All Forum Posts by: Cole Parrish
Cole Parrish has started 2 posts and replied 2 times.
Post: 2nd investment property
- Contractor
- Bend, OR
- Posts 2
- Votes 5
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $245,000
Cash invested: $40,000
2.5 acre property with a small pole barn shop, 640 sqft garage, and fenced in acre with small horse barn. Comes with well, septic, and 220 electric service.
Currently remodeling garage into a living space. Goal in the next two years is to refinance into construction loan and build a spec house on the property.
What made you interested in investing in this type of deal?
It is less than a mile away from where my first rental property is. It’s in a nice neighborhood, has potential for future subdivision and rental income.
How did you find this deal and how did you negotiate it?
Found on Zillow and negotiated a owner carry contract with the owners
How did you finance this deal?
Owner Carry
Post: First Single Family Home in La Pine Oregon
- Contractor
- Bend, OR
- Posts 2
- Votes 5
Investment Info:
Single-family residence buy & hold investment in La Pine.
Purchase price: $227,000
Cash invested: $16,000
My first investment closed on back in November 2020 when those interest rates were crazy low! I spent over a year researching deals before I was able to pull the trigger on this one. I think I did pretty well for myself!
What made you interested in investing in this type of deal?
I believe La Pine is in the path of growth for the Bend area and prices here were 100k-200k less for comparable homes. It's in a nice neighborhood with good long term rental history.
How did you find this deal and how did you negotiate it?
On MLS. I offered 2k above asking price with no contingencies after inspection.
How did you finance this deal?
Conventional Loan with an Oregon Bond DPA loan to get me to 20% down and avoid PMI.
How did you add value to the deal?
I built a 20x10 cedar deck in the backyard, new LVP flooring, replaced interior trim to a craftsman style, painted all of the cabinetry.
What was the outcome?
I have 90k+ in equity in the home and have been approved for a 70k HELOC to use on the next deal!
Lessons learned? Challenges?
Its been a great experience to take what I've learned with my work in residential remodels and implement it on my own home! The biggest challenge by far has been the process of doing all of this work on my own. It is a necessary experience, for me, though.
