All Forum Posts by: Austin Youmans

Not a lawyer so just an opinion but I would say preparing housing is an essential service. I would keep people in the unit to a minimum whenever possible.

there are other advantages then cashflow but personally I wouldn't buy something that doesn't have the potential to cashflow within a year or 2. That being said depending where this is at in Vancouver you could possibly get 1100 for rent.

I would definitely counter with a lower offer during your inspection period just to see what they say as there are not a ton of offers going out right now.

REVIN meetings Tuesdays at noon 

and monthly REIA meeting in vancouver last Monday of the month.

Welcome, with 20% down you can cash flow alright. 

I invest here and it is a sellers market but you can still do alright. 

I'm happy to help with any questions you may have

@Marc Nicolàs Mariano I just took a glance at the property you posted in bend as I thought it was a more expensive market and that is a manufactured home in a 55+ community. Keep in mind you will have to pay lot rent and see if the park will even let you rent it out. Also mobile homes do not appreciate like land does. 

Not saying this couldn't be done but seems like a lot of down sides on that property.

@Arnel Arrozal if you are going to move to one of these citys I think you need to decide what you want personally as well as I think both citys have potential.

You will have more job opportunities in Salem. What do you do for you main income?

@Wa ChanIt depends on the return you can get. If you are getting 7% now then you would have to get greater than 14% to make it worth it taking that penalty. 

I agree with @Ned Carey that you should look into rolling it over to a self directed IRA as I think then you could borrow the money to put it into real estate. I have not done it but read some articles on it.

I did the FHA duplex move years ago and I think it is a great strategy so good work on getting in!

So are you re-configuring the space to make it a 4-plex or are you building onto it?

Seems like the rehab costs would be low for this kind of work. 

I would raise your soft costs to 5%.

Are you managing it yourself? Didn't see that cost so that is what I am assuming.

Do you know a good RE Lawyer in Vancouver, WA?

I am looking to set up an LLC or S LLC

not sure what state to put it in as I have heard there are some benefits not to do it in your state.

Let me know what you think and if you know anyone you can PM me.

@Blake Ingram, You may want to look into a FHA 203k loan that will let you wrap in the renovation costs into the loan. This is what I did for my first property and it worked out well. There is some extra fees so be aware of that.