone else lives in.  The rent should pay for more than the mortgage so that you can afford to ride the waves of the market value until it’s time to “sell high”.  And selling is where you make your money in real estate.

    There's only one rule to becoming a successful real estate investor:

    We want to work with people who are excited for the potential success and earnings of real estate’s long term investment opportunities.

    It’s never to late or early to start.  Give us a call, we’d love to help you at every step along the way!

    Find a broker who’s strengths go hand in hand with your journey.

    Learn more about our Family of Real Estate Professionals and the Realty West philosophy.

  • The millionaire next door …

    is the guy who drives his used car to work everyday, and buys his dress shirts at Costco.

    The millionaire next door….

    prefers a cup of coffee from the fast food discount menu to the full priced Starbucks drive thru.

    And the millionaire next door …

    enjoys making his money make money so that he can spend his time living.

    Over the past 40 years Boyd has helped his family, friends and a myriad of investors from carpenters to doctors alike, invest, and invest wisely in real estate.

    You don’t have to reinvent the wheel to make a million dollars in real estate.  You just need to take some good advice from the millionaire next door.

    When you’re ready to get started, call Boyd, he loves what he does!

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    Boyd Watkins has lived his life with a passion for real estate.  What’s more, he has walked the walk of the millionaire next door.

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