All Forum Posts by: Karen O.

If any of these properties qualifies for the primary residence cap gains exemption, I'd sell and take the cap gain before it is lost.  

I'd also consider investing in something that generates a significant positive NOI to offset the current and carryover passive losses.

And finally, if you don't already have one, I'd invest in a HNW tax accountant/attorney. I suspect it would be $ well spent.

@Michael Noto, thank you.  

I wondered how long before someone would made this connection.

@Danielle Yellam@Chris Ranch@Brian Erickson

Sounds like you all should make a date for coffee.  Could be the start of a Seattle area meet-up group.

Best of luck with your purchase, Danielle. It's a blessing to start out knowing a few people in the business.  Their advice can help keep you out of trouble.

Pay down high interest debt.

I preferHW whenever I can especially if I can get it for a great price.  

After that Laminate or LV because they are durable and well priced and like HWs, have fewer lingering allergens.

And you can add an area rug to warm/soften floors or change decor. 

If new to this, I'd take some time to get the hang of the landlord thing.  Get a reliable tenant in generating regular CF.  If you don't need the CF for everyday living, sock it away. Over time that cash could become the down payment on your next purchase.

After 6 months, look for a HELOC or mortgage for 60-75% of value. You may have to deal with a local bank or credit union since the loan amount might be too small for some.

PS I'd prefer the HELOC since you don't pay interest until you drawdown.

You set up a profile/login.  Then you bid.

Be advised that the property preservation specialists of the homes don't always preserve the foreclosed properties well.  Sometimes, they are downright derelict.  

So when bidding on any house regardless of location, plan on and prepare for anything/everything to be wrong.

Market will dictate.

If most of the housing stock is 3/1.5, then that's the sweet spot. 3/2 would be the premium.

2br can be attractive to small families, young adults and seniors wanting/needing to downsize especially if the room size is generous.  2 baths helps too.

It depends.

On a recent project we swapped out hollow core doors for prehung doors.  

After adding the cost of buying and installing hinges on the new jamb and door we figured the prehung doors cost about the same.   

They went in plenty fast too.

I love these places   

Whenever I've been, I see things I wish I could use.  Sinks, vanities, tile (small amounts can be used for 1/2 baths and  backsplashes), Lighting, HW flooring. Wallpaper, door knobs.

In NYC, BIG Reuse (Bklyn & Qns are my preferred places).  

Only drawback: they don't always have what you need when you need it.