Portland, Oregon 50k and needing advice

Clackamas, OR · Member since 2016 · 5 posts · 2 votes

Hello, I just sold my first property that was my primary residence for 2 years. I did make a few bucks on the sale but now looking to start my rental property collection. I am very interested in purchasing a rental property and starting my journey but unsure of where to start. Looking for advice / mentorship of how to get the started. I am also interested in learning the ropes of fix/ flip properties and willing to volunteer my time to help an investor out and learn from. Let me know!! Located in Portland, OR.

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Mike NussPro Member

Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes

@Jay Hinrichs thanks for the shout out. That means a lot coming from you!

@Alex Nelson posting here is a great start. Meeting other investors face to face is even better (and as Jay said, our RareBird Investor Network meetings are a great way to do that). Partnering can be risky and I highly recommend not doing that on a long term hold(or even cycle hold for that matter) with limited experience. You're in a great position coming out of a cap gains tax free proceeds. Learning on a flip is a great idea and probably a faster way to get a good ROI than a rental. However, profit from flips cannot be exchanged (legally) so you'll have taxable proceeds at the end (assuming all goes well :) ).

The great thing about real estate is you have a ton of options (read opportunities). The bad part about real estate is that you have a ton of options (read distractions). It's definitely a double edge sword at times, but that is not a bad thing. Keep meeting and networking with other investors and eventually that right opportunity will pop up and you'll be ready to take advantage of it.

Good luck!

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
I recommend you join Rarebird and go to their once a month events.. many like minded folks and the guys that run it are pretty sharp.. and it takes a lot for me to say that LOL..
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Alex Nelson
OP
Clackamas, OR · Member since 2016 · 5 posts · 2 votes
8y
Jay, thank you for the advice!
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Neal Collins
Developer · Portland, OR · Member since 2014 · 732 posts · 490 votes
8y
@Alex Nelson I'm a big fan of getting the basics down on a local project and then seeing where your interests are at. Getting into a small fixer or multifamily and holding long enough to do a rehab/re-tenant and then exit on an exchange is a great way to get the ball rolling.
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Alex Nelson
OP
Clackamas, OR · Member since 2016 · 5 posts · 2 votes
8y
Neal, Thank you for the advice. This is exactly what I had in mind. If you are looking to take on someone under your wing, please keep me in mind.
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Carey Greiner
Real Estate Broker · Bend, OR · Member since 2017 · 46 posts · 20 votes
8y
I’d research buying a duplex, triplex, or four-plex to live in one unit and rent the others out. Lenders have some great loan programs that allow them to credit a percentage of the rental income, from the other leased units, to your income. This could allow you to get into a nice place and likely live nearly mortgage free! Do you have a Realtor that can help you find these properties in Portland area? I wish I woulda pulled the trigger back in 1995 to buy a fourplex in Beaverton!!
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Jacob Wathen
Investor/Real Estate Agent · Portland, OR · Member since 2014 · 198 posts · 119 votes
8y
Hello Alex! You are definitely in the right place. I’m not sure how long you have been on bigger pockets but there is a ton of information in the forums. Use the key word Oregon or Portland and you will have more info that is region specific. The podcasts are great but the deals they post on there are very few and far between in Portland. I would be happy to grab a coffee sometime and talk about my experience. The company I work with currently has 3 construction projects so there is always plenty to see.
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Alex Nelson
OP
Clackamas, OR · Member since 2016 · 5 posts · 2 votes
8y
Carey, Great information! I have looked into this and it is a fantastic way to go 😊
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Mike NussPro Member
Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
8y
@Jay Hinrichs thanks for the shout out. That means a lot coming from you!
@Alex Nelson posting here is a great start. Meeting other investors face to face is even better (and as Jay said, our RareBird Investor Network meetings are a great way to do that). Partnering can be risky and I highly recommend not doing that on a long term hold(or even cycle hold for that matter) with limited experience. You're in a great position coming out of a cap gains tax free proceeds. Learning on a flip is a great idea and probably a faster way to get a good ROI than a rental. However, profit from flips cannot be exchanged (legally) so you'll have taxable proceeds at the end (assuming all goes well :) ).
The great thing about real estate is you have a ton of options (read opportunities). The bad part about real estate is that you have a ton of options (read distractions). It's definitely a double edge sword at times, but that is not a bad thing. Keep meeting and networking with other investors and eventually that right opportunity will pop up and you'll be ready to take advantage of it.
Good luck!
Podcast Guest on Show #548
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
@Alex Nelson
Two books that are a must read are J. Scotts "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs"
If you're just getting into flipping, these will really help you feel like you can tackle your first deal.
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Caleb Webster
Real Estate Agent · Portland, OR · Member since 2017 · 117 posts · 59 votes
8y
I would also recommend getting your feet wet with flipping. I know of several investors out there that have JV programs where you can lean on their experience, resources and network (contractors, agents, inspectors etc.) while still doing the majority of the project yourself. In exchange, I think most of them ask for 10% of the profit from the rehab. Not a bad deal if you're finding it overwhelming to get started. HMU if you'd like a referral!
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