Shag's Adventures in REI

Know Your Rights!!! WA State Version Part 3

Fri, 19 Jul 2019 10:06:00 +0000

Whether you are the landlord or the tenant you are a part of the Real Estate Investment process and you have rights and responsibilities. So you need to be aware of what those rights and responsibilities are, and they vary from state to state. As I am currently a resident of Washington State, that is what I know, so that is what we will be discussing. If you are not in Washington, simply visit your states legislature page and look up "Tenancy Laws". Also, remember that some counties and cities have laws in place that go above and beyond the state level. Last time we discussed Tenants Rights and Responsibilities, today we will be discussing Rental Agreements.

Residential Landlord - Tenant Act of Washington (RCW 59.18)

What is not covered by this law: Essentially, any time you are not under contract (lease) to pay someone to live in their property. ie: staying in institutions, you have chosen an option to buy, lodging, housing for employees.

Rental Agreements:

Rental agreements state the conditions for use and occupancy at a residence.

Month to month tenancy: An oral or written agreement which continues until one party terminates the agreement with written notice
Term Lease: Written contract for a specified period of time.
Waiver of rights: Except on specific situations, the law prohibits a rental agreements with the following clauses

Forcing tenant to wave legal rights
Allow landlord to sue with out notice
Permits landlord to confiscate tenants property
Designates arbitrator ahead of time

Changing rules/Raising rent: The landlord may not make changes while still under lease, until the end of the lease,except when on a month to month lease, then the landlord must provide written notice of the changes at least 30 days before the end of the rental period.

Deposits: When requiring a deposit the Landlord Must-

Give a written rental agreement and provide an inspection checklist, signed by both parties, stating condition and cleanliness
Describe the conditions under which the landlord may retain your deposit
Place deposits in a trust account in Washington and give the tenant a receipt indicating its location
With in 21 days after the tenant vacates, the landlord must return the deposit with an itemized list of any amount withheld
Not designate a non refundable fee in the deposit

Know Your Rights!!! WA State Version PT 2

Wed, 17 Jul 2019 02:49:37 +0000

Whether you are the landlord or the tenant you are a part of the Real Estate Investment process and you have rights and responsibilities. So you need to be aware of what those rights and responsibilities are, and they vary from state to state. As I am currently a resident of Washington State, that is what I know, so that is what we will be discussing. If you are not in Washington, simply visit your states legislature page and look up "Tenancy Laws". Also, remember that some counties and cities have laws in place that go above and beyond the state level. A few days ago we discussed a Landlords Rights and Responsibilities, today we will discuss Tenants, next we will discuss rental agreements.

Residential Landlord - Tenant Act of Washington (RCW 59.18)

Tenants Responsibilities:

Pay agreed upon rent and utilities
Comply with published rules, as well as state and local laws
Keep premise clean
Properly dispose of all waste
Leave the premise in as good of condition as it was at the beginning of tenancy
Provide the landlord a key if the tenant changes the locks
Maintain smoke detectors in good working order

The Tenant Shall Not:

Shall not intentionally or negligently damage the premises or allow their guests to
Unreasonably withhold consent for the landlord to enter the premises
Engage in or allows others to enrage in drug related activities

Tenants Right to Privacy:

Landlord may not enter the premises with out consent or court order, except in emergencies or abandonment
Landlord shall not abuse the right of access, use it to harass a tenant or impede on their privacy

Repairs:

Tenant must give the landlord written notice of needed repairs
Landlord must commence repairs as soon as possible after receipt of written notice but no later then:

24 hrs to restore hot/cold water or fix a life threatening condition
72 hrs to fix a refrigerator, range, oven or a major plumbing problem
10 days in all other cases

Landlord/tenants may notify health/building departments of possible code violations

Landlord must give 2 days notice prior to entering

Know Your Rights!!! WA State Version Part 1

Sat, 13 Jul 2019 02:28:56 +0000

Whether you are the landlord or the tenant you are a part of the Real Estate Investment process and you have rights and responsibilities. So you need to be aware of what those rights and responsibilities are, and they vary from state to state. As I am currently a resident of Washington State, that is what I know, so that is what we will be discussing. If you are not in Washington, simply visit your states legislature page and look up "Tenancy Laws". Also, remember that some counties and cities have laws in place that go above and beyond the state level. Today we will start with Landlords. Next we will discuss Tenants

Residential Landlord - Tenant Act of Washington (RCW 59.18)

Landlord's Responsibilities:

