All Forum Posts by: Evan Bellingar

Just make good investment decisions, leading you to making lots of money, so you can be charitable, help people, improve your communities, and be a good human in general. I think Jesus would approve :)

And if not, switch teams, cause I'm pretty sire that Moses has no issues here :) LOL

Ben,

Theology aside: that made me laugh!

Evan

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Originally posted by @Steve Milford:

That commercial loan was at a 20% down correct?

Steve

Hi Steve,

25% down on this one.

Evan

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Hi Lance, welcome.

I spent 4 years in Corvallis while going to Oregon State. Love the town, although I can't say I know the market.

Evan

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Hi Lance,

Sounds interesting. At what CAP rate do properties in that area tend to sell for?

Good luck,

Evan

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Great job Alan!

Have a next project in mind?

Evan

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Originally posted by @Tara Ballenger:

That's great. I've never been to Newberg, but I've been to McMinnville and found it very charming. The Willamette Valley wine country is just gorgeous.

I don't consider Newberg to be a suburb of Portland, but then again, I work in Portland and have a colleague who commutes about an hour into work from Newberg. So maybe it's the wave of the future? We really *are* turning into California :)

Great job, Evan!

Tara,

People's commutes are crazy! Newberg to PDX would drive me nuts if I had to do it twice a day, but people do it every day from towns further south like Dundee, Dayton, McMinnville.

I would tend to agree that Newberg isn't "really" a suburb of Portland. I threw that in there so people from Ohio wouldn't think I was overpaying for a house :)

Evan

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Originally posted by @Account Closed:

Congrats @Evan Bellingar! May I ask, how did you do a commercial loan for what amounts to just 2 units? I thought commercial loans had to be 5+ units?

I've been looking for a small commercial apartment building because a commercial loan is easier to underwrite than a residential one. If you have any tips about using a commercial loan for less than 5 units and/or if you can recommend a good local lender who does that, I'd welcome your insight.

I haven't been to Newberg much, but it intuitively feels like a good investment --> Newberg : Portland as Napa : San Francisco circa 1995. I lived in Napa in 1993 when it was still a sleepy almost bedroom community. Now, it's all grown up with fancy restaurants and trendy music festivals and pricey tourist traps. People who bought property there back then and held onto it are doing very well.

Hi Dani,

With the manufactured home on the lot, a commercial loan was my only option, apparently. The rates were higher(5.6%), and the amortization is on 25 years, but underwriting was a breeze and closing costs were surprisingly low.

This was our first deal with Bank of the West and our lender Sara Ardeshiri, but we hope to do a lot more.

Agreed! I work in the wine business here and I hear people say all the time "this reminds me of Napa 20-30 years ago". We like Newberg/Sherwood as they are closer to Portland, but Dundee and McMinnville are great wine country towns as well. The secret of amazing Oregon wines is getting out!

Evan

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Originally posted by @Tim Priebe:

Great job. I have looked at manufactured homes before but we had problems finding comps that the bank would take. How did you get around that?

Hi Tim,

Since the manufactured home was a relatively small value compared to the large, older house, the appraiser just used comps for large older houses.

If the manufactured home was on it's own lot, it would easily be worth $140,000, but since it was on the same lot, they treated it like an afterthought. It will rent just fine though!

I did have some trouble getting the manufactured home insured through my normal agent and had to go with another provider.

Evan

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Originally posted by @Tara Ballenger:

Hi Evan,

Congrats! Can I ask what suburb of Portland it was?

Hi Tara,

The beautiful town of Newberg.

Evan

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Well BP:

My wife and I closed on units 11 and 12 yesterday!

This property was interesting as it was a large, grand single family house on a big lot that also has a nice manufactured home on it. The manufactured home made it hard to finance and I think it scared some buyers off.

We did our first commercial loan to close it, and the process was actually much easier than previous loan applications.

Purchase price of $281,000 about $10,000 in repairs needed, and total rents should be about $3,000. For a suburb of Portland Oregon, a great deal.

How about that?

Evan

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All Forum Posts by: Evan Bellingar

Evan Bellingar has started 4 posts and replied 87 times.

Post: 100% Down vs Financing - What does the bible say?

Post: Closed on units 11 and 12

Post: New member from Oregon

Post: Analysis of 2 apartments for sale ( 4 total units)

Post: First time buy and hold was/is a success

Post: Closed on units 11 and 12

Post: Closed on units 11 and 12

Post: Closed on units 11 and 12

Post: Closed on units 11 and 12

Post: Closed on units 11 and 12