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All Forum Posts by: Joe Edwards-Hoff

Joe Edwards-Hoff has started 45 posts and replied 152 times.

Post: Financing A Farm/Rental/Primary Residence

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

So, I was looking at moving into a new primary residence. My current home was a duplex at one time and I was planning to keep it and rent it as one. I've got a few other real estate investments. Anyway, one house that my realtor showed my happens to be on 20 acres (I live in an agricultural town)  and it comes with 10 acres of cherries (which are currently being leased out to another farmer, so I don't have to work them.) And it also has a manufactured home and a small studio apartment on the property. 

So, I do not need these sources of income in order to afford the property, but I've been told that I may need a farm loan? I had been prepared to just get conventional financing. but if I need to  go another route, does anyone have any suggestions? I had also hoped to just do 5% down. We shall see. I have that on hand. Any more and then I'd have to get creative. 

Post: Writing Off Improvements- Safe Harbor

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

One clarifying question- can I still deduct up to 2% even if I went over (which I dont expect to)? 

I've got a 300k building, and I do not forsee expenses going over $6k. Remodeling a single unit right now. That'll be around $2k. Do supplies count? All I saw mentioned was improvements and repairs. 

Post: Writing Off Improvements- Safe Harbor

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

I just read this article here and I wanted to confirm the info-

https://www.nolo.com/legal-encyclopedia/small-taxp...

So, it sounds like I am able to write off some of my improvement expenses, as long as it is less that 2% of the basis of my property?  I qualify as being a small time investor. So, as long as my improvements and repairs are under 2% of my basis, I can file that paperwork and write all of the costs off that year? I just wanted to confirm that. 

Thanks

Post: Tile over old uneven tile floor?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21
Originally posted by @Mark Fries:
you sure can...I do it all the time

 Would I need to just mud right over the top to get it all shaped right?

Post: Tile over old uneven tile floor?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

So, I've got to rehab my first apartment unit. The building is from 1945 and it may have the original tile floor in the shower. It is uneven and ugly. I'm not sure how easy I can rip things up. Can I level it out (with correct slope)  and then just tile above it? Extending the drain some... I'd buy a drop in pan if I could but it is 30x30 with a drain that isn't centered.  So I assume I'm out of luck there. 

The walls will get torn out today.  

Post: How much insurance do I need?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

I'm buying a 10 unit apartment for $350k. (There is also a SFR along with it). How much insraunce do I need to get for this thing? I have the previous owners policy to compare to, and I am being "told" what to get from the local Farmers agent, but I wanted to hear from the pros.

What is required? What do you advise? Is there a place where I could save money and opt out? It's my first apartment/business investment.

Post: Insurance for a $350k 10plex?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

How much coverage should one get? If the apartment was purchased for $350k, wouldn't 500k coverage suffice?

Post: Insurance for a $350k 10plex?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

Farmers meaning state farm... or? Is there a company called farmers? 

Post: Insurance for a $350k 10plex?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

Hey all,

So I have almost closed on my first bigger purchase of a 10 unit apartment complex for $350k. I live in south east Washington.  And I am clueless as to where I should look for insurance on the commercial property. I'd like to find the best deal possible. Obviously it affects cashflow.  I also would love any recommendations for certain coverage options that I should be considering.

Thanks!

Post: How to Make Low Maintenance Apartment Units?

Joe Edwards-HoffPosted
  • Homeowner
  • Grandview, WA
  • Posts 155
  • Votes 21

Hey everyone, here is a walk-through video of an empty unit. I've got to do some game planning on how I want to go about this. 

https://www.youtube.com/watch?v=IOnHVNmC3Vg&featur...

Paint, I was thinking about two white walls with an accent color for trim and cabinets. Definitely more work, but also more curb appeal. 

Floor- The tiles honestly might not look horrible if the walls weren't the same color. Otherwise I still feel strongly about trying glue down LVT. I've used it in my basement, it is waterproof, if one gets damaged you just rip it off and place another one. And it has a bit warmer feel than tile. 

Kitchen, most of those cabinets don't even function and the sink is partly blocked by the stove. I liked where someone suggested installing permanently mounted screens over the drains so that food can't go down. I also think I'll go with Formica on this counter. Maybe granite later. But this looks like a 6ft, one piece, unit would drop right in. 

Bathroom- same LVT in the bathroom floor. Honestly the white FRP for surrounds seems like the easiest thing to do in the short run, but tile in the long run would be nice. Even though the vanity looks totally functional, I'm terribly tempted to replace it with a smaller unit. You can't sit on that toilet without your knees hitting the vanity. I also plan to use the trick where you mount a "decorative" board to the wall studs and then mount a towel rack to that board. As opposed to drywall. 

Otherwise, I plan to tear out the sheetrock on that room dividing wall and redo it. It looks pretty awful.