All Forum Posts by: Min Kim

@Greg Cobb, from my short research, it seemed like the rules are changing. Owners do not have to live on the property anymore according to the link below.

http://www.seattle.gov/sdci/permits/common-projects/accessory-dwelling-units

I decided not to go with the ADU for this certain situation as it may turn away some tenants with "living" with someone else.

@Allan Smith

I meant that the deal is contingent on after the taxes are paid.

Ok, appreciate the information!

@Allan Smith

So hire a title company and have them do the research for title. Have the purchase dependent on clear title and after Taxes?

Will the title company do all the necessary paperwork for the sell as well?

I’m looking into a property with delinquent taxes, property (duplex) is currently being rented out, but only one unit has been rented for years. Unit is definitely outdated.

Looking to make a strong cash offer to help them out of a bad situation.

- Should I just go through normal home purchase with agent? Ensure the seller pays taxes prior to sell.

- Try and do a Quit Claim Deed, give them a cash offer, and assume the taxes and pay them?

@Mike M.

Thanks for the input!

@Jaysen Medhurst

That’s the angle I’m also looking at. This current lender is a portfolio lender so they don’t sell the loans and we’ve had conversations about future rental investments

Currently have 4%, 2 years in on 30 years.

I’m in the process of refinancing. When I was shopping around, my current lender told me they could do 3% with $1200 in fees. 2 weeks later, they tell me they locked it as a primary home and not a rental so in order for me to get to 3%, I’d have to pay $6100.

I feel like it was a bait and switch because I told them from the beginning it was a rental because I no longer live in that state. I got another guy who said PennyMac could do 2.75% with $6100 or another lender for 3% with no fees.

My question, does the “name” of a lender matter? Should I just go with the lowest interest as possible?

I'm doing some research on possibly converting a detached garage into an ADU in Lakewood, WA. From reading the current law, it seems like the home or ADU has to be owner occupant 6 months out of the year (C2)? Does that mean after 6 months, the owner doesn't have to live there? Am I interpreting this right?

https://lakewood.municipal.codes/LMC/18A.70.313

@Basit Siddiqi

Yeah, it looks like I’ll gladly pay a professional to get this done.

Dumb question or maybe I’m not thinking this correctly.

What’s actually taxed? The total cash flow just after the mortgage is paid? For example;

Mortgage payment $1000, rental income $1500. So is the $500 that’s being taxed?

Or is it AFTER the expenses ie the "reserve funds" (HOA, Vacancy, repairs, CapEX)? So in actually, more close to $150 that's being taxed after mortgage ($1000) is paid from the rental income ($1500)?