All Forum Posts by: Briana Nasman

We sure do! Of course, I'm not a beer person, but we have some great wines, too!

@Account Closed

As a Realtor in a cash sale heavy area (Seattle), I can assure you, every call I've had from an appraiser asks if the sale was cash or financed. I have had multiple lenders tell me they can't use cash sales in comps. This totally could just be state-specific, or lender-specific, of course. Our MLS also requires that we report the type of sale once we enter a property as sold. I totally agree with you, in a normal market, a cash sale shows strength. But, in a crazy hot market, people aren't acting rationally. Houses were selling for 20% higher than list (or what they were worth), and cash buyers are predominantly from China- and they care much less about the value and much more about getting their money out of the unpredictable Chinese economy and into a "safe" space. So, our area could totally be situational, but, out of the many appraisers and lenders I've talked to, cash sales don't count.

At least in WA, appraisers don't count cash sales. They only look at bank financed sales, and they typically call the agents to confirm that they actually appraised for value ;) guess it would depend by state or locale. 

An appraiser isn't going to use cash sales as comps.

Thanks, Jake!

Definitely agree with the PP... I think they are a bit ambitious listing it that high. I really want about 525k but that would likely be a stretch, especially since I'm hoping the seller will carry some. It's not in Hoquiam, but that's good to know too :) the management definitely concerns me. There are a few local companies that seem to have decent reviews, but you never know... and I don't want to have to make the trip out every month or something to check in. Perhaps I'll lowball them a bit (banks won't even finance less than a 1.25 DSCR, and I think with current operation it's about 1.2) and see what happens.

Ryan- I don't think so. I mean you will have to report a bit of additional income, which will help you with future properties. As long as your CPA takes the proper deductions, it shouldn't hurt you too much, though. Personally, I would keep anyone on month to month leases so it's easier to end things if they don't work out. Check with your state, but we only have to give 20 day notice for MTM leases.

Hmm... I haven't run into this as a landlord, but when I was renting, I totally did this! Luckily, there were never any issues and everything turned out fine, but as a landlord, I definitely would not allow it. My default statement is talk to a lawyer, since if she keeps doing it, she is breaking the lease. I would let her know that you are putting cameras up and will be tracking who is coming or going- maybe double check the lease and make sure that there is a provision for overnight guests in case she tries to pull that card (usually leases specify how often and for how many nights). If your state is pretty landlord-friendly, you may not have a problem evicting over this, but hopefully, once she knows that you are super serious about the no-Airbnb policy, she will stop. It is also worth contacting Airbnb about- mention that she is breaking the lease (Airbnb says you must have owner permission to rent out a leased unit when you sign up) and see if they put a stop on her account or something. 

Hope that helps!

Hi Ryan-

Banks generally won't count rental income unless it was reported on your taxes, correct. Also, you may be able to take deductions since it's partially a rental (talk to a CPA for specifics, but I think I was able to deduct like 50% of the utilities, HOA dues, depreciation, etc (see here for more info since I could be totally wrong: https://www.nolo.com/legal-encyclopedia/tax-issues...) I would chat with your CPA (who will likely advise you to follow the law, haha!) but it would probably benefit you more to have a lease and report the income. 

Also, unless it's different in your state, there aren't really any "legal steps" for renting out rooms. Just get a state-specific month to month lease agreement online (BP has them) and have them fill it out and sign it. In WA, it's a one-step process to make it official. 

Hope that helps a bit!

Not sure where you got that nonsense info, but actually, Labrador retrievers are the most common "attack" dogs. Pits can be absolutely lovely dogs.

https://chicagoinjurycenter.com/common-breeds

Thank you both!! 

It's definitely value-add.. I also would not purchase it if it weren't :) 

Bjorn, thanks for the insight and experience. Glad to know of someone having a good experience in this area. Everything I know tells me to stay away from such a economy-less area (hah), but the other stuff seems like it makes up for it. The PM may worry me a bit... It would be very hard for me to self-manage if things went awry, but there is always risk, I suppose....