All Forum Posts by: Evan Keturakat

 Thank you Kris!

Thank you Caroline! I am hesitant to sit and wait as I think rates will be going up around November and if not the first part of next year. Sadly, I haven’t won the time the market right game so I doubt this time will be any different, but here I wait patiently. I too wish I too had that Crystal Ball. Anyways, I am following this Evergrande mess as well but don’t really know how it might effect what we have going on in our markets and or the macroeconomics of the company to the US economy. Thank you for the information..

Hey BP, 

Has anyone in Washington State (Spokane) had any luck on doing a cash out refi on their investment properties? I researched this back in the Spring and found some that might do 4 -4.5% being and investment property but they had additional fees to the rate due to the number of refinances, that I believe are now not charged. I have over $200k in a rental that is paid for and have been debating pulling it for another investment, or perhaps a few LP Deals that have room to grow in ~5years. As you in the PNW know, the housing market is tough and those rentals are harder and harder to find. If I recall correctly the last LTV numbers were from 60%-70% for those rates which allowed me the ~$200k. Banks researched were Umpqua, BECU, and I don't remember the others. Thank you!

Sean, congratulations on an amazing find in Spokane. Those deals are hard to come by. Looking for something similar to add to my portfolio in the next few months. 

Wes, earlier this year I called around Spokane looking for the same. Actually I was looking to do a HELOC for my primary residence in 1st position and others that would do the same for rental properties. I found Mountain West Bank was the one I would have worked with though at the time the applications were taking longer than usual and there was talk of discontinuing the HELOCs all together for the time being. That might have happened. Let me know what you find. They weren't the lowest rate when I looked but the most convenient for what I was trying to do.

Great work on this deal, I can tell you will have many more. Keep it up!

Great question! I too would like to add language to the lease addressing this topic for the next few months and a new SFH renter. Following..

@Corina Eufinger Thank you the advice. I am pretty sure the seller financing will go through however have to look into the steps of working with a Title company and setting up escrow. This is all new to me. I look forward to reading the article. Thank you for the link

Hello BP! I am a real estate investor looking at a new opportunity and is looking for some advice..

The Deal: My mother has a rental home that has sat vacant for most of the last 10 years. The home is paid for but needs some serious updating and then some. I have been approaching her for years trying to either manage it for her, help with the needed repairs, etc.. but to no avail. Recently she has given consider to selling it to me and we have been figuring out the numbers. The home ARV is probably close to $250 and the tax assumption is there as well or higher (this was never appealed) I assume the home was worth something in the ballpark of $180 needing a kitchen/bathroom and lots of updating of plumbing and possibly some electrical too. I offered just below that and she decided it was worth much less and is giving me a deal if not a gift, I am shooting more toward a deal since I know gifting could hurt either of us with the current taxes and I also planned to buy under my LLC and keep separate from my personal belongings.

My questions are how should I go about the purchase and sale of this home? She is open to seller financing so it can be a note that I am not going to carry. Also note: I hoped to purchase that home into my LLC so am I still considered as being gifted from a family member and taxed likewise? This I know will hurt their tax base and she is retired.

I have begun some demo as I started to work out the details but am thinking I should stop until this is finalized.. Thoughts? Concerns? Suggestions? Any advice would be appreciated

Becky, what did you end up doing on this? I am looking at a similar scenario and plan to purchase a vacant home of my parents (one that is paid for) under my real estate LLC. For the purpose of fixing it up and renting it for an income. I have not yet spoke to a real estate attorney on this but am looking into it. Any help would be great.