All Forum Posts by: Nels Norquist

1. No, but I don't think they will count that as income toward your debt to income value for a loan. If it was a duplex you probably could

2. Most mortgages require you to live there for 1 year, otherwise it's mortgage fraud. As long is you live there for 2 years you will not have to pay taxes on the sale

3. It is up to you to report income from renting rooms. Most likely you would be able to do that and not have much taxable income from the rents do to the operating expenses. I would guess most people renting out a room don't report that as income, but it is a taxable transaction 

Residential construction is considered essential work in Oregon still. There are a couple news articles out recently you can google. I just talked to electrician still busy. Get it done.

I took a tax strategy style class from Paul at the kingsland group. Super sharp guy and seemed to know his stuff when dealing with investors and self employed clients

Yes it is a ccb, for a developer I believe you just have to register and be insured, no classes or test. Find more info on Oregon.gov under licensing

If you are fixing up a house with the intent to sell, Oregon requires that you are licensed as either a general contractor (doing the work yourself) or a developers license (paying others to do the work). Can be a hefty fine if they catch you flipping without one of those

 I haven't used them, but I took a couple classes from Paul and he knows his stuff, especially when it comes to investors and agents.

The Kingsland Company, they are out of Tigard

Haha, thanks @Natalie Kolodij and @Linda Weygant.... I was thinking it, but didn't want to say it. Great info, thanks for sharing

Property tax looks really low for Portland, I would guess house hasn't been sold in a while. Portland could bump that up real fast based on new sale price. Long play for appreciation seems ok, many people on west coast do appreciation over cash flow.

you might want to plan more Maintenance costs depending on age and condition of roof, siding/paint, furnace, water heater, plumbing ect

Property management for 8-10%, unless you will manage yourself

@Scott Kirk I have seen a few in the forum that answer questions, and this is federal questions so wouldn't have to be local. I will message you a local one. but you could try @Daniel Hyman, I have seen some good posts from him