All Forum Posts by: Scott Kirk

Yeah I'm concerned the same thing will happen to us.

I'm in communication with a property owner in Oregon who is trying to remove some squatters from their property and they don't know how to do so. 

The back story: The property owner allowed his mother to stay at one of his residences and she invited someone to live with her.  At some point she moved out and the lady who had permission invited a large number of people to live with her.  These people are criminals and likely have warrants out for their arrest.  The lady who had permission was arrested and is currently in jail for a few years.  Everyone who is currently residing is doing so without permission from the owner.  They likely have hard drugs like meth on the property as well.  Is this something that we can simply call the police to get them out?  Or are there private companies we can hire to forcibly remove them?  Your help would be very much appreciated!  

I currently own my personal residence out right, valued at an estimated 330k and I'd like to do a cash out refinance mortgage at 80% LTV. My current income isn't enough to quality on my own for a mortgage, but my dad's is. He doesn't live here nor is he on title. I was told in order for him to be able to cosign and be on the loan, he would have to be on title. The thing is I plan to do a 121 exclusion once I sell the place and I'm concerned that putting him on title would change my eligibility to quality for the 121 exclusion. Has anyone ever done this before? Any help would greatly be appreciated.

Thanks, Nels. Do you know of any good CPAs who really know their stuff? I live in Oregon as well.

I bought a house last summer that I'm living in while fixing up.  I plan on taking advantage of the 250k tax exclusion of living in a personal property once it sells.  I would love to rent out a spare bedroom but as I understand it, that changes the type of property to an investment property and therefore invalidates the 250k capital gains exclusion.   I think if found a creative work around that works for my situation.  I'm very busy with business and having time to cook healthy meals have been a challenge.  So I have an ad to find someone who will prepare meals in exchange for living there for free.  I talked to my CPA and he said that it wouldn't be advisable to have a lease agreement, but a living agreement of house rules he feels comfortable with.  My concern is addressing the scenario when I need someone to move out or I need to be compensated for property damage, while still maintaining the living agreement format and binding nature of a lease.  Any suggestions?  The property is in Oregon by the way.

Yes, this is a SFH. I tried looking for similar articles, but I wasn't able to find anything regarding taking full advantage of section 121 and renting spare rooms. Any suggestions?

I recently purchased a property that I plan on living in for a couple years and resell.  I'd like to take advantage of the 250k owner occupied tax incentive and rent out a couple rooms in the process to help with the rehab. What's the best way to go to go about this?