All Forum Posts by: Brett Lee

@Minna Reid

The housing market will tank at some point. Its not if...its when.

People have incorrectly predicted when it would go down in the past and as a result people think talk of a downturn will never happen.

Invest in real estate but don't go crazy speculating. In my market homes have gone from 350k to over 500k in 2 years. That is crazy! Markets historically always go up and down...not just up up up...

I am not an expert but my couple of simple thoughts are:

1. Don't buy a home that couldn't rent for the mortgage payment (primary or rental).

2. Don't overextend finances. Make sure you have an emergency fund just in case... If you don't need it during a national crisis use that money to buy for pennies on the dollar

It sounds like capital gains taxes will increase under the Biden Administration. I'm curious to see what people's thoughts are in regards to protecting assets from Capital games. What types of things are you doing or recommending others do to protect assets from increased taxes?

Scenario: I just spoke with a friend of mine that is concerned that capital gains taxes will take a lot of The Inheritance that's him and his wife are set to receive. Most notably from the sell of a home that belongs to his mother-in-law. What thoughts and ideas do you guys have for him? Also does anybody have any recommendations for tax specialist that I can point him to?

@Adrien Canery

Young with money... .make sure to max out roth ira and let money compound til retirement!

@Michael Rice

Doubt it. Not in Washington state!!

@Brett Danehey

I agree with your thoughts but it simply is not right to tell people they dont have to pay rent! Especially if they can!! Just because a person has a lot of money saved does not make it right to have to burn through it because people simply refuse to pay.

Shouldn't the government at least pay peoples rent if they told people they dont need to pay?

@Bjorn Ahlblad

Bjorn I totally agree. Biden just like governor Inslee looks at landords as rich people that oppress others and tenants as all victims.

I have not gotten burned by a tenant yet but that is because of their good character. If they wanted to stiff me for tens of thousands of dollars they could.

Most people are going to pay but if you have a 100 unit apartment and 10% decide not to pay you are in big trouble or have to deplete life savings just to stay afloat.

If people start thinking that it is their "right" to choose to not pay rent there may be some very disturbing trends.

I was going to buy a 4 unit rental recently but decided not based on 1 of the current renters. Not getting into real estate to lose money

Sadly Reagan's quote remains true"Government is not the solution to the problem...government is the problem"

@Brooke Hallock

Years ago my wife and i struggled with our house payment etc based on my pay at the time. We rented a room to exchange students for around 700 per month which included meals. Not a ton of money... But might make sense for you if you have a private school near you or a community college.

@Nathan G.

Totally kidding Nathan! Was going to joke about the importance of putting life insurance policies on tenants but figured that was too far.

Actually you brought up dome really good things to think about. Have a great day!!

@Nathan G.

Sixth tenant death in 2 years. Yikes I am not renting from you lol 😉

Tough subject but it is a reality. Having good emergency contacts etc just in case...

@Jessica Brennan

My biggest concern is if he is cooking meth or something inside. If so you will need major overhaul