All Forum Posts by: Chris Watkins

Chris Watkins has started 3 posts and replied 204 times.

Quote from @Ken M.:

Thank you for the useful information. I was actually looking at the Oregon Coast as one of our opportunities. It is definitely beautiful. I am getting closer to narrowing down my choices but I feel like I am all over the board with my decision making. A part of me wants to start with a house nearby so I can have quick access to it in case anything goes wrong but that may not be the most viable option if it is not a heavy desirable area. I never thought to look in the Bend area but that is something I will consider. Thank you again :)

.
I don't mean to be snarky, but is there a reason anyone would go to Vancouver to visit? My cousin lives in Vancouver. It's a town I know pretty well. Portland isn't much of a draw right now, it has negative attraction with Antifa, Bend is too far away and frankly the Oregon Coast outshines the Washington coast unless you like grey, rainy ocean beach and most people don't. Besides, Cannon Beach & Tillamook, and anywhere in between, or the Dunes, they all already have fan clubs. Go with the flow. People want to feel like they've gotten away from the city

Portland still has plenty of draw these days for vacation, business and event travel. Since STR's are effectively banned in the city, outlying areas (including Vancouver) can be attractive to house folks. Plenty of folks want to get out of the city, but plenty also want to get to the city.

0 Votes

Vancouver, Washington

Welcome Brendan! BP is a great place to get started and connect with like-minded folks.

Are you looking to flip local in Vancouver?

Chris

0 Votes

Vancouver, Washington

STR's are regulated very differently in each locality across the NW. Banned outright in Portland proper, severely limited in Bend, Hood River and many coastal towns. And those rules are changing often, so there's a certain amount of regulatory risk involved. With housing supply being so limited in the NW, lots of people fear that STR's take away opportunities for owner-occupants and can pass laws limiting or banning the practice, which would impact your investment.

My first question is what your goal of owning a short-term rental? Is it just to have (potentially) higher cash flow? Are you wanting a vacation house in a location you enjoy that will help pay for itself when you're not there? What you're looking to get out of an investment property will help guide where you should be focusing.

Owning a short-term rental is owning a hospitality business, so you need to be ready to operate it as such in order to make money (cash flow, anyway).

Happy to chat more.

Chris

1 Vote

Vancouver, Washington

Welcome Pynne! As Eric mentioned, there are finally some deals that are coming online in Central OR. We may be heading towards a buyers market again, so it's a good time to be looking!

There are a lot of considerations if you're going to be house-hacking a small multi-family home, including the level of work needed on the property, doing long-term vs short/mid-term rental, and others.

This is a great place to get advice. Let me know if I can help with financing strategy or something more tailored to your situation!

Chris

0 Votes

Bend, Oregon

Quote from @Neptune Lynch:

Hi all,

I am a recent graduate of high school very interested in house hacking and real estate investing. I know I want to buy a house before my sophomore year of college to try to attempt the BRRR method while also having my friends help pay off the mortgage while I'm still in college. I would love to talk to anyone who invests in real estate in college towns. I am looking to do this in Eugene, Oregon but any college town investors would be awesome. Thanks so much

Hi Neptune, I'm an investor in Eugene and I think house hacking in college is a great idea. You can have up to five unrelated adults together in a house, so that's a pretty big place you can get. I would focus on building your credit right now, as that's the biggest hurdle for younger folks trying to get into real estate. Unless you have family that will handle the mortgage for you.

Happy to talk Eugene real estate anytime, shoot me a DM.

Chris

1 Vote

Eugene, Oregon

Quote from @Jaycee Greene:

@Chris Watkins So, if a bank or credit union keeps the loan on their books (also known as a "portfolio loan"), thus not selling their loans to Fannie/Freddie, then that lender could provide a flexible solution on par with what @Kenzie Carlstrom is looking for, is that correct?

Portfolio lenders will sometimes have more flexibility, yes. If they are a depository institution, they can sweeten the deal with better rates if you keep your money in their bank, too. At that level, it can be more about relationships than guidelines.

1 Vote

Bend, Oregon

Quote from @Jaycee Greene:

Quote from @Chris Watkins:

Quote from @Kenzie Carlstrom:

@Chris Watkins hey! Yes, the house that you toured is what we are trying to cash out refi. We are leaning towards a refi and just HELOC out the funds (our original downpayment) if we need money for the next project.

MidOregon was super helpful! The reason we were curious is because we listen to all these bigger pocket podcasts where guests say "We bought a place and just cashed out refi-ed after into the next project!" As if it's easy and common - ha!

And lending guidelines have changed around this recently, so what was true two years ago isn't anymore. Part of the fun of the industry!

@Chris Watkins Are you referring to the Fannie/Freddie guidelines that changed in early 2023?

Those and other non-QM lenders changing their guidelines. Gotta stay in your toes!

1 Vote

Bend, Oregon

Quote from @Kenzie Carlstrom:

And lending guidelines have changed around this recently, so what was true two years ago isn't anymore. Part of the fun of the industry!

0 Votes

Bend, Oregon

Kenzie,

Welcome to the forums! Is this the house I toured last month?

I'm glad you found someone to c/o refi with no seasoning. That's a hard nut to crack. I'll keep that one in my back pocket for later, as I haven't found another lender that will do that!

If you have loan details, let us know!

Chris

0 Votes

Bend, Oregon

Hi Samantha,

I second Mike's recommendation to chat with Dan Gandee. 1031's have very tight timelines, so it's helpful to have at least a few properties identified prior to putting your current home on the market.

Are you looking to buy in the area, but outside of Eugene?

Chris

0 Votes

Eugene, Oregon

1 2 3 4 5 6 … →

All Forum Posts by: Chris Watkins

Chris Watkins has started 3 posts and replied 204 times.

Post: Short term rentals

Post: Hello! New Member

Post: Short term rentals

Post: New to Real Estate Investing

Post: Young Real Estate Investor

Post: Advice needed: How to cash out refi after owning for only 2 months?

Post: Advice needed: How to cash out refi after owning for only 2 months?

Post: Advice needed: How to cash out refi after owning for only 2 months?

Post: Advice needed: How to cash out refi after owning for only 2 months?

Post: 1039 Questions and purchasing