All Forum Posts by: Laureen Youngblood

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $239,000
Cash invested: $65,000

House hacking a duplex.

How did you finance this deal?

Seller finance the purchase. Cash rehab

How did you add value to the deal?

Lots of work! Lifted sagging middle of house under stairs. Gut and replace interior finishes in front unit. New windows throughout. New fencing. Minor landscaping. New Interior & Exterior Paint

@Peter Morgan

I am confused - you have a concrete balcony?  My guess is the "rubbery" material is a vapor barrier to protect whatever wood products are under the "concrete".  Sometimes there is a vapor barrier (as would be used in a shower for waterproofing) that is used between concrete and tile to make for less problematic future removal of the tile.  It will also protect anything under the concrete from being damaged by moisture wicking thru the tile and concrete.

I don't know what kind of tile you have, but if it is glazed you will not be able to color it.  If it is a more porous clay/terra cotta style tile without glazing you can typically use any kind of concrete type stain or paint to color it.  If it is glazed you can still try to paint it with a concrete or tile paint, but it won't "stick" long term and will wear or scratch off relatively easily.  These products should be readily available in the finishes/paint section at any big box store.

Good Luck

LVT is one of the best DIY materials.  Be aware of leveling requirements.  Over tile might be challenging with the grout lines, depending on how deep/wide they are.  Get a Rigid Core LVT - not WPC core.  It has a higher PSI for durability.  Watch a Youtube on installation and you should be good if you are handy.  Also, each brand will come with it's own installation instructions to help out.

@Matt Parker

I just did a similar move in July of 2020.  They are correct about the rent increases.  If you know a good Property Manager locally they can give you current rules and laws around evictions as they pertain to Oregon and Covid.  Even if you just pay a simple consult fee or fee for handling a one time transaction for you.  

I was only able to increase my rents (with 90 day notice) by the percent allowed by law.  Evictions are very difficult right now.  Cash for keys will be the least painful and typically faster, but I will be doing a gut rehab and still need to provide 90 day notice with a no cause eviction and only because it won't be habitable during the remodel.  Once the current tenant is out you can raise the rents for the new tenant to whatever you want.  Still being limited annually after that to the state law. 

Good Luck and Congrats!!!

I use Zoe Zhou at Houck, Evarts and Co, LLC out of Eugene, OR. She is a real estate investor and has been handling my taxes beautifully for the past 3 years.

Give her my name. and good hunting.

@Jackie Jae Cowsill is who I use.  She is amazing and an investor herself.

I am in the Corvallis/Eugene area of Oregon and I design with, sell and install in my own rentals and rehabs from Neptune flooring.  They are a quality rigid core.  If you would like to direct message me, I can get you a great price on 2300 sf delivered.  

Your other options might be CoreTEC ONE or CoreTEC Pro, both have a rigid core and are for Builders.  I'm not sure how low you are trying to get - at some point, if you go low enough in price point you might as well put in sheet vinyl and replace it every 3-5 years. The purpose of a rigid core in this price range is so that it will last you more than 10 years - which saves you on turn over costs and flooring in the long run.

Check with your local building department-you can ask the general question without giving an address.  They should be able to tell you, but I believe it is legal.  You should also be able to look up any permitted conversions on the property address thru your records department.  Good luck.

I spec and sell flooring for my day job.  Rigid core is actually a type of core underneath the vinyl layer and is preferred for rentals because of its scratch and dent resistance.  A standard limestone core will dent a scratch easier regardless of the brand.  Neptune is a great brand of rigid core LVP.