All Forum Posts by: Joshua Peglow

Thanks for the response! I got ahold of the realtor. The property is listed FSBO but in the mls. It appears that the house was converted to multi-family which would make the ADU unqualified. I'm going to pass on this one and keep looking. Thanks again to everyone for the wealth of knowledge!

Thanks Shereif! The ad was unclear to me originally but it sounds like the "mother-in-law" (which is in addition to the ADU) apartment could be part of the house. That sounds like a difficult rental situation. I contacted the agent and am waiting to hear back.

Thank you all for chiming in. Yes I would definitely clarify with the county. 

@Louis Chan- It may be possible but I haven’t seen that it is easy and I’ve been looking for a while. They certainly are not meeting the 1% or 50% rules. 

My wife and I have been looking for an investment property in WA. We live in Bremerton but it’s difficult to find something that cash flows. 
We found this place in Ellensburg that looks interesting.

https://www.zillow.com/homedet...

If I’m understanding the ad correctly, it has two separate rentals on the property besides the house. I’m not familiar with Ellensburg. Would it be legal to buy the house as a rental while also renting the other two or does it need to be owner occupied. In Bremerton I believe you must live in the house. Do these things vary by county or is it usually state law? Thanks in advance! 

Meaning that if I wait, I can possibly get a deal on a foreclosure hitting the market? 

Yes the rental market is great here. We have a large naval base and several other bases near by. I understand vacancy rates are pretty low. I have been looking on the MLS and haven't seen anything that will cash flow. I will probably try driving for dollars but am also looking into other towns as I mentioned.

Regarding staying where we are at and saving; We are able to save about 1-2k/month. That is no even keeping up with appreciation around here! 

Thanks for the response! My house is a SFH. We are looking to buy and hold. We do have a young one and prefer not to house hack (although this seems like a great strategy!).

I was actually looking at that house! I think it may need more to get it ready but I haven’t been inside to make sure. Out of curiosity, how did you determine rent values? That seems about right by what I’ve been seeing. 

You have given me a lot to think about! I know it’s not ideal for a new investor but we have also been thinking about OOS or at least out of town to find a place that cash flows. 

I have what is, to me, a difficult new investor question. Six years ago I went through a divorce and my parents helped me out by buying a house in their name but letting me have the equity. I am going to give them 25k as a thank you if I sell. This is my question:

The loan is a 30 year 3.85%. I owe 183k and it’s worth 375. My new wife and I would like to invest in buy and hold real estate. Should I buy the house from my parents to put it in my name so that I can take the equity out? I don’t love the house and I wouldn’t mind selling but it would require most of the equity as a down payment on the next place (since we would want to upgrade). 
We are considering staying where we are and enjoying our cheap mortgage so that we can put more money aside for investing but then we don’t have access to the equity. Alternatively, we could buy another more expensive house with the lower down payment that a live in home requires and buy this one as an investment so that the 20% down goes to the cheaper house. 
It’s kind of an opportunity cost question because I don’t know how good of a rental it would be. It only has one bathroom and it’s difficult to add one. 
We have about 65k set aside to invest but we live in a HCOL. Really benefiting from the group knowledge here. Any suggestions?