All Forum Posts by: Brad Hammond

Hi @Harrison Hodson, I actually had a similar issue when I started investing.  I used that time in research and learn about real estate.  But if you are eager to get started, a portfolio lender (I've used OnPoint in Portland) might be able to help you out.  You could also look into a hard money lender and refinance out of that loan once you can get conventional financing.  

Hi @Arnel Arrozal, as a realtor I think you should either save up a bit more, you are looking at about $350k to get into a duplex in the Portland area.  I don't know too much about Salem & Kelso but if you are interested in those markets you should talk with a few property management companies first and let them guide you to good areas.  Let me know if you have other questions.  

I'd go ahead and list it.  If it sells great, if not you're not out anything.  Let me know if you want help selling it. 

Welcome @Bovard Doerschuk-Tiberi.  Congrats on making the decision to real estate investing, I think that is the biggest step.  Like what Neal was saying, taking in information is going to be key and I would start with the Bigger Pockets podcasts.  You need to figure out what type of real estate you want to invest in (single family/multifamily, turn key, value add, etc) as well as what part of Portland you want to be in.  There is no right answer, just what you feel comfortable with.  Feel free to message me if you want to talk about anything or are feeling lost. 

Yep, what @Todd Powell said. As far as being at the top of the market, I'm not too worried about that right now. As long as you have the cashflow to make your payments, thats all that matters. That way you can ride out any downturn. I think the worst we are going to see is rents take a 15% drop so make sure you have a cushion. Also, with a lower downpayment you are going to have a higher mortgage payment as well as PMI. But you'll manage it yourself so you will save 10% there.

Hi @Mac McDonald.  I've rented my condo near PSU on AirBnB for a couple of years while I lived in McMinnville.  The inspection and neighbor notification was easy.  If I remember it is a self inspection but there was some concern about the sprinkler system but ended up being a non issue.  For the neighbor notification, you can just leave a note in their mailbox letting them know. 

As far as the 100 day rule, I was just hoping to not get caught (which worked for me) but you could also face big fines if you aren't as lucky.  I've got a buddy that has a few houses and he rents them on AirBnB as 30 day rentals and he says they are always full.  Since this isn't considered a short term rental you aren't subject to the 100 day rule.  I would double check that but something worth looking into. 

If you refi there won't be any equity left for HELOC so just stick with the refi as that will get you a better rate. Once you have the money, I think you have a great plan.

I agree with Jay, Rarebird is the best place to learn and connect.  I'm there for about half of the monthly events.  Also, these forums are great for questions and connecting with people.  There are also some Portland real estate groups on Facebook that are okay. 

@David Mills, It is usually easier to find multifamily properties to cash flow so I would look towards that direction.  You should also be looking for something where you can raise the rents.  That could be through under market rents for forcing appreciation.  All the books recommended on the BP podcast are great places to get more information as well. 

Hi @Zach Davis, thanks for asking.  I've had some low ball offers but still for sale.  What did you think of it?