All Forum Posts by: Account Closed

Thank you @Jeff Goddard and @Fred Heller for this information. I don't know if the basement has a permit, I should look into that. 

I am looking into purchasing my first rental property in Spokane, WA. One of the properties I am looking at has a studio in the basement and the basement window is not egress. Is this a legal issue that needs to be addressed by the seller or myself or am I not legally liable to make it egress? Thanks in advance.

@Andy Audate, Yes I would like to do buy and hold and make this a part time job but not a lot of hours spent each week, so I think buy and hold with a property manager makes sense for me. I'd be interested to do some fixing upping in the future but to start out I think something turn key or close to it and getting cash flow going is a good way to start out.

Hi @Andy Audate thanks for that insight. As a newbie I hadn't thought of turn key in those terms, I was more focused on the property itself, not so much the property as an ongoing business. Thank you for that tip!

@Deric Lamphiear I appreciate your recommendations. I will definitely drive around those areas and get a feel for them. How is the rental market in Spokane vs other areas in Washington?

Your questions to me are somewhat difficult to answer because I am new to rentals but they give me more to think about, for which I am grateful.

- High cash return - I believe you mean the monthly cash flow - yes I would like cash flow, eventually I would like the cash flow to be a modest part time steady income. Initially in the first few years I would like to use the cash flow to either put back into mortgage or else to help pay for the next property, whenever that is.

- I am not sure how to answer your questions about appreciation and tax write-offs. When would I want either? I would like the property to appreciate as I hold it obviously, but I am not sure if that's what you're getting at. And I would like any tax writeoffs that I could get... but are you implying there is some tradeoff?

- Turn key rental would be ideal. However I would be willing to put some modest money and a little time into repairs. I guess I don't want to spend a significant budget or time to fix up a property as it's my first rental. However I am not sure in this market what kind of value difference I'd be looking at with my budget. I would definitely like to find a deal below market value as that would reduce my risk.

Thanks for humoring my newbie questions!

Thanks @Deric Lamphiear that's great advice. I wasn't considering that option and perhaps if I couldn't find a way to take a loan for the second property with the interest in the first property I shouldn't be taking it anyway. Do you think that fixing a rental vs buying turn key or close to it is the best way to go in this market?

Hello,

I am new to rental investments and am considering my first rental property in WA. I'm considering a budget of $100-150k. I am currently in the Spokane area and was recommended to look into Perry District. I am new to WA (from southern CA). I have a few questions about this scenario:

- Is this budget realistic for a quality rental property in a quality neighborhood in WA?

- What do you think about Perry for rentals or are there any other Spokane neighborhoods I should consider in that budget?

- Other areas in WA that might be good for that budget?

- Should I focus on single family homes or condos in that budget?

Thanks in advance for your help!

Hello, I am a newbie investor with a question about rental properties and a mortgage. I have owned two properties before but never for the purpose of rentals. I recently sold my last home and am also in the process of changing my career. The nature of my path has led me to volunteering and interning for the near term.

I have some cash from my last sale and I'd like to make my first rental property investment. My ultimate goal is to have 4-5 in the next 5-7 years. It might be ambitious but I am pretty sure I can make it happen.

My biggest challenge is knowing if it is possible to get a traditional mortgage with no income. I am thinking about purchasing my first rental property in the range of $100-150k in WA, with at least 50% down. I have enough cash to purchase 2 of such properties in cash if I wanted to, so I am hoping it wouldn't be a problem to get a mortgage with no income, but I also wonder if there are any banks that would even humor that situation.

I really want to capture low interest rate that we still have. If I can't I might pursue private lending but I know nothing about that avenue and would rather keep things as simple as possible. My last resort is asking family to co-sign but would rather not go that route.

Thanks in advance for your help and advice!!