All Forum Posts by: Lynell Sonoda

@Joe Splitrock Thank you for your detailed advice. We decided to proceed with the inspection and appraisal. Hope all comes back well & I'll keep you all posted. My husband and I are actually going to occupy the ADU and rent the bigger portion of the home out. The inspector did say that you can have "visitors" that stay up to 3 days a week. I'm going to delve into the town codes more, but my thoughts is to just do a long term rental all utilities included or do a RUBS variation of 75/25 or 80/20 split. Im going to be selective with my tenants since the least attention is the best.. a lot of ppl around here rent to oilfield guys since the company foots the bill, but that's too much traffic for my liking.. I'll proceed with trying to get it rezoned and go from there.

I'll definitely talk to the insurance company about the pointers you've given me. Thanks!

@Marc Rice It's really not a deal killer which is why I posted on BP to get all of your input:) Thank you for the advice!

@Shaun Morgan Thanks for the advice!

@Carl Millsap Thank you for your input. I appreciate it:) My husband and I were discussing "creative" strategies to see how we could make this work since the numbers will work well for us. Wanted to get input from others to continue our brainstorming session and am happy you chimed in.

@Meghan McGill Awesome!! Congratulations and thank you for your detailed journey.

Hi BP,

I submitted an offer on a 3/2 home with a 1/1 ADU attached which was accepted. I'm getting cold feet after reading the city's ordinances. I can still cancel the deal and will lose $250, which is better than the what ifs that may occur if everything goes through. I should have done my due diligence, but was looking for a home to house hack and its location was ideal. I let emotions get the best of me on this one.

Here's the dilemma:

-Home is zoned as an R1 and the ordinance states it can't be rented out to more that one family.

-I confirmed the info above with the city inspector, he stated a couple options: have the owner put in a request for rezoning, or wait until I official close and own the home. This process takes about a month. Most rezoning request that went to the board has been approved, but its located closer to the main street of the town.

-Application to rezone is minimal, so I was thinking I could go through with the process, BUT its not a guarantee.

Has anyone dealt with situations like this?

We are located in West Texas & it seems as if everyone turns a blind eye to illegal rentals. From a business standpoint, I'd like to protect my investment and go the legal route so utilities can be separated at some point.

Thanks!!

Hi BP,

I'd like to formally introduce myself to everyone on the forum! I've always been interested in real estate, but am finally taking the plunge to achieve my goal of being financial free by investing. I'm interested in the Spokane,WA area or surrounding areas in Eastern Washington and Western Idaho.

Right now, my loan options are limited to certain states: Montana, Washington, Idaho, Wyoming, Colorado, Arizona. (Long story, but my husband & I recently became business owners and financing options are a bit slim with a business that's less than a year old in tow. I didn't search out hard money lenders for these upcoming transactions)

I'm interested in buy and holds in the multifamily sector, but will not limit myself to that especially if there are great opportunities in other avenues.

I'm doing a 1031 from a sale of my husband's former home.

We haven't closed yet, but of course the clock is ticking.

I'd love to network with people who are already investing these areas as well as real estate agents who are savvy about investment opportunities.

Looking forward to chatting with you all!!

Mahalo!

Lynell

Hi BP,

I'm here again with another 1031 exchange question.

Our home is currently in escrow, estimated to close at the end of this month. We are already pre-approved for a loan, but there's a catch. My husband is the sole owner of the property being sold and the exchange person said that he needs to spend the entire proceeds under his name in order to "escape" the taxes due from capital gains. Is this correct? If so, is there a way to have myself added on to the title, etc of the new home or put the home under an LLC once the purchase of the new property is complete?

Thank you!

@Jay Hinrichs Thank you. I am leaning toward this and appreciate your response.

Re-fis and Helocs with cash outs don't make financial sense for my situation & rushing to find another place to put the money just to avoid taxes doesn't sit well with me either.

@David Miller Thank you.