Hey guys, this sub forum seems pretty dead, but I hope there are still some Eugene investors around. I'm looking into getting started investing in the Eugene area. I'd like to buy a fixer, do a live in flip, and either sell or convert it into a rental. Anyone have experience with doing flips in Eugene? How about rentals? Is it possible to get cash flow on SFR or multis?
Also, I'd like to build a strong team, so if anyone is a/knows of good brokers, realtors, lender, GCs or real estate attorneys, send them my way!
@Max McNally I just listened to the podcast of Zeona McIntyre (episode 229) and she specifically had short term airbnb rental properties in college towns. Quick Zillow search turned up many SFR residences for under 200k with 2-3 bedrooms.
@Max McNally I've done flips in Eugene. Cashflow is difficult to come by as prices are very high. Let me know if your still looking, I do have quite a few references in the area.
@Jeff Wallenius I'd be interested in hearing your referrals! I'm more interested in a BRRRR type property, though, rather than a straight flip.
I want to be able to get my first deal by the end of the year.
Hey @Lisa Sanders I've got some friends that own real estate companies in Eugene and also some contractors that did some work down there. What type of referrals would you be looking for?
@Jeff Wallenius Thanks for replying! I'll be needing a good contractor if I can find a deal. I might have a RE agent already. She wants me to have funding lined up first though.
I own two SFR properties in Eugene. One was a live in while remodeling, I house hacked for a long time and now it is just a convention rental. It cash flows 150-200 per month but I am paying a lot of principal or else it would cash flow better (I want to refi at some point in the future). The other property I bought last year and it is a live in remodel and then next summer I will be looking to rent it out and move on to the next one. I think it's a very good way to go in Eugene. I'm not big on True flipping because I have a full time job and to me flipping is a job (though it could be a profitable job). At market price you cannot cash flow SFRs. However, if you buy the right property in the right neighborhood with the right loan and at the right price (below market) you can cash flow. I plan to be seriously in the market for my next property in 6 months. Waiting to iron out a few more things on the current property I live in. Also, get outside my one year for owner occupied refinance (to qualify for an owner-occupied Fannie/Freddie loan). And get investment back on a small private money loan and a small deal I am partnering on. I am very conservative and don't want too many irons in the fire. I got bit in the last recession and that and education has changed my thinking a lot. I've missed out on a lot of gains but I sleep really well at night. There are a lot of things that remind me of 2005-2007 going on. However, I think this go around will be much different. I am positioned well to be very comfortable in a recession and probably benefit from it. However, I will do well if the market keeps going the way it has but I am not counting on it. Multi-family is very expensive as well. The most important thing in real estate is the deal. I would never buy a property at 90-100% of market value. If you buy at 80% and lower, usually you will do fine if you have a long term outlook.
Hit me up Max! I’m a local wholesaler, been wholesaling in the EUGENE area since 2012 and have closed well over 30 transactions.
Hi all, I’m just beginning as a flipper. I’m looking for some investment opportunities. I would look at small multi-fam opportunities as well. Drop me a line with ideas, I’ve seen all on rmls already (I’m licensed too)
Keep me in your list Mario!
Hi Eugene Real Estate Investors!
Flipping is competitive here, but I love it! It does take a good team, (most important). I am big on the team building thing, that's why I run the Oregon Real Estate Investors Assoc., and invite you to join or check it out. We meet on the 2nd Tuesday of the month at the Holiday Inn in Springfield at 6 PM. Google Oregon REIA to learn more.