Newbie from Portland, Oregon

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Newbie from Portland, Oregon

Randy Moog
IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes

Hi Everybody. So much for having a unique subject, I saw two identical subjects in the related discussions. I found Biggerpockets thanks to an interview Josh did on the Eventual Millionaire Podcast and I just added the BP podcast to my play list.

So outside of owning my personal residences, I am completely new to Real Estate investment. I am very interested in multi-family dwellings with a dream of owning at least three properties to pass on one to each of my three kids. Definitely in it for the long haul with a view on growing my portfolio slowly.

There is an excellent REIA in my area. I have attended one meeting and will be a regular going forward. Really looking to meeting like-minded people in my area as well as learning from all of the great folks on this site.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
12y

randy, welcome I too am from Portland and have been on BP one week. I see Stuart Fox chimed in.. Between Stuart and I we have done a few deals here in PDX.. Stuart was one of the largest FCL. buyers in our market and of course I have bought my share.. You will find it amazing to look at cash flow deals all across the country.. Although many folks on this site would think we are crazy to buy Cash flow rentals in PDX.. I just sent a few MLS listings over to one of my wifes clients.. Cap rates are 4 to 6%... A lot of the guys and gals on this site won't look at a rental if it is not 15 to 20% or much higher. But here in PDX we have the second strongest rental market in the entire US only behind San Jose CA. occupancy is 98% or better.. Tenant pool that basically will not trash your home as long as you keep tweakers out of it. And not much section 8 to speak of. Good luck on your hunt.. I know Anita and Courtney very well at the Beaverton RIA I have loaned money to them in the past for deals here in Oregon.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    12y

    Hi Randy,

    What size MF are you going after?

    Podcast Guest on Show #47
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    0Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    Hi Joel,

    2-4 units at this point.

    0Reply
  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    Welcome @Randy Moog , be sure to look through the Learn section above if you have not already done so. it is loaded with great info. You can also set key word alerts to keep up on topics of interest to you like "multifamily"

    0Reply
  • Account Closed
    Real Estate Agent · Orem, UT · Member since 2012 · 164 posts · 49 votes
    12y

    Great to see you here @Randy Moog

    BP is a great forum to connect with people and learn about real estate investing. So much knowledge to gain, all in one place.

    You have found a safe haven where you won't get pitched for get rich quick schemes - just sound advice from industry professionals that care about helping others.

    Peace -

    Stuart

    1Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Randy Moog

    Welcome. Beautiful family great time to start building the legacy.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Good luck

    Paul

    1Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    Thanks all.

    @Paul Timmins Thanks for the links and the suggestion to check out different niches. I live within 90 minutes of 2 universities and 5 or so JCs, so I'm sure there are plenty of opportunities out there.

    0Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    Looks very interesting " Eventual Millionaire "

    Regardless, welcome to biggerpockets

    0Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    @Ramon Jenkins If you like podcasts I would definitely add the Eventual Millionaire to your play list. She interviews all sorts of folks and does a really good job IMHO:

    http://eventualmillionaire.com/

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    randy, welcome I too am from Portland and have been on BP one week. I see Stuart Fox chimed in.. Between Stuart and I we have done a few deals here in PDX.. Stuart was one of the largest FCL. buyers in our market and of course I have bought my share.. You will find it amazing to look at cash flow deals all across the country.. Although many folks on this site would think we are crazy to buy Cash flow rentals in PDX.. I just sent a few MLS listings over to one of my wifes clients.. Cap rates are 4 to 6%... A lot of the guys and gals on this site won't look at a rental if it is not 15 to 20% or much higher. But here in PDX we have the second strongest rental market in the entire US only behind San Jose CA. occupancy is 98% or better.. Tenant pool that basically will not trash your home as long as you keep tweakers out of it. And not much section 8 to speak of. Good luck on your hunt.. I know Anita and Courtney very well at the Beaverton RIA I have loaned money to them in the past for deals here in Oregon.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    Sounds good

    Thank You

    0Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Randy Moog - glad to have you join and looking forward to hearing about your progress!

    0Reply
  • Randy Johnston
    Residential Real Estate Broker · Beaverton, OR · Member since 2014 · 335 posts · 149 votes
    12y

    Hi Randy,

    The NWREIA is a great group of investors, I attend 3 - 4 each month, they even have a monthly meeting where we get together to play Cash Flow, a fun and informative game.

