All Forum Posts by: Jeff Webber

Thanks for the responses!  No offense to anybody here, but I don't like to use property managers.

@Jay HinrichsYes, HR is definitely an option but I haven't had much luck with finding properties there that would equal my cash flow. I will start looking harder in the next few weeks to see if anything new has popped up on the market. 

@Benjamin Herrmann I fell out of the 2 of 5 year window two years ago, so that's out.  I wish though!  

@Derrick Aragon I'd be interested in hearing what you have in mind for structuring the sale...PM coming.

@Mike H. My gut feeling does say to just pay the taxes.  Total tax bill, according to my CPA, will be in the $40-50k range.  I also like the way you think about recouping that tax money on the next deal!

Due to the price appreciation of the duplex, I think I'll be able to use the proceeds from the sale (after taxes) to fund another property closer to me that will come close to the cashflow I'm currently getting...but I will own it outright. That alone might make paying the taxes worth it to me!  

I own a duplex in NW Portland that has been a great investment for me for the past 12 years...it currently nets me about $900/month.  In the last year I've moved east about 2 hours away and it's beginning to become a headache to maintain the duplex from this distance so I'm contemplating selling it. I'd like to do a 1031 for a similiar property here in the eastern gorge, but there really aren't any properties available that are of equal value (about $425k total, $195k still owed on duplex) to purchase, as this area is much cheaper than the PDX area.  According to the 1031 rules I've researched, I'd have to find another property of equal value that I will still have an equal amount of debt on.  

That means that to sell I'll probably have to take the long term tax hit. The proceeds would then be used to purchase or build another property here in my area.

Would you sell in my position and just take the hit just to be out of the property? Anyone ever been in this position and regretted selling?  I think I know the right answer but I'm just looking for any possible suggestions...

Thanks!

@Michael Jones Thanks!  I'll get in touch with them.

Like others have said...landscaping against the open brick areas.  For around $500, pick up a new craftsman style fiberglass front door (HD has some in stock) and get rid of the screen door.  That will make a huge difference.  For cheap, pick up two black pull handles for the center and faux black hinges, two on each side to dress up the garage door (make it look like french doors).  That is if you don't want to spend the money on a new garage door with windows...

I've secured a private loan (from family member) to help get me into a few properties to BRRRR here in Oregon. I've been doing my research on a few markets and I think I've found a couple cash only SFR's coming up at auction that I may bid on in the near future. My question is: In Oregon, how does one go about coming up with the necessary paperwork to document this private loan? Do I need to hire an attorney for this or can my title company handle helping me out with the transaction? I'm pretty certain I can handle getting a Promissory Note put together, but it's the deed documents that I'm unsure about...

Any help is greatly appreciated!

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@Michael Dolan, I've only been here 3 years, but Banks is definitely growing...and the tech seems to be creeping out this way even faster.

@Derrick Aragon, thanks for the tip! I'm in the process of trying to refi right now and luckily I do pay myself with a W2.  LOTS of back up info needed for a self-employed refinance! Luckily, once this one is out of the way he will have all my paperwork on file for the next one (hopefully).

Hi! I found this site while doing some research on various real estate deals online. I live just west of Portland, and I'm looking to get into REI a little more to supplement my retirement as I'm self-employed (General Contractor) and don't have much of a traditional 401k, etc.

I started out buying a duplex as my first house back in 2005, which I lived in one side for 7 years and rented out the other. I still own that duplex and rent both sides. I'd now like to purchase a couple more houses (single or multi family), in which I can renovate and rent out (BRRR?). I've done a lot of home remodeling the past few years, so I'm pretty clued into what needs to go into a home to properly renovate/rehab it. I'm mainly interested in the outlying areas like Banks, Forest Grove, Scappoose & St. Helens right now as that's where I work and live. I've been looking for a few weeks only, but it's hard to find anything out there!

Anyways, I'm excited that I found this site as it's cool to find a lot of people with the same goals of increasing their financial independence through REI!

Jeff