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All Forum Posts by: Dan Gandee

Dan Gandee has started 23 posts and replied 72 times.

Post: Looking for a buyer for rental property with a renter

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hello @Pierrette Paul - Thanks for letting us know about this. Before I send an email, is the property currently off market or is it listed?

Post: Looking for an Equity Partner – 4plex Infill Project

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hello James, 

I'd be interested in learning more. I'm an active principal broker/investor with ties to those with capital for these types of projects. 

Shoot me a direct message and we can get a phone call scheduled.

Cheers, 

-Dan

Post: Trying to learn more about pre-listing prep in Eugene!

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hello Emma, 

Our pre-listing process really depends on the current condition of the home, price point, and curb appeal importance to "buyer journey" which is the path buyers will make to the property from whichever direction. General house cleaning is a no-brainer, but other items are going to depend on seller's pocketbook and our prioritization of these prep items to the overall sale probability in the first 14 days of the listing. 

Here is a list of things we really focus on (in no particular order):

1. Moss off the roof 

2. Powerwashing walkways, driveways, and siding

3. Decluttering inside/outside

4. Sharp lines, weed removal, pop of colorful annuals and fresh mulch in landscaping

5. Painted front door with new hardware

6. Removal of dog poop

7. Organized and good smelling garage

8. Clean and fresh carpets/flooring/and/or replacement if needed

9. Depersonalization of home and/or staging if needed (depending on price point)

10. Safety issues and Apprasial conditions (CO/Smoke detectors, straps on water heaters)

11. Clean windows (tracks, interior, exterior, caulk flashing)

12. Chimney sweep 

13. Crawlspace & attic inspection (vapor barrier, vent screens, bathroom exhaust, leaks)

14. GFCI's within 6ft of any water source 

15. "Smellavision" - Literally try to combat any smells which will be deterrent 

16. Clean oven, appliances, and organized pantry

17. Clean closets, laundry room, and shoe organization

18. Remove all cowebs and dust, run HEPA filters

19. Replace batteries in CO/Smoke if necessary 

20. Paint walls and/or fill in holes/damage/scuffs/wipe down all trim

We carry anywhere between 10-18 listings at a time and sell $35-$50M in real estate in Lane County per year. The process as I said is very client specific and timeline sensitive. 

Happy to meet up for lunch and discuss further. Shoot me a message!

Post: Short Term Rentals in Oregon ARE NOT DEAD.

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Looking to buy an STR in Oregon? I just published The 2025 Ultimate Short Term Rental Guide for Oregon. It's a 100% free download for my fellow Biggerpockets members. Just click here to get the .pdf! 

My team and I that consists of short term rental investors, STR lenders, investor brokers and investment consultants in the AirBNB/VRBO game put together a 40+ page guide that analyzes all the markets in Oregon.

This reviews current regulations, top markets by category, tips for operating and scaling, lending information, and a full overview of the outlook of STR's throughout the state. I also have a short term rental calculator/deal analyzer built by a former CPA who operates short term rentals and who is a master at excel spreadsheets. Happy to share this tool as well if you send me a message!

Happy investing!

*Information in this guide is for informational purposes only. All investors should perform all aspects of due diligence before purchasing an investment property. While this information is what we have gathered through our own research, all investors should rely on their own conversations with local jurisdictions as these laws are subject to change on a daily or annual basis. 

Post: Early Issue Title Insurance: Why You Need Every Invoice & Legitimate Contractors

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

I believe all liens in Oregon have to be done within 75 days. The contractor is responsible for paying their subs so it would be a breach of contract between flipper and his GC if it was written well. 

Post: Early Issue Title Insurance: Why You Need Every Invoice & Legitimate Contractors

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Excellent comment - So that is the responsibility of the GC we put on the project and it's in his contract with me (or my clients) that he will ensure that all accounting and lean releases are completed. We can't guarantee past our GC that the sub's employees are paid so we rely on hiring a good GC that has reputable subs, contractors, and not a bunch of cash workers. That is a great point. As you can never truly be protected other than making sure it's in the contract with your GC who is doing the project. 

Post: Early Issue Title Insurance: Why You Need Every Invoice & Legitimate Contractors

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Appreciate the comment Jay!

Post: Early Issue Title Insurance: Why You Need Every Invoice & Legitimate Contractors

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hi Fellow Flippers, 

Just wanted to drop a note here because my team works with a ton of rehab investors throughout the State of Oregon. 

