All Forum Posts by: Sherief Elbassuoni

@Robin Naggi, yep, we pay excise tax here in WA state!

@Mike Neville, you can take out an investment loan if you are not planning to live in the property. A lot of investors refinance with a hard money lender after a year or so. The HML will finance building the DADU and refinance the house. Primarely because most probably the original lender will not be cool with you build something on part of the lot

@Jason Scott, welcome to Biggerpocket.

You are in the right place here where you will meet like-minded investors and professionals.

I am sure with connections of 15 years, and future connections from Biggerpocket, you will be able to find the right partner!

@Reid Balmelli, I will recommend you to work on your finances, get good credit score, and work on saving. I also recommend you to read more real estate books and connect with other investors and professionals here on BiggerPocket

@Sai Venkat Vara Prasad Masaram, it is always a good time to start as long as you have a good deal, and other investors are supporting you

How long the cruise is?

It seems great opportunity, but not sure I can stay a long period away of work!

I am not a CPA, but since you lived in it 2 out of last 5 years, you should not pay Capital Gain Tax. May be time for a new CPA!

@Nicholas Chan, sorry to hear about the layoff. 

I would try to switch all your rentals to Airbnbs if they have the potential.

Airbnb typically gets more cash flow compared to one year lease.

I would also try to invest more time on your side hussle. It was generating you $4K when your were full time at Meta. If you allocated more time, you may be able to generate more income out of it!

@Branden Raftery, you are correct. Staying on top of all the RCWs is not easy.

You can either hire a PM, or join RHAWA and start attending their webinars.

This is a high-level summary of the WA regulations. Not a ton of details, but a good starting point https://www.rhawa.org/covid-19

@Nicole S., HOA CCR supersede state Bills. If HOA CCR has a clause that you can not build DADU, most probably you have very little luck being able to build a DADU.

For sure consult with a Real Estate Attorney, but most probably, what I am saying is what the attorney is gonna tell you!