All Forum Posts by: Andrew Gudmunson

Hi all, I have a couple questions about using a 203k. Does anyone have any personal experience using one? Was it a good experience, bad experience? I've read up on them a bit but I wanted to hear from somebody who has experience with them. I've read that interest rates are generally low but I'm curious what others have run into?

Ian Rosado and Jonatan Barbera Thank you for reaching out! I'll take note of this!

Thanks all for the advice, I've decided to not move forward with this idea! Dan Vleck I wasn't aware of the tax implications, makes complete sense though, and that is something thats important to me. I'm definitely going to be doing a lot more reading in the near future before I decide to move on anything. Regarding the contractors license, do you know if that differs state to state or does a landlord generally have to have a contractor do any renovations on investment properties?

Andrew Johnson Hi Andrew, Thanks for the advice! I understand there's potential for things to get messy, and I just now realized I failed to mention this in the original post but my main goal is to use this property as an eventual flip. The problem with this is I live in Washington state and don't have an active contracting license which means according to state law I would not be able to sell this property until I've had ownership of it for a year. (A contractor license would exempt me from this law.) the reason I thought of renting to family is because they're starting their third year of college in the city I want to invest in so I know I would have a tenant for at least two more years, taking me past the one year threshold in which I would be able to then list the property for sale. I'm not sure that I'd even utilize his help in the renovations themselves but I'd at least have someone with intimate knowledge of the home who could relay that info to me, take care of the yard, and cover my carrying costs until I'm at a point where I'm able to sell. I hope that makes sense and I haven't misinterpreted Washington state laws while researching this property!!

Matt M. Hi Matt thanks for your response, I was actually thinking of using this house as a flip but renting to my brother in law while we flip it ourselves. I have a full time job so it'd be an evening and weekends kind of deal so I was thinking of using my brother to offset some of the costs that may accrue from holding the property for a long period of time. Not sure if this strategy makes sense in the long run or not?

I currently own a 5 bedroom that has quite a bit of equity I can leverage and I am interested in purchasing a small rental property. Here's the thing, I have a brother in law who goes to college in the city I'm interested in investing in (I live about 50 minutes away) and he wants to rent from us if we buy a property. The property itself is a 1 bedroom 1 bathroom just shy of 700 sq ft. More info here:See what I found on #Zillow! https://www.zillow.com/homedetails/417-8th-St-Clarkston-WA-99403/108171264_zpid My main question is if we pulled the trigger on this property would it be wise to rent to family, and would we rent full price or give him a good deal on the property? I'm very interested in flipping homes and have a lot of construction experience so I plan to do most of the work myself, and I was hoping to utilize my brother in law to offset my month to month carrying/holding costs while using him to help me with labor on remodels. I haven't done a walk through of the house but it looks feasible from the photos to add a 2nd bedroom if need be. I'm just wondering if anyone on here has been in a situation like this and if what I perceive as possible advantages may actually come back to bite me?

I'm new to the BP community and want to fully utilize this newfound asset! I currently live in a 5 bedroom house in a rural area of Eastern Washington but have plans to move to the Austin/San antonio area in Texas. I plan on selling my current home towards the end of this year, I have about $60K currently in equity and several more projects lined up before I put my house on the market at the end of the year.

I'm looking for advice on how to leverage my equity and how to get plugged in to the markets in that area. I'm interested in house flipping and buy and holds to build a good base of passive income. I'm interested in meeting other investors in the area, whether flippers, agents, wholesalers, etc. who can give me an overview of the current market in that area. Let me know what thoughts or ideas you have!