Time and time again we see flippers who are cutting corners, hiring unlicensed contractors, and don't have a paper trail from their projects.

Why is this so important? Because most title companies need to notify the lender (of your end buyer) that major work has been done to the house in the last 75 days. 

"Early issue title insurance is a type of title insurance policy issued before the final closing of a real estate transaction. It provides protection to the buyer or lender against potential title defects, liens, or ownership disputes that may arise before the official transfer of ownership. This type of policy is commonly used in new construction projects, fix-and-flip investments, or transactions where title concerns need to be addressed before completion.

Early issue title insurance helps mitigate risks by ensuring that any unforeseen title issues do not delay or disrupt the transaction. It may also allow investors to secure financing or begin renovations with confidence, knowing the property’s title is insured up to a certain point. However, full title insurance coverage is typically issued upon the final sale and recording of the deed."

This leads to Early Issue Title Insurance being a requirement of the buyer's lender, leading to higher closing costs for the buyer and the seller having to document the following:

1. A list of all licensed contractors (and/or handymen/women) who worked on the project or property

2. The contact information for all contractors so that the title officer can call each and every contractor to verify payment

3. Preliminary title report showing that no liens have been filed against the property before it can close.

So what are your next steps to protect yourself and not have closing delays? (Time is money in this business)

First - Keep a running list of every contractor that comes to the property and their first name, last name, company name, website, email address and phone number. Create a Google Drive folder for your project and put a sheets document together with this information. Once they are completed with their portion of the project, then collect an invoice and receipt of payment. Document all of this on your project payment spreadsheet. 

Secondly - Have your attorney or someone who knows how to create legal documents draft the following: Lien Waiver or Release of Lien. This document is signed by the contractor, subcontractor, or supplier after they have been paid in full, and it legally waives their right to file a mechanic’s lien against your property for the completed work.

There are two main types of lien waivers:

  1. Conditional Lien Waiver – Becomes effective only when payment clears (use this if you’re issuing a check or waiting for a transaction to process).
  2. Unconditional Lien Waiver – Takes effect immediately upon signing, meaning the contractor cannot later claim unpaid amounts and file a lien (use this only when you’re certain payment has been fully made).

To protect yourself, always require a signed and notarized unconditional lien waiver after making final payment. You may also want to use progress waivers at each stage of the project to prevent unexpected liens from subcontractors or suppliers.

Third - Be prepared to chip in on closing costs for the buyer and mention the early issue title insurance in the private remarks when your broker lists the property. This way the buyer doesn't feel like an added cost is unexpected and at fault of the seller who is turning over the property to them with potential liability. I also advise my clients to provide a Home Warranty to provide a second layer of peace of mind for the buyers. If it's new construction, a one year home warranty will be a requirement anyways. 

Lastly - No matter how much money you can save, don't hire unlicensed contractors who will fail to provide you a paper trail and will want to be paid in cash. You will be performing mortgage fraud by not including them on the list of contractors who worked on the property when the title company asks for the list of contractors. Keep things above board and hire people who have good accounting and communication. Nobody wants to have to track down subs and contractors who don't return calls from the title company. 

From time to time, I will see brokers list in the private remarks - "The property can't close until X date unless the buyer wants to pay for early issue title insurance. " This may be an option for you but TIME IS MONEY and why lose potential buyers or offers by creating roadblocks to your flip project. By following what I have outlined above, and notify the contractors you are hiring that that title company may call to verify payment, you get in front of the problem vs. being last minute reactive to the situation. 

Happy Flipping. 

Post: Taking the next step

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hey Phil! You're getting replies from some all stars in the local group (Mike G and Chris Watkins) so feel free to connect with them. I'm also an investor in the local market that has scaled my portfolio to over $10K+ month in net cash flow. I also do consulting from time to time to share how leverage and build a profitable holding company or fix/flip entity. Happy to chat - just send me a connection and we can jump on a call. No pressure here but wanted to be able to offer a hand since I'm local to Lane County. Happy Holidays!

Post: Anyone Else Fed Up With Loan Servicing Companies?

Dan Gandee
Posted
  • Investor
  • Eugene, OR
  • Posts 74
  • Votes 86

Hate them. Screwed up our taxes numerous times and last month our insurance was dropped since they didn't pay it appropriately.