All Forum Posts by: Kelly Asmus

Alexandra - I registered but didn't receive a confirmation email? 

Do the work. Put in the hours. 

Tell everyone you know you're in real estate.  Your first year, most all of your deals will come from your immediate sphere. 

Follow-up. Follow-up. Follow-up.

Overcommunicate. Especially on the details. 

Understand your real estate contract inside and out. 

Protect your client. 

Off market deals are still possible. Having your realtor bring them to you is only one way. Networking, auctions, social media, letters and door knocking are all ways to find properties. You have to put in the effort to find the deals.

Our team has a pipeline of sellers that we try and match with our current buyers. So yes, many agents, if they have a lot of experience in the business, will have access to properties that haven't hit the market yet. 

The discussion about appraisal gap is important and I include it whenever I can with a buyer that has the ability. There are also some other things you can do as an agent to get an offer accepted and still protect your client. I am not a believer in waiving inspection contingencies unless it's a flipper/rehabber client and they thoroughly understand what they are getting in to and the price reflects the risk. For buyers who are strictly buying their first house hack or rental property and aren't considering a major rehab - the inspection can make or break your deal. I add language to the contract -"buyer waives all cosmetic repairs. Only code violations, lender required repairs or safety issues will be called on a repair request." This helps a buyer twofold- it retains your right to an inspection and your ability to terminate. It also tells you if a property might be a potential problem. If a seller won't agree to that clause, then there might be something big and expensive lurking that won't help your project pencil. 

I also try and get as much information from the seller's agent as possible. Do they need a rent back? Is there something specific they are looking for in the offers. Gathering as much info as you can to craft an offer that stands out.

The last, but not least important way, is sharing within my team and office. We meet weekly to discuss potential properties in our pipeline and try and match potential listings with our current buyers as much as possible. A win win for everyone. A seller may not need to do a big remodel since I may have a client who fits that property perfectly and we work out a price that is fair for the future repairs. We sell something before it even hits the market and the seller gets everything important to them and buyer secures a deal in an inventory scarce market.

When interest rates go up, of course the housing market is going to slow a bit - that's the intent. The housing market has been on fire and the price increases, the multiple offers and the terms some buyers are throwing out just to get a home - they are NOT sustainable. 

Slowing the market down a little gives us all a little breathing room. I do not expect prices to dip, appreciation will slow to a more normal rate but housing should remain steady for the near future because we still have a shortage of homes for sale. 

Foreclosures might be up because there was a moratorium on them during covid. They are still a miniscule amount in the market. If there were 2 and now there are 4 that is a huge percentage increase, but overall meaningless. So instead of looking at how much foreclosures are up by a percentage - look at the actual numbers. They are not anywhere near alarming stages. Most people have equity in their homes now, so can sell and avoid a foreclosure. 

Don't be alarmed by headlines. As an investor look beyond the headlines and do your research in your market. 

I wouldn't agree @Joel W. that Oregon is a bad place to invest. City of Portland may be a tough place to invest with moving policies if you no cause evict tenants but there are many other surrounding cities that are doing very well. 

The market is hot for real estate, which pushes many people out of the option of being able to buy so they will have to rent. There is a shortage of rentals in our market, which makes it easy to rent, raise rents and make a profit. Our market lost a lot of rentals over the last few years so those of us that have remained have raised rents and stayed in the game.

Yes, Oregon has rent control, but it's over 9% we can raise rents this year. I am very comfortable with that because I do a rent analysis each year and make sure I am charging Fair Market rents. My rental properties are doing very well and I reinvested this year and did some remodeling and raised the rent when my tenant moved out. Wrote off the remodel on my taxes and rerented the property quickly. 

The metro area is a mecca for ADU's, house hacking and other creative ways to add units to properties. I have many clients who only look at properties that have been sitting on the market - we look at many different strategies to make the property work. When the going gets tough - the tough get creative. Every investor is trying to find the easy markets when sometimes you have to think a little differently, look at projects through a different lense and be willing to try something new. I have clients turning a SF into a triplex and with HB2001 coming the flood gates will open for building extra units on most any lot in the area. It's an exciting time to be an investor here. The skies the limit.

Agree with @Anthony Vicino. Oregon has many programs to help property owners for energy savings. I'd check your state and local for similar programs. 

The black and white paint scheme is very on trend right now. I say go for it. 

The market inventory is tight for Portland, that will change. I tell all my clients - patience and perseverance right now. Keep looking and keep making offers that pencil for you. Be smart with your numbers. Don't overbid just to win. You win on the actual purchase making sense, so if you have to wait, do so. 

Being on these forums, talking to people and networking also brings deals. I have several clients who house hack and we exclusively target deals that have been on the market for more than 30 days. Right now, there is no need to target any property new to the market - that will change too. But that's the reality right now. 

Reach out if I can help you. 

Great story from Realtor magazine on the new hot spots for rentals. There are always opportunities, just look in the right places.

‘Feeder Cities’ Grow as Hot Spots for Renters | Realtor Magazine