All Forum Posts by: Joseph Quarto

Sarah,

Jeff Daniel is a good RE agent in Ocean shores & surrounding areas.  And the little restaurant next to the Hoaquim Airport has closed, sadly;  the food there was good.

JQ

Hi All,

Have been reading the posts about Grays harbor & investing.  I live PT(about 9 years) in OS, so I feel pretty qualified to talk about it.  Gharbor & OS are 2 different animals.  GH is still pretty depressed in most areas.  But OS is basically a middle to slightly upper middle class community of retirees(lots military) & vacation get away homes.  The market was quite depressed from foreclosures due to ARMs on 2nd homes, etc.  But it has been coming back pretty strong this year.  We have a great community center, Lakes, Canals, convention center, Fire/Police/Library food, POffice, Golf Course, grocery store, shops & of course beaches.  

Great community, quiet, lots of tourists, lots of stormy weather (especially in winter), yet only 1 1/2 hours to Olympia - 2 1/2 to Seattle.

Most of the forclosures left are in pretty bad condition.  A few deals left, but everything else is pretty much priced right.

For instance, We are looking to sell our house to move closer to grandkids.  So our 3 bed/2 ba. (newer roof, WH,) close to everything while protected from strong winds on the beach is listed at $165k.  Not much left in the price range in this condition. Also the lot next door I own will sell with it as a package.

Any interest OR just further questions about GH or Ocean Shores, just drop a note.

Later

Joseph Q   

Hi All,

Have been reading the posts about Grays harbor & investing.  I live PT(about 9 years) in OS, so I feel pretty qualified to talk about it.  Gharbor & OS are 2 different animals.  GH is still pretty depressed in most areas.  But OS is basically a middle to slightly upper middle class community of retirees(lots military) & vacation get away homes.  The market was quite depressed from foreclosures due to ARMs on 2nd homes, etc.  But it has been coming back pretty strong this year.  We have a great community center, Lakes, Canals, convention center, Fire/Police/Library food, POffice, Golf Course, grocery store, shops & of course beaches.  

Great community, quiet, lots of tourists, lots of stormy weather (especially in winter), yet only 1 1/2 hours to Olympia - 2 1/2 to Seattle.

Most of the forclosures left are in pretty bad condition.  A few deals left, but everything else is pretty much priced right.

For instance, We are looking to sell our house to move closer to grandkids.  So our 3 bed/2 ba. (newer roof, WH,) close to everything while protected from strong winds on the beach is listed at $165k.  Not much left in the price range in this condition. Also the lot next door I own will sell with it as a package.

Any interest OR just further questions about GH or Ocean Shores, just drop a note.

Later

Joseph Q   

Hello to all you young ambitious smart investors,

We have a 5 unit multi-use building in west Seattle we are thinking of selling. We have owned it for about 14 years. Long term tenants, 2 bedroom apt, so livein owner occupied is perfect. All the major work has been done. CAP is around 4-5; GRM around 13-14. Not much to compare to this one. This building has been very good to us, but it is time to move on.

Any interest, give me a call for more info.  Please don't waste our time with No money down scenarios, BUT we are open to holding paper if circumstances work for us.  We are retired & looking for steady income stream.

Thanks

Joseph Q

206-992-5663

Hi,

We are in mid 60's & retired.  We have a income producing multi-use NC2 building that is almost paid off & have been thinking of selling(we also live in part-time).  We have SS & pension & 401k.  We want to travel with no worries. Since we just want monthly income & upfront cash, would it be prudent to sell the building & hold the note ourselves to minimize Cap gains each year?

Don't think we want to own anymore property except whatever small house or condo we buy from the sale of the building.  

Any ideas, pointers, greatly appreciated.

PS - I would have lots more questions if this is the approach we should consider, like what to include in agreement, who holds the Tax & Insurance $$ etc. to make sure they are paid in a timely manner...etc.

Joseph Q

Hi,

Some confusion & questions about a 1031 exchange.  We have a 5 unit multi-use building (commercial & rental) we live in part-time in Seattle & are thinking of selling & buying closer to the grandkids.

 we bought about 15 years ago for about $323,000.  It is now worth about 1.1million or so and we only have about $60,000 left on the mortgage.  So if I do a 1031 exchange for 1.1;

1) do we have to buy another property for 1.1, or the value after, taxes, commissions, etc.

2) Can we buy multiple properties, are the time limits different for each?

3) What if we only use say, $500k of the money; what how do you figure the tax implications on the balance.

4) Do I have to buy another multi-use or could I buy say a 3 unit, a single house(s) and a getaway cabin with land for our use?

5) If I did #4 above, could I then live in the house(s) & sell it 2 years later with no tax consequences (assuming the 250k/500k rule

6) Who holds the monies to insure Unca Sam gets his taste?

Any comments, pointers & suggestions greatly appreciated.

Joseph Q

Seattle/Ocean Shores

Hi all,

Reading this I think it all depends on your goals when purchasing the property.  When we bought the 4 unit (now 5) multi-use building, it was to live in it for awhile.  Now after 14 years, a couple of Refi's & paying extra on principal, we will have a paid off a now 7 figure valued building.  

During almost the entire time, we have paid from $325 - $1,500 extra on principal, and have also had Cashflow ranging from $700 to now about $1,600 AND we still live in the 2 bedroom unit with all utilities paid by the tenants.  Mortgage balance on a 30/7 - 5.15% is about $65k. Will have it paid off in about 2 more years and this will free up the $907 mortgage payment plus the $1,500 extra on principal - for a $4,000 a month steady chunk of change. 

 SO it can be done, but NOT if you put 5% down - we originally got a property on a Double 1031 exchange - he got our small 1 bedroom condo & we got the full value of it toward the purchase price, about.  Complicated but cool.  we were lucky in some respects, but ultimately, hard work, nose to the grindstone & living simply well within our means does it for us.  I might add we have a house on the coast also for getting away from the busy & noisy city.

JQ

Hi all,

Just found this great site. Wish i had found it years ago.  I have a MU 5 unit building that is receiving an unsolicited interest. So thinking i might sell if it's "an offer i can't refuse"   i am going to meet them In next week or so.

Some facts;

Owned for13+ years we are retired in our 60's

bought for $323000

Positive CF almost from day one, (now about $3,000+ a month) existing mortgage balance only $68,000 ($900 a month).  3 Retail tenants pay nnn, studio rental about $695. We live in the 2 bedroom unit part-time.  I know value is a 1 - low 7 figures. Very Minimal maintenance concerns, but getting tired of Seattle BS & traffic.

So then what do i do; tax wise, how best determine my value, should i carry note for monthly income?? Or just keep it?

Many questions raised since this inquiry.

Any ideas, positive comments greatly appreciated.

JQ