Introductions. Newbie starting out in pnw

7 Replies

Hey all out there in BP land! Name is Andrew Shipley. Recently became obsessed with the idea of real estate investing about half a year ago. Live in portland oregon. Would like to invest in surrounding areas. Would like to rehab using the brrrr method on small family units to grow some equity and capital, then air bnb smaller units in the inner city area. Currently working with an investor/contractor on rehabbing an old historical building into micro units. Very exciting! I would like to buy property within the next 6 months. Looking for hard money lenders and any advice on the portland metro area. Handy man by trade and would be happy to help out any way I can just to connect with people in my area. Thanks all!

Hey Andrew, 

Welcome to BP! Sounds like you’re on your way! Where are the micro units? I’m really interested in seeing how this idea continues to play out against the backdrop of Portland’s housing issues. 

I think you’ll find lots of great connections here, don’t be afraid to ask questions...

One word of caution, do your due diligence before putting any money towards AirBnB in Portland. The city has some real specific rules about operating them and they’re not really investor friendly. Those that navigate it can make a ton of money, just prepare yourself for a few hurdles!! 

Good luck!

Mathew 

@Andrew Shipley way to jump in and get started.  Converting old homes is not easy when dealing with commercial code, and I'm assuming the micro units project would fall into commercial code (3+ units). That's a great to cut your teeth. You should learn a lot. I'm curious, what part of town is this project and how many units are you creating?


@Mathew Wray is correct. Airbnb is a flooded market in Portland and the rules are not investor friendly. The value from airbnb isn't in the real estate (unless you convert the structure to a hotel).....airbnb is a business in and of itself and it's 100% geared toward customer service and experience. The value is in the business and it takes a special person to run that business. Feel free to reach out for more specific answers and such as I converted a 4 unit building into a hotel for this very reason. 

Also, my property management company is looking for a good handyman. Feel free to reach out to discuss more about potentially trading services there. 

Good luck!

@Andrew Shipley Way to go! and yes City of Portland is extremely strict with the short term rentals, they even go on the airbnb website to look for operators without a permit. It looks like you will need a type B permit which I'm sure you know that takes time and its very costly, City will have to check zoning and some other regulations. I have an Airbnb and its getting very competitive . Feel free to reach out. Good luck!

@Mike Nuss @Mathew Wray

Thanks for the response guys!

It is a commercial zoned building in the montavilla area. Trying to squeeze 12 units out of it with an event space and possibly large kitchen. Kitchen still up in the air. 

Thanks for the advice on the air bnb also. I just have an aquaintenance that has a nice system down with air bnb, but I've come to learn it's kind of a unique situation. I dont want to run a hotel, but I might take his model and try it out on a small multi family. If it doesnt work out ill rent the units. 

I'll try to get back to this post with updates on the building we are working on. Refinishing and painting the outside before winter hits now!

@Andrew Shipley that's great! I'm loving some of the event spaces that people are making use of. I think there's a gold mine there if you can create package partnerships with folks, otherwise you're almost stuck running a separate business. I'm sure you've got a lot on your mind, but if you'd like to connect with a few event planners to talk about what they're looking for (should impact/influence your build-out) let me know and I'll send you a couple names. 

Good luck! You know our city needs more housing!

Mathew

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