All Forum Posts by: Brad Hammond

Hey @Christopher Lopez, you just missed my Zoom Master Class on buy & holds and house hacking in Portland.  I'll let you know when I do the next.  If you want to do a crash course let me know.  I'm sure I could find 30 minutes for you.  Besides that, I would recommend Investor Lab.  They are the go-to Portland real estate meetup.  

@Brian Armstrong When looking for a cash flowing property, the best bet is to look at cap rates.  Around here, a cap rate of 5.75% will have a good chance of cash flowing with 20%-25% down (assuming you aren't paying interest on the downpayent).  There are certain areas like N. Portland, NE Portland, and east county that have cap rates like that.  Any good agent will be able to find those properties for you. 

Hi @Brian Armstrong, your background sounds like mine. I remember helping my dad with his rentals in Cleveland. It sounds like you have a solid plan to get started, though it sounds like with almost $100k to put down, you have enough to invest in a duplex! To answer your questions, you can find some properties to flip on the MLS but mostly you will need to look off-market. I don't think there are any areas to avoid but just be realistic about the ARV.

As far as working with agents, you should find an investor-friendly agent.  They will be another set of eyes on the deal to make sure everything looks good.  Especially on your first couple of deals, this will be very important.  

Hi @Billy Cha.  I would recommend Shawn Morgan here in Portland.  Thankfully I haven't had to use him but he has counseled me a few times.  He also invests and is co-owner of a property management company.  However, I've talked to a different attorney about this and they suggested I purchase a lease from Multifamily NW.  They are a local advocacy group and they have real estate lawyers update the lease each year.

Hi @Aften Hennricks, it sounds like a great plan.  I can't speak intelligently about the market in Southen Oregon but if you look around and are patient you can find the right property for you.  

My advice for you at this stage is to do as much research you can on different types of properties (location, conditions, returns, property management, etc.) so you know what you are looking for.  From there try to analyze as many properties as you can so you know a good deal when you find one.  

Hi @Jordi Benitez.  I would try them all to be honest with you.  If you have multiple credit checks it won't affect your credit anymore.  I tell my clients and have found myself that local banks/credit unions have the best rates.  Plus they are usually easier to get ahold of after hours which is a big deal when going through your transaction. 

Hi @Lynn Anthony.  Congrats on starting investing!  I personally don't agree that investors should start with wholesaling or flipping.  If part of your investing strategy is finding off-market deals and doing a lot of rehabs then yes, that makes sense.  If not, you should start with a small property and grow from there.  

The first thing you both will want to do is analyze as many properties as you can to get an idea of returns and figure out what type of property you want.  From there, find an investor-friendly agent and leverage their knowledge and contacts (lenders, property managers, contractors, etc.). Once that is done, now it will just be a matter of finding the right property for you. 

Hi @Cesar Gonzalez.  This is going to be an opinion item I think.  I would say that it would be normal wear & tear so you would be responsible for it.  However, you could ask them what happened and see if they admit to being rough on it.  

I don't have a list of things, it seems to depend on the previous tenant.  I know I will touch up paint everything and do a cleaning at the very minimum.  Other common items are screen repair, light switch cover replacement, replace miniblinds, and replace the little bowl things under each burner on the stove.  

Hi @David Getz, I would focus less on the geography and more on the deal.  However, if I had to choose some spots you want to look for neighborhoods with holder homes (avoid the southern suburbs) and try the east side out to Troutdale.