All Forum Posts by: Michael Gregory

@Milind Shastri Yes, I'm on a couple wholesaler lists. Most of what comes through is garbage, but you get an occasional gem. 

@Robin Boyer Partners have been the key for me. I met up with random people from Bigger Pockets and started working for a couple guys for $15/hr (for the first week). Now we're equal partners and we've closed 5 houses this month. 

Thursday: An email appeared in my inbox for an easy flip at 190k

Friday: Toured the property, made an offer at 195k dependent on sewer scope. ARV 260k with <10k repairs.

Monday: Scope revealed bad line, revised offer to 193k.

Friday: Closed on property, went to put on the lockbox and found a note taped to the door. "Local business X owner wants to buy this property for cash"

Monday: Spent 1 hour on structural repair, scheduled our guy to do sewer repair (~$700 with machine rental). Buyer walked through

Tuesday: Received cash offer from buyer for 250K

Should close by this Friday at the latest for a total profit of just over 40k

Sometimes you just get lucky, but you have to be ready to act fast. 

So, the inevitable happened. Tenant didn't pay this month. I'm having a company file eviction, but tenant hasn't been on the premises since last Friday. How long do I have to wait until I can declare that the property has been abandoned, and just change the locks?

@Eric Gabriel I'm looking to do some flips to build up cash. For now I'm sitting around waiting for my refinance to close. There are a lot of decent flip deals that I'm salivating over, but I don't have any funds available right now. 

@Ryland Taniguchi I could get $1900 a month easy, probably more. I haven't really looked at what 3 bedroom houses go for. I've put too much work into making it nice to want to rent it though. Also, I detest moving. 

If you're going to hold this to rent, just do sheet laminate. It's very cheap ($1 / ft for materials), it looks nice and renters don't care, and it's easy to replace when they inevitably ruin it. Unless your rental is super high end, tile just isn't worth it. What is your projected rent each month? 

After 3 weeks of waiting I finally have my appraisal in hand. I just talked to the lender I started the process with, and they said it's going to take another 30 days to close the refinance. That seems stupidly long. Is there a way to get it done faster?

How do you get 90% of purchase price? Everyone I've talked to, including hard money lenders want 25% down on investment properties. 

Just got my appraisal back at $336,000. :)

@Michael Allen - In Gresham, you have to show some sort of need for the ADU, such as mother is going to live with you because she can't live on her own. From there, you just have to go through the permit process and pay the fee. I hear in Portland they have relaxed a bit since housing is so expensive and are encouraging people to do more ADU's.