All Forum Posts by: Ryan Muska

ADUs. Additional Dwelling Unit. These have specific laws and may have different regulations, but this could be a solution to your low inventory of multi-families issue. 

You could buy your own home and then convert a detached garage, large shed, barn, or build your own small dwelling on the property and rent that out. 

Or you could convert your single family into a Multi-family yourself. That may take more permits/regulations from the town.

With both of these strategies, the more sqft your home has or the more acreage it has, the better. 

There are  more strategies, but these two are what I'd look into if you wanted to only buy one house. 

Let me know if you'd like to connect, and I would love to discuss your goals and potentially provide some insight!

IRS - Topic No. 701:

"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.Publication 523, Selling Your Home provides rules and worksheets. Topic No. 409 covers general capital gain and loss information."

Yes, if you lived in a primary residence for 2 years and then sold it for more than you bought it for, you can write off the profits of the sale up to $250k and $500k for a joint return with your spouse. You can do this as much as you want, but it needs to be a primary residence and you need to reside in it for 2 years. 

Typically, it's quite easy to get another loan if one is a primary and one is being rented out. 

We can usually either go based entirely off the cash-flow of the new property or the tax returns of the last two years. 

Since you do not have access to a car, it may prove difficult to get around as a real estate agent. That being said, a position that relies less on travel by car may be something more suited to you! 

- Mortgage Loan Originator

- Virtual Wholesaler

- Remote Notary

- Working Remotely for a Title company

- Property Management in Ontario

"Long Distance Real Estate Investing" by David Greene

"How To Wholesale Real Estate" by Jamil Damji

Congrats on being an investor! If you ever need help with financing, we have programs that work directly with STRs! I'd love to connect!

I'm not familiar with the area, but here are some things to look into to determine if it will be better for STR, LTR, or neither.

STR:

- Amenities, transportation, night life, popular tourist attractions, stadiums/concert venues, beaches, museums, can the home be turned into something unique, you will need to furnish

LTR:

- Amenities, work/job locations, schools, wage increasing over time, transportation, low crime rate, everything on the STR list, you will most likely not need to furnish

I hope this stuff helped! I'd love to connect to talk about your goals and hopefully provide some more insight into your situation!

Good question, as far as I'm concerned, you can rent out to whoever you want. 

However, I'm not familiar with Washington state laws.

But the PHA would definitely know the answer to this! Just good luck getting in touch with them...

Go to the town. That's my best bet. They will most likely be more responsive. After that, just pay off the tax deed and the estate has to pay you the amount owed + 20%. I'm not certain that's how it works, but I'm pretty sure. 

Let me know if you need any additional financing, and I'll see what I can do!

Just so I'm understanding this:

You need some sort of loan for the horizontal development of 38 lots which will turn into 38 homes. And to do this, you need $1.2million.

So, in essence, you need a $1.2million construction loan, right?

Have you worked with a mortgage broker before?