All Forum Posts by: Paul Castillo

@Alex Turla

Hey Alex, I’m in my first year of investing in Tacoma. Your strategy sounds fine. Feel free to drop me a line since we’re close by. I’ve got some good contacts who are real estate professionals and I’ve got a decent network of contractors started.

Hello from Corona Central, Tacoma WA! I have a freshly completed 4 bd 1 bth that has just undergone a top to bottom rehab. I was ready to rent it but am wondering if there are any unique ideas out there about a short term strategy that might be be more beneficial during this unusual World situation. EX; a day school for out of work teachers to assist kids with online school

Great info Natalie.  I currently have two more properties (my primary residence and a potential flip/rental).  Both which need extensive work.  Can I use these in any way to offset the tax hit I'm taking on the "Uncle" house?

Earlier this year my wife's uncle unexpectedly passed away. Her remaining Aunts and Uncle were handling the estate.  They were much older than the deceased Uncle and were struggling with having to be at the house for the extensive work it would take to get it ready for sale.  I bought the house from them with the intention of turning it into a rental.  Unfortunately I needed to sell it to cover another investment home and now I'm reading about possible tax repercussions because I essentially am flipping the house after owning it for about 6 months.  I paid $275K and sold it for $352K.  It's scheduled to close in a few days and I don't know if I could do a 1031 exchange at this point. Does anybody have any advice on how to avoid a major tax hit.  I will of course verify any advice/suggestions with my accountant.  Thanks in advance.

I'm looking too.  I'm in the Tacoma area.  

One of my first two properties is a family home and it's been a great deal for myself and the seller. It might not be your "niche" but it will be a good experience and add a tool to your tool belt.

Good luck!  What's first?  A flip? New construction?  

@Roger Verastegui I’m just starting to poke my nose into new home builds on existing lots in he Seattle area as well. Pre fabs seem like a great idea as well when they’re allowed. Are the costs for pre fab better in your area than a new construction?

I’ve had a few inquiries into vacant land lately and if I was in your situation I think I’d speak to a developer to see if they might want to partner up BUT I’d only include a portion of the property. The experience you get with developing a parcel of the property could help you decide what you want to do with the rest of the property.