All Forum Posts by: Ben Winchester

You would probably want to consult a tax professional about buying Oregon goods and transferring them to WA tax free, but I'm pretty sure that legally you are supposed to claim those and end up paying the tax, unless you are an Oregon resident. Again, I'm not a professional so you may want to seek some advice on that particular topic to avoid any kind of fine during an audit. There may also be someone else who responds later down this thread with their experience in Oregon, someone like @Jay Hinrichs (I'm not his colleague so I don't think I can tag him) who might know more about working in surrounding areas of Oregon. I'm guessing he's going to say seek professional tax advice too, but ya never know :) Either way, good luck with your projects and saving money!

Ryan Betzing I am very much a newbie and don't have any investment properties, so take what I say with a grain of salt. If I were in your shoes, I would sell them as soon as the bank allows, to pull out the profits and reinvest. I would also follow someone else's advice and try to do that in a 1031 exchange if possible, that way you don't have to pay capital gains taxes. From your initial post I wasn't sure if you accounted for vacancy rate, capital expenditures, property management, etc. so that is very smart you included those in your numbers. Someone else also said your capex number may have been a little low so that's something to think about with such low margins in the end. Way to take the leap and get your REI started. If I were you, I would sell and reinvest into something that follows the BRRRR strategy with some higher cash flows. Best of luck

I am also a newbie, but I just listened to BP podcast 201 (BiggerPockets.com/show201) Brandon And Josh would love that plug.. and Justin Stamper was on talking about a similar thing he did around the time of the most recent crash. It sounded like he was doing it for all the good reasons, buying people's foreclosures, then renting it out to them, allowing them to live in their house and not lose it to the bank. He said it became illegal to do that and I wondered why, this thread has explained that to me ha. Too many crooked people in this world just trying to steal a buck. Don't quote me on the exact situation for Justin.. the show just briefly talks about it but it's still worth a listen. Thanks for the post!

Hello, I'm running into an issue with getting my wife as excited about this as I am. I don't expect her to all of a sudden have the passion for real estate that I do, but I'm worried I won't be able to capitalize on our current opportunity. Let me back up and tell the full story. A couple months ago we decided to sell our condo and buy a single family home that we can move to, an upgrade if you will. We bought our condo 2.5 years ago for $137,000 as a foreclosure. We currently owe $124,000 (give or take a few hundred bucks). We recently (yesterday) fell out of contract with a buyer who was going to purchase the place for $211,000.. after closing costs, giving us a nice profit of +- $70,000. During the time of selling I found BP and have been binge listening to the podcast. I would love to be able to use some of our profits to invest and find another property, she would love to invest the entire amount into our next home so we could live in a nice place. I've slowly been discussing the idea of investing to her and she's completely on board with investing, but she would rather do the comfortable option and use the profits to put into OUR next home. The way I see it, I have several options (probably more that I don't see as well) We could sell and use the entire profits to put into our next home. From there, I would have to find different funds to start investing with. This option is viable, I figure that it will just prolong the beginning of the investments that I want to do. We could sell, use some of the money for a new home, and then some of the money to invest. If we do this, it lowers our price range of a new home, which is proving to be a difficult find with my local market being near the top. We could stay where we are and refinance, using that money to invest. I like this option because our current interest rate is 4.75% and right now, a refi rate is lower than that, making our monthly payment stay relatively close to what it is now, while being able to get a good chunk of money to start investing. My wife wants a nice home, and so do I, but I also want to be able to set us up for financial success in the future. I'd rather start buying investing properties now, earning more money for us to buy, or build, our own home in the next 5 years. Any advice, thoughts, personal experiences, etc. are welcome! I love BP because it provides so many people a platform to be able to discuss many issues involved with RE. Thanks in advance for any responses. Ben

Ryland Taniguchi hey thanks for the post! I've been binge listening to the podcasts and just heard the one you were on. Loved the info you had to share and it's super awesome to see so much knowledge and experience in one social network setting. I've already learned so much from BP forums, podcasts, and book recommendations. I could imagine that learning a new market is kind of like starting out fresh, but the advantage you have is your knowledge of the process and your network. I'm just trying to absorb as much information as I can and then get my first deal :)

@Steven Torrez, Thank you for the information! I had no idea there was a meet up so soon, I am putting it on my calendar now and hope to make it there.

@James Ayers, Thanks for the website, I am always up for easy to read/click graphs. The more basic the better right now. I appreciate your response.

@Jean Nelsen, yes please! If you could send me a message with the info that would be great! 

@Account Closed, I tried to PM you... but I am also not super familiar with the BP site yet so I hope the "private notes" function is the PM function for most other social sites haha... If it's not the right PM function, then hopefully you get this update and can correctly PM me ha.

Hey guys, I'm brand new to the real estate investing game, but I'm trying to get information for my market. I live in the Portland, OR, metro area and I'm wondering if anyone has good history in this market who can respond with some suggestions/advice. I'm looking for good areas for flipping, and good areas for the BRRRR strategy. If there are areas that are good for both, that's awesome, but I assume they are separated to some extent. I'm talking anything from as far East as Corbett, to West of Beaverton, and south of Oregon City. Pretty much Multnomah county and the outskirts. Any information would be greatly appreciated. Thank you in advance for any responses. Best regards, Ben