All Forum Posts by: Robert Freeborn

It might be a rule in the agents brokerage.  If not, the agent would get the full commission (minus the cut of the brokerage).  @Patrick Britton any input you could add to this?

I don't know canadian laws, but when you tell them the increase, be sure to couch it in terms up the updates and renovations, especially anything the insurance didn't cover. Let them know that there is added value to the property, which is why the new rent will be higher. 

@Bill Hampton But how much of the sale is taxable? 

Lets say you buy for 100k. You renovate it for 30, so you're in it to 130k. Your ARV is 220k. After you repair it you refi it for 200k, and later sell it for 220k. Are you liable for taxes on the 20k, or on the 90k?

If your mortgage balance is, say, 200,000, and your home sells for 220,000

Hello BP!

I'm wondering just how many investors and flippers are up in this area, specifically in the Anacortes, Burlington, and Bellingham Washington areas. 

I know there are local REI groups, but I've only been to one so far, and I'm looking to connect with others in the meantime. I'd love to learn what you do, and why, in our crazy market.

@Timothy Tooker Thank you for that breakdown. I was forgetting a TON of the little stuff.  And wonderful idea about Ben Kinney. 

Two separate properties. Both were made around the 1930s. One is a 3/1 and 1300sf. The other is a 3/1.5 and 1500sf. No foundation issues, but they will need a substantial facelift, as neither look like they have been updated since the 80s. I'm hesitant to give more as, I said earlier, I don't have them under contract yet.

BP, 

Mods want me to post here. 

I'm looking at two properties in beautiful Anacortes, Washington. 

I don't really have the means to currently tackle them.  I'm trying to gauge interest before Tying them up. Are there any investors who are looking for property out here? 

The comps for both properties run around 300 -350k. 

Would anyone here, or anyone you know, be interested in one of these if I were to wholesale them?

@Nick Rinnert What are the rental comps for Everett?

Hi BP!

I've been studying alot about the Brrrr strategy.  There is a house here that I definitely want to move on, but I'm curious about the after part. 

What I haven't been able to discover is how taxes will factor in.

Obviously, you don't pay taxes on the refinance part, since that is technically loan money. But what about if you were to sell 6 months later? You'd have very little equity, and therefore very little profit from the actual sale.

Here is where I'm unsure: wold you pay taxes on the little bit of equity that you gained between the refinance and the sale, or would you pay it on the difference between the original purchase price and the final sale.

Thank you!

@Timothy Tooker Tim, where do you get the $2,000? I can't find that figure listed everywhere. Is that from the state? Does it include CE classes? I take it that it is how much you personally pay, but could you share a breakdown of that? 

I've been thinking of getting one myself, but that hold cost seems crazy compared to my investment and insurance licenses.