All Forum Posts by: David L.

I have a friend that's moving to Oregon and selling their home in Hawaii.  Their current home is slated to sell in the first week of 2017 but they recently received documents and found some verbiage about being taxed 5% on out of state properties sales if / when they are Oregon residents. Not sure on the details of the verbiage but I'm skeptical.  

Their 2016 taxes will be under Hawaii and 2017 will be Oregon.  So their thought is that if they sell in 2016, they won't be hit with this 'out of state tax' that Oregon supposedly has.  Is there any validity in any of this?  Or is this nothing to worry about?  I have a feeling that what they're reading has to do with the overall Oregon capital gains tax in general.

What's the biggest benefit to the anonymity other than redirecting spam mail?  So that tenants, etc. have a harder time to sue you?

Need some help figuring out whether this can be done.  

We currently own a home but are looking to purchase a new one to move into and then rent out our current one.   However, circumstance has us not able to move into the new home until 6 months later.  In talking with the loan officer, we'll need to include rental income to qualify (since I am self employed and income likely won't be used).  He said that they only really need a contract with a tenant to show rental income.

Could we possibly "rent" out to our parents for those 6 months, and then get a real renter afterwards?

Any other ideas?

It's a rather personal question.  How you approach it depends on what you want to accomplish and how much you want to hustle.  Some folks are very motivated and will hustle to no end whereas others aren't aligned with that lifestyle - which is perfectly fine.  Figure out where you are in that spectrum and follow suit.  On that note, I can find gardeners, cleaners or random taskers for $20/hr on the cheap end.  So it's definitely possible.

I totally understand why the banks need what they want, but I can't imagine that newly self employed investors are completely out of the game for 1-2 years?  What other options are there?

• Hard money lenders? 
• Mortgage lending companies? (non traditional bank)
• Get a co-signer for the first years then refinance when "in the clear"?

Any thoughts on the above possibilities?  Which do you like better?  Any other ideas?

Looking to secure a loan for a home but running into some issues.  Here's where I'm at: 

• Self Employed (less than 2 years). 
• Wife has W2.
• Recently refinanced primary residence (less than 1 year).
• Can put down 20-25% down on new home.
• Looking to move into new home, rent out current one.

From what I understand, I have two problems. 

1. Banks that use federally backed loans (F.Mac, F.Mae) require (desire?) at least 2 years of tax returns for those who are self employed. 
2. Can't use any rent income from my primary residence until I have lived in it at least a year (apparently a refi will reset that counter).

Are there any suggestions around these hurdles?  If I can acquire the new home, I don't mind staying in my current home and renting out the new one for a year.  Although I don't even know how the bank would know whether I simply moved into the new home and rented out my current?

I've heard that there are other lenders that don't necessarily follow the same convention as traditional banks? I've read some members posting about http://www.netlendingrates.com/? Are there other similar options?

Thoughts / experiences?

Thanks!

Hi @Eric Barnett, did you ever get any interesting info with your search?  I'm in a similar boat but looking toward an investment by year end.  Trying to figure out how it's going to work for me. 

You could also exist as a LLC but file as a S-corp, thus giving you the additional tax benefits that corporations receive. Potentially gives you the flexibility to do things loosely or more formally. But really, even though it's a tempting option, I would suggest you figure how you want to run your business first, and then just pick the appropriate entity to execute your plan. Don't find the route that gives you the easiest (laziest) path.

@Brandon Turner, yikes: 

http://www.staradvertiser.com/breaking-news/plane-...

Not sure what sort of IT industry you're working or the type of company, but just writing to encourage you that 100% remote CAN work.  As long as your management knows your work ethic and your production, everyone can get what they want.  I requested FT remote 12 years ago and still at it.  Traveled back to HQ 3-4 times a year for a week at a time in the first 3-5 years but haven't since.  Talk with your managers and see if you can work it out gradually.  4hourworkweek has some decent basic tips on how to get there.  Best of luck.