All Forum Posts by: Kelly Asmus

If you feel comfortable with the paperwork and know that you have your legal end covered, then proceed without a broker. If you are nervous about doing the correct paperwork and disclosures, then hire an agent. Find someone you trust. Sign a broker agreement that keeps everything confidential and proceed with the contract, disclosures and documents. If the agent went around you to the sellers direct you have cause to sue the broker because you have a contractual agreement. 

This list completely confuses me. Never heard of any of these "hotspots." I am not in agreement that these have the highest profit potential for STR. I have many clients with STRs who would absolutely disagree.

Yes, disclose it. And get yourself an exchanger right away to handle the 1031. The exchanger can answer all your questions and help you through the process. I'm licensed in OR and WA. DM me if I can help you or you need a referral to an exchanger. I have a great one in Portland. 

Our local MLS offers "seller financing" as one of the options for financing. So if that's an option for you locally, have your broker set up a search to send you all properties where seller is interested in seller carried financing. If that isn't an option, then yes you'll have to start knocking on doors, sending mailers and talking to/networking with wholesalers.

Yes - I use Troy Reichlein, CPA. He's out of Lake Oswego, licensed in Oregon. www.Reichleincpa.com.

503-653-9592

Good luck.

Also consider that smaller home you buy now could be a perfect first rental property. Secure owner occupied financing, live in it a few years and make repairs, then when you have additional funds, but something bigger and rent the first place out. Build your real estate empire slow and steady. Or buy a small multifamily now with owner occupied financing, rent the other side for income (pays a good chunk of the mortgage so you can save for another property, stay in it a few years, then buy your first single family, again with the intention to rent it in a few years. Lots of ways to meet your goals.

Rental market is tight right now so I don't allow pets or smoking. When it was a little different I okayed small pets. My insurance won't cover certain breeds, right or wrong, in our rentals, so I was upfront and let them know. We've had dobermans for years and they are an outstanding family dog. But in my rentals, I have to draw the line and protect my liability. The first line of my rental ad says NO PETS NO SMOKING. Can't be any more blunt than that.

Depends on what your goals are. If you've lived there and can cash out and avoid capital gains, great - but what's your plan to reinvest the money into something else? You're making passive income of $1000 a month, which is fantastic. So again, depends on what your overall real estate goals are - more units like a 4 plex, or stable income? No one can really answer that question but you. Good problem to have!

Also agree with the small multifamily unit strategy. Anything 2-4 units is easy to finance, 20% down and if you pick the right properties should cash flow right away. Good luck!

Not to get in the fray with the discussion - In Oregon, Most big lenders have appraiser pools, so if your lender is angry enough they can remove the specific lender from their pool and he ultimately loses business. The choice of the appraiser is on the lender, so they look bad they he performed poorly, and possibly breached confidentiality. So take it up with your lender, get a refund of the appraisal, if possible, and push to have him removed from their lists.