    Good luck with your investing and we may see one another at one of the REIA meetings.

    0Reply
  • Troy Best
    Real Estate Investor · Beaverton, OR · Member since 2014 · 37 posts · 7 votes
    12y

    Hi Randy

    It nice to meet you I am also new to real estate investing. My wife and I just purchase our own resident about 1 month ago.

    Troy

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Randy Moog welcome to the site! It's great to have you here. Feel free to ask any questions in the forums. Seeya around!

    Podcast Guest on Show #92
    0Reply
  • Michael Harden
    Contractor · Farmington Hills, MI · Member since 2014 · 6 posts · 3 votes
    12y

    Welcome @Randy Moog, good luck in your endeavor. We are joining our local REIA as well, met some really great people and I think it will be a great asset for us.

    0Reply
  • Jeff S.
    Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    12y

    Hi @Randy Moog nice to see the family there. Portland has historically taken quite a while to realize gains on investment properties (never been much cash flow) but has been excellent for long-term investments. The reason is people want to live here which creates demand plus there are barriers to entry with the urban growth boundary.

    Investments purchased many years ago have paid off handsomely for long-term investors.

    Might be a little careful on the west-side higher end apartments; personally experiencing difficulty renting in the $1400-1500 range as there are many new apartments coming online.

    0Reply
  • Kenneth Huddleston
    Real Estate Investor · Troutdale, OR · Member since 2013 · 92 posts · 22 votes
    12y

    Hello, and welcome to BP. I am also from the portland area and its nice to see more people from my market getting on board. Hope to see you around the forums!

    0Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    Thanks everybody. Have definitely been digging through the forums to learn more about my areas of interest.

    There was a mention of a meetup some time ago, are there plans for another? Would love to meet fellow investors from the Pacific Northwest and find out what's working for them, what's not, what their market is like, etc.

    0Reply
  • Genna Golden
    Rental Property Investor · Portland, OR · Member since 2009 · 82 posts · 30 votes
    12y

    Hi Randy,

    I'm in Portland and interested in small multifamily as well. Lets stay in touch.

    0Reply
  • Cody Cox
    Note Investor · Wilsonville, OR · Member since 2010 · 149 posts · 113 votes
    12y

    It's great to see more folks from Portland, OR on BP. I am the President of Northwest REIA in Portland. We are the largest REIA club in the Northwest outside of Seattle.

    If you are in the Portland area, I invite you to our next NWREIA General Meeting on June 5 at 6:30 pm. Our meetings are generally held at the Lloyd Center Double Tree hotel. Let them know at the registration table you saw my post on BP and I'll waive the non-member fee.

    Cody Cox

    President, NWREIA

    www.NorthwestREIA.com

    0Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    Thanks everybody. Have definitely been digging through the forums to learn more about my areas of interest.

    There was a mention of a meetup some time ago, are there plans for another? Would love to meet fellow investors from the Pacific Northwest and find out what's working for them, what's not, what their market is like, etc.

    @Brandon Turner is there a NW meetup planned in the near future? What would be a good way to be notified of future meetup?

    Thanks!

    0Reply
  • Randy Moog
    OP
    IT Project Manager · Gold River, CA · Member since 2014 · 10 posts · 4 votes
    12y

    @Cody Cox Unfortunately I am out of town for that, but I have attended the meetings at Baja Fresh on Scholls Ferry and found it extremely informative. I will try to attend the next General Meeting.

    0Reply
  • Kenneth Huddleston
    Real Estate Investor · Troutdale, OR · Member since 2013 · 92 posts · 22 votes
    12y

    Great to see new local investors. Look forward to seeing you in the forums.

    0Reply
  • Account Closed
    Real Estate Agent · Orem, UT · Member since 2012 · 164 posts · 49 votes
    12y

    @Randy Moog

    There is no official meetup coordinator - but working with NWREI is a great start.

    We will have another meeting in the near future I am sure.

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Randy Moog - there has not been a date set yet, but we'll do one real soon. I'd set up a keyword alert for both "Seattle" and "Portland" so you'll be notified when we chat about local stuff, including the upcoming meetup! http://www.biggerpockets.com/alerts

    Podcast Guest on Show #92
    0Reply
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