All Forum Posts by: JJ P.

I couldn't agree more! Think of all that civil unrest as a golden opportunity to buy because others are being cautious.   Warren Buffett says "Buy when people are selling and sell when people are buying."  This is your chance to jump in on a dip. 

Wow, Sunriver is very pretty!  All of Bend seems to be booming.  I just read an article in Bloomberg magazine that talked about the tech worker migration to Bend

We sold a 2 bedroom condo in San Diego that would rent for about $2K (my daughter lived in one room, exchange students paid $1K/mo) and were able to buy 3 homes in Coos County via 1031.   The 3 of them will gross closer to 4K, net about 3K, per month.  Obviously that was a stellar reallocation for us.   Without boring you with all the little nuances, I can say that I think we bought older inventory, as the houses were all priced more like 2019.   

Since we purchased, prices have creeped up, but, more significantly, inventory is very low. There is very little to buy, and much of it would be better for flippers looking for quick upside turns. We're looking at a couple more LTR investments along the Oregon Coast but they just don't have the numbers we'd like to hit, so we may sit tight for now until something whacks us in the face. The economics of that area aren't real great.. mostly older people and not a lot of opportunity for young people with ambition. There are jobs but not careers. Tourism (LTR transitioning to STR) and lack of housing make it a very strong market if you don't mind a niche. It doesn't dot the I's or cross the T's the way most investors would analyze the market. No Amazon Distribution Center will be moving in!

We only need a couple of units, and wanted to be in a very pretty/affordable coastal area,  so it's working well for us.   I would imagine that this economic profile is very similar to much of Northern California and many other rural areas.  The high return investment option in Oregon seems to be coastal short term rentals, and we haven't gone that route yet.  It's good to have a couple of exit strategies, though.  

We pass through Redding on our way to our new Oregon investments (when driving).   Keep me on your list, just in case we can time it with a meet up.  

So Cal has very little inventory.   Prices are up.  Rentals are scarce.  

We've used Helocs on our primary to purchase other properties. It worked great and we did it more than once. Our strategy was to pay down the HELOC loan asap, and we paid it off before the interest rates reset. It's a creative strategy, but it certainly was an easy way to get a large sum of cash quickly.

@Taj Richardson  that's a nifty calculator.  

Yeah. We're new to the area, so I really couldn't say. Plus, we're LTR people only. But it's very tempting to wade into the STR market. We watch the neighboring beach STRs and just notice who's there. We can see the cars, who's checking in, who's walking to the beach with coffee mugs, etc.

So, it's not scientific, but here's what we see:   The smallest one rents for about $160-175 a night, and sleeps 6 or 8 in a cozy manner (loft bedroom, not big).   It's not fancy, but they keep the kitchen well stocked and it's clean.  The decor isn't stunning, but they have the formula down pat.    It's hardly every vacant.   I'd almost venture to say never vacant. The owner is Out of state, and the $$$ must be pouring in. The bigger, luxury ones that we can see regularly seem to be rented about 2/3 of the time. I think many switch to winter long term rentals from Oct to May, and then go back to STR. I can tell you more next spring, when we've seen a full cycle.

We have recently invested in LTR in the area.   Demand is high.  

The STR in Bandon have a strong appeal for the golfers and beachgoers. I would imagine that, due to the airport, you'd get lots of inquiries whether in Coos or North Bend. We see the golfers on every flight. They are always smiling. The big golfing event (Masters?) is being held at Bandon Dunes this summer, so be sure to adjust your rates accordingly for that week. It's already sold out for the STR in the area.

I'd tell him that his unit is not currently slated for renovations, because you don't ever renovate occupied units, but if he'd like, he can move next door into the renovated unit and the rent is xxx.  

Having a license is great for saving on commissions and accessing the MLS, but, as noted above, you will pay quite a few fees to be able to have that access, and a large portion of your commission (often 50%) to the brokerage that has your license. Also, you've bypassed one of your better resources if you're not working with a good realtor.

I may be reading between the lines, but if realtors (plural) are dropping you as a client, they must have some yellow and red lights flashing.  Something indicates to them that you are unlikely to conclude a purchase, and they are wasting their (unpaid until escrow closing) time.   Usually the biggest red light is lack of financing.  Is your financing lined up?   The next biggest red or yellow flag  when working with a new investor would be a client who either indicates that they are using other realtors or one that simply seems to have no real plan or direction.  

If you have your financing in order and have some pretty solid ideas about the type of property that would work for your new investment, then contact an Oregon realtor here on BP.   They're investor friendly and here for a reason.  In fact, as I'm typing this out, I'm wondering why you wouldn't do that in the first place when you were dropped by off the shelf realtors.