All Forum Posts by: Nicholas Zumwalt

@Megi Wiley Good afternoon Megi, So in regards to water damage you have to factor in the age of the home. If it is an older home it may have clothe braided wiring that most likely would have to be replaced if it was under the water line. As far as the framing goes, the water can have no effect of the wood (other than water staining) as long as you dry it out and treat it appropriately. A simple way to know that the members have been dried enough is to invest in a non-intrusive moisture meter and gauge the moisture content. You want to make sure it is below the 19% mark. In regards to buying in a flood zone you will have to factor that it will deter some potential buyers but if your in a market where a flood zone is common it may have no effect. To counteract this you may inquire as to the expense it would cost to elevate the property and get an "elevation certificate" if that is even possible. I hope I was able to help at least a little and would love to answer any specific questions you may have. Nick

Good morning Dillyn,

If you have not heard of or not watched his videos, I recommend looking up Kris Krohn. He is pretty good at explaining how to detect changes in a market. For example, if your coming out of a new construction site with more equity than it cost to build then you can guess that we are still in the growth section of our market. Also, look to see if there are any new businesses in the area.

Being from Seaside, I would imagine you would do nicely with AirBnB. Or if you wanted, developing a new campground. We from the Valley are always looking for nice campgrounds that aren't constantly packed.

Good luck and stay in touch!!

Hello Angelo,

I want to focus mostly on Multi Family Buy and Hold but I realize with my certain situation I will probably have to do a little flipping and Buy and Holding of SFR and work my way up to the bigger prizes. I did go to the REIA meeting except for the major one (had other plans already set up) but I did go to the mystery meeting and the one held at Home Depot and they were decent just not exactly what I expected.

I would love to connect so just let me know when your free and we can make it work.

Hearth and Homes Home Inspection, LLC provides Lane, Linn, and Douglas Counties with comprehensive home inspections to ensure a simple transaction, whether you are seeking to buy or sell your property. Our home inspector company offers a range of services that include the following:

• Flexible Scheduling
• Home Maintenance Inspections
• Property Listing Inspections
• Sewer Scope Inspections
• New Construction Inspections
• Commercial Inspections
• Lawn Maintenance

A typical inspection will be about 2-3 hours, depending on the size of the home or property. As always, you are welcome to walk through the inspection with one of our professionals and ask any questions you might have along the way! After the initial inspection, we will provide you with a detailed report with all of our notes and what you need to keep an eye out for on the property or in the home.

For those interested in our new Lawn Maintenance services, we provide everything from lawn care, to trimming trees/bushes, clearing out debris, edging, leaf-blowing, seasonal cleanup visits ( which can include gutter cleaning, and roof cleaning) to even hanging Christmas lights.

Good evening everyone,

My name is Nick and I am a Home Inspector in the Eugene, Oregon area. I have contributed to a few posts and started a few already but I have not officially introduced myself as of yet.

As I said before, I am a Home Inspector and so work closely in Real Estate. Doing so has made me realize that REI is the best way to go and so my significant other and I have started to read books geared towards not just Investing but also business development. We have attended Webinars and even attended a few REIA meetings. My significant other is in the process of obtaining her Real Estate License and I am also in school full time to get my degree in Accounting.

We have been on this path currently for 2 months and are finally feeling like we are ready to jump into this with both feet. 

So we look forward to meeting some of you, hopefully talking with most of you, and connecting with all of you. Have a great weekend and we are excited to join the path of millions in front of us.

-Nick

@Thomas S. What are the reasons that I WOULDN'T want to do it this way? Thank you.

@Ashish Acharya I am reporting it as a business expense for the business and then an income on my personal. So what you are saying is that as long as my tax return reflects the additional income appropriately then a lender would have no issue with using it as a source of income when applying for a mortgage? Thank you

I currently have my Business under lease for the portion of the house that I use and my baswnt rented out. With both incomes the mortgage on my primary residence is covered and I have a positive cashflow. My question today is this: can I use this information on my personal financial statement and report it as income when applying for a mortgage? Thank you

@Stephen Diaz I am in the same boat as you are currently and the way I solved my issue was I went through a hard money lender and then took out a secured personal loan to come up with the down payment. Now my down payment sounds significantly less than yours but that is another option. Also read, "Multifamily Millions," by David Lindahl

@Nick B. Hello Nick and thank you very much for your detailed replies. It appears I am not yhe only one grateful for your contribution, as well. So my question is in regards to your refinance statement. What you are saying is once you have raised the value of the "seed" property to your example of $125k, you then proceed to refinance the property to get some of the equity out of them home for a down payment on another residence, after doing that you sell the property which allows you to take all earnings (after first mortgage is paid) and roll that over to either one or 2 new (and hopefully more) equity based properties? Thank you again for the replies.