All Forum Posts by: Bill B.

There’s no positive to adding yourself to the loan. Huge negatives to adding yourself to the title. 

IMHO there’s no need for the trust as long as your mother is fine with you inheriting the house. If WA is a community property state she may have a vested interest in the property and need to sign off on the transfer.

A bank CAN call a loan due when the current payer dies, they USUALLY don’t. it’s bad press. As long as payments are being made on time  

This transfer on death is automatically, I set one up for my mom to avoid probate which can be lengthy and expensive, without making the horrible mistake that so many seniors make putting their children on the title before their death. (Thereby owing capital gains taxes when they sell instead of getting a stepped up basis. )

Ps. This procedure is completely reversible and changeable until the current owner dies. 

So you’re pissed off that the Zestimate was $75k at the time you bought it when It was really only worth $20k? I mean obviously it was waaaaay too high back then or you would have done nothing to the house and relisted it for $70k. 

Under the Washington Uniform Real Property Transfer on Death Act (RCW 64.80.010, if you're curious), the owner of property can create a TOD deed, which transfers the property upon the owner's death.

How old a building?

I’ve never had an inspection contingency on a Vegas property. They’re all less than 20 years old, stucco siding tile roof, no basement, solid dirt under them. I’ve walked through most of them before making an offer the same day, but not all.

A hot water thermo coupler and a leaking toilet have been my worst finds. Maybe an irrigation leak. 

If you can’t imagine a “problem” that would cost more than 1% of your offer and you’d be happy with a worst case 1% higher, eliminate the inspection. 

Now if you’re looking at 80 year old houses with leaky/cracked basements to shifting soil, I can’t help you there. 

Also look for the “water saver” it’s a washer with a filter screen in the middle, often green. I believe they’re required for last several years. I’ve always had to remove them. 

My bad. Just saw his post on a thread about Hawaii properties and his location saying he was based in Hawaii. 

Are the horrible evictions and “big things” a Hawaii thing? Lane mentions 10-20% evictions per year and 30-40% of his properties have “big things” happen. 

Are the people worse and the properties older? An attitude difference in the renters? Salt air/weather related?

If you take my 12 properties over 15 years, that’s the equivalent of 10 properties for 18 years. I’ve had 1 eviction and 2 “big things” total.

I’ve been thinking of finding a small multi I could rent out all but one and use the last unit for self/friends/family but it won’t work to well if it’s that much worse than Vegas. 

13 rentals, only the wife works. She does standard deductions and we get a $4-$8k refund every year, depreciation is a wonderful thing. This is Nevada with no state income tax, but still we pay less taxes because of the rentals, not more. (And that’s with 5 of the 13 paid off.) Gross rent about $212k gross income from rentals about $127k. (Rent minus property taxes, hoas, insurance, management, mortgage interest.) (about $120k in depreciation plus repairs/business expenses exceed $7k and I have a “loss”.). 

Allstate does a good job and gives you a discount if you have your house and car insured with them as well. 

They’ve paid $30k instantly twice on two toilet supply line flood claims at two different homes.