Maintain the premise in compliance with the law
Maintain Structural components
Keep common area clean and safe
Provide control for pests
Maintain dwelling in a weather tight state
Provide adequate heat and water, including hot
Keep the tenant current on who the landlord is and how to contact them
Provide properly working smoke detectors
Set the water heater at 120F
Provide a receipt for any fees/deposits and under which condition they may be returned

Landlord Shall Not:

Intentionally shut of utilities
Lock out a tenant
Confiscate personal property
Attempt to physically remove the tenant
Retaliate against a tenant who has exercised their legal rights
Charge a tenant more then the actual cost for a background check

6 Steps to Raising Millions

Thu, 13 Jun 2019 22:42:55 +0000

Talk to Potential Investor (ask the right questions)
Explain your business model
Obtain "buy-in"
Set up consultation with Real Estate Attorney
Finalize paperwork
Fund your entity

Finding and Funding Real Estate Investments

Sat, 08 Jun 2019 22:36:44 +0000

8 Ways to find Real Estate Investment Properties

1. Auction

2. Real estate owned

3. Subject To

4. Standard Sale

5. Foreclosure

6. Wholesaling

7. Creative Financing

8. Creative Acquisitions

10 Ways to Fund Real Estate Investments:

1. Hard Money

2. Cash

3. Mortgage

4. Construction Loans

5. Commercial Loans

6. HELOC

7. Partnership

8. Life insurance

9. Retirement plans

10. Private money

How to write off diapers to prom dresses

Tue, 04 Jun 2019 19:59:43 +0000

Do you know you can pay your kids to work in your small business, then deduct it from your taxes???

How you ask??? First, everyone in the U.S. didn’t pay taxes on the first $12,000 of income in 2018. Second, when you pay your children under 18, you don’t have to withhold any income taxes or payroll taxes. Best of all, you can still claim your children on your tax return as a dependent and even take the child tax credit, however, they don’t pay taxes on their earned income on the first $12,000!

So, where do the kids get earned income? You take a tax deduction in your business for paying your kids a legitimate wage for legitimate work and services. Thus, you generate an excellent tax deductible expense for your income taxes (inside your business) by pushing income to your children.

How much money could that have saved you in your business?

The difference between an LLC and S-Corp

Thu, 30 May 2019 23:52:00 +0000

Which Business Entity should you choose? Let's discuss the difference between an LLC and S-Corp, and why you should choose one over the other.

7 Reasons to Start Your Own Business

Sun, 26 May 2019 05:21:00 +0000

There are many good reasons to have a small business on the side, and very few reasons not to. Some say it is too ‘risky’ to start a business. I say it is too risky NOT to start a small business!!

Here are 7 Reasons Why You Should Start Your Own Business

How about having another source of income to fall back on?
Embarking on a project you love
Turning your hobby into a business that actually make’s money
How would it be to have the independence to run a business the way you think it should be ran?
Create a legacy to pass on to your family
One of the biggest reasons to start a small business: Save taxes
The MOST important reason in my opinion: A way to build more wealth

Notice I never said, "To quit my day job". I’m not saying you can’t have BOTH a ‘day job’ AND a small business…in fact…I often times encourage you to have both. With a small business your potential can be unlimited. With a day job you can have security and benefits.

Also, I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, pay less tax and drive down your effective tax rate.

Source

Specialize!!!

Tue, 21 May 2019 18:55:50 +0000

Some businesses are very successful at being everything, to everyone, but when you are first starting out in business, whether it be a new product or service it is best to specialize in doing one or two things. Learn to do them well, become an expert, and SPECIALIZE.

When business owners are first getting started, they tend to bite off more then they can chew, and become overwhelmed, and fail, not necessarily completely, but they can't get to the point of making money, because they are doing "too much".

Focusing on only a few key services or products also helps with marketing and branding. More money can be spent focusing on a few items, rather than a whole array of options.

If you are struggling with what to focus on, try starting with products and services that align with your talents and passions, you're already an expert in these areas, build on it. If you aren't excited about what you are doing or selling, it's likely no one else will be either.

To help you learn more about SPECIALIZING and becoming an EXPERT, here is a free book, just for stopping by!!

The 80/20 RUT! It’s a two-part problem.

Fri, 17 May 2019 22:49:36 +0000

This is something I see every day. Heck it is something I have been guilty of.
There is a massive difference in learning and doing. I see people attend every single webinar, study every new product that comes out and spend 90% of their time studying.
It’s great to learn when you start, but at the end of the day the only thing that will move you forward in your business is putting in the work.
You should work 80% and study 20%.