All Forum Posts by: Ben Lukes

@Jay Hurst

That makes sense. I wonder what others here think of that.

@Jason Wray

Yes, I have W2 income. I’m wondering if RE investing alone could be the business that pays the debts…but then maybe I’d be exposed to WA business taxes…I’ll have to look into that.

Interesting to hear that DSCR loans have lower rates than conventional right now. Last time I checked the rates were around 9-10%. Would you use a loan like that on a single family rental, or just 5+ units?

In episode 943 of the podcast the guest, Jeff, said that if you pay your debts through a business account for 12 months, they will no longer apply to your personal debt-to-income ratio (DTI). Does that apply to conventional loans in general?

If so, I'm wondering if that can help me out. I currently own a condo, a duplex, and my personal home (half of which is rented out) all under my own name. Would simply owning these properties through an LLC (with an associated business account) be enough to benefit from this? Is there some other way to have your rental mortgages paid through a business?

@Jonathan Weinberger

What areas of Detroit do you invest in? Do you live nearby? How do you find properties?

Is the economy there still heavily reliant on the auto makers?

Also, does all these provisions apply to someone renting a room or a few rooms in my personal home?

I'm still trying to wrap my head around RCW 59.18.650, and am pretty damn confused.

Is it better (as a landlord) to have a lease that provides for the tenancy to continue for an indefinite period on a month-to-month or periodic basis after the agreement expires or one that doesn't?  Does 59.18.650(1)(d) mean that either way the tenancy will continue on a month-to-month basis, or is that only for leases that don't fall under (1)(b) or (1)(c)?

For leases that fall under (1)(b), the language of the law keeps referencing the initial period.  Does that mean that if I had a lease that falls under (1)(b), and I extended the lease for another year with a lease extension before the end of the initial period, that I no longer can choose to end the tenancy at the end of the extended period (except for in subsection (2) because that wouldn't be the "initial period"?

Leases that fall under (1)(c) don't seem to have the potential limitation listed above, so it seems like I should be writing my leases without a provision for the tenancy to continue on a month-to-month basis going forward.  Am I understanding that correctly?

Prior to this change I had written my leases for a period of 1 year or 6 months, with a provision that the terms will continue on a month-to-month basis if we did not elect to terminate the lease, but I always extended them before the end of the term with a lease extension (also for 1 year or 6 months).  My hope would be that I can continue to do this and have the option to terminate the tenancy at the end of one of these extension terms without cause.

Hopefully I have explained my confusion clearly...thanks in advance.

@Isi Nau very helpful, thanks!

@Orlando Goodon

Any change in your situation?  I hope things are going well and you are staying safe.

@Rachelle Bisaillon I could use some insight.  Any thoughts on returns an investor could expect and the lending market?  My wife and I are interested and frankly wouldn't need much of a return as long as it income covers expenses with a bit of a cushion.  What has appreciation been like in that market?

Are you only in the market on St. John, or St. Thomas as well?

Many thanks!

@Jeff Moore How did everything go? My wife and I are considering buying a STR, probably on St. Thomas, and would love to hear more about your experience.