All Forum Posts by: Thomas Mattausch

@Lennox Matsinde, If you are registered for our lovely rental inspection program (RRIO), that inspector probably wouldn't call out the zoning issue (BTW I recommend idealinspectionservice.com ). 

Then, as with any transgression, code enforcement would have to be notified somehow. You never know how that could  happen, but if it did, I have heard of DPD forcing people to rip out kitchens to be code compliant. 

If you rented to a family member or close friend and you might not have any problems. But personally I wouldn't take it to the open market. You might find yourself paying relocation assistance, temporary housing, and god knows what punitive measures. 

Thanks for the clarification, Nghi. Found a previous BP discussion here.

Very helpful info here from attorney Robert Rowley

The WA Supreme Court found a mortgage broker guilty of buying "under duress" as defined under the DHL for helping a homeowner save a property that back taxes even though he had not even received a certificate of delinquency!

"The result may have been different had the investor required the homeowner to see independent legal counsel regarding the initial transactions to prevent claims of ‘over reaching’ and ‘duress.’" 

My takeaways:

- DHL only applies to owned occupied homes

- Flippers (defined as reselling within 12 months) had to BE contractors.

- Any question of legality, don't do it or have the seller see legal counsel

Wait - I thought in Washington you can't buy from the owner when properties have entered foreclosure? Is there a workaround?

Welcome, Robert! By checking your license, I see you are based out of Gig Harbor. 

One idea, if I were you (when your credit and income history would allow you to get a mortgage) would be to do a creative JV with an investor on buying a reno 2-4plex in your name, rehabbing, and rent out the units besides yours. It's a long term deal but for a medium sized investor (perhaps someone you've cultivated a relationship with by working on their places) it could make a lot of sense.

There is hope, freedom-loving citizens of Seattle!

Some of my friends have been fighting back. 

https://www.seattletimes.com/seattle-news/politics...

Welcome, Steven! Consider whether you might not be able to swing a house hacking a place that needs some cosmetics, and renting out rooms. Owner occupied rates and lower money down can make things possible. Then ride the appreciation train to give you equity to pull out and invest with cash elsewhere. 

Lane, why don't you like single family rentals? Just more scalable in multifamily?

Hi Chad, attorneys come in many flavors. My wife, for example, has acquired mountains of debt simply to be able to help people less fortunate than her. Many other attorneys would be happier putting people in debt to make themselves more fortunate.

How do you know that there are no debt or liens attached to this property? I'm assuming you've done what you can online by looking up the parcel info in your county parcel viewer, online searching parcel # and address? Next, you NEED TO ask for a preliminary commitment for title insurance from a title company. They will do some research and see if there is debt attached to this place. 

It's awesome that you are getting involved with real estate at a young age, but I would strongly recommend that you attach yourself to someone experienced in the field who is willing to mentor or employ you. Local meetups, etc.

Wrangled an RV ranch with a Wrangler, eh? Not a bad first real estate story!

Did you get the title transferred properly, with title insurance?

@Jay Hinrichs, when you were doing this, would all parties be named on the loan? Or did the equity partner just loan the downpayment according to a separate agreement?

I'm looking at a financeable 4plex opportunity here in Seattle. Also thinking ahead to pending Seattle legislation that would make DADUs/ADUs allowed on SFR that are owned occupied for only 6 months after construction.

If you have rental income on your tax returns, that should be usable. 

Try Jackie Shuey at Movement Mortgage.