All Forum Posts by: Michell P.

Welcome Missie!  I have family investing up in Anchorage.  They're loving it. 

@Charles Mangum I'd suggest looking for a commercial mortgage broker.  You can often get a better deal through them even though they charge a % of the transaction.  I can give you a recommendation that I'm not affiliated with, but I've worked with him a lot on my deals.  Just PM me. 

Don't be afraid to just call up everyone from commercial banks and credit unions to brokers and ask each one of them the same questions until you get comfortable with the process.  Usually they're very willing to help if you explain your situation.  

You may want to double check your expenses.  35% - 40% in expenses is low, at least for my area.  Renting to college students is often hard on a unit.  Parties can wreck the flooring, sewer line, bathrooms... For expenses, are you accounting for the sewer / water / garbage bills + maintenance + cap ex + vacancy (will those students only want 9 month leases with 3 months vacancy?) + property manager? In my area, expenses for small apartments look closer to 60% of income.  

Krystle, 

I've spent years working with RE agents, and have had so many deals fall through that I decided to get my license.  It's not just about the commission, but about the control you have over the deal.  You can troll the mls as often as you like and make offers as soon as you can without waiting.  And you can make sure the paperwork is right and your vendors are solid.  If you're doing buy & hold apartments, it makes sense.  If you're doing mobile homes without the land, then maybe not - check your local regulations on mobile home sales.  

But, being your own agent is basically a full time job, so that's something else to consider.  

Glad to see all the Blue Star support!  No wonder the line is so long on Saturday mornings :) 

Hi Jordan, 

2 options if you don't already have funds: 1) buy a fix & flip first, which is what we did.  2) buy a 2 - 4plex & move into it, which we also plan to do.  My broker was talking yesterday about new programs that allow for 3% down and the lender will pay for your mortgage insurance... 

There is also the strategy of buying 1, then taking out a line of credit on the property buy another.  Didn't Josh write a book on this recently? "Invest with no to low money down?"  You may want to check out the podcast if you haven't already.  They've interviewed a few investors with different startup strategies.  

Ah, Brandon, this may ruin Voodoo for you forever, but next time you're down, try Blue Star Donuts (http://www.bluestardonuts.com) - it may be the single best creation of mankind.  

Thank you for the welcome! 

Thanks Randy!  

I signed up with Soleil Real Estate - they're a newer brokerage in Portland and still small, but they're flexible about me doing whatever I like as an investor (+100% commissions).  

Thank you for the suggestions - joining those 2 groups are next on my list.  

Thanks Rob! 

I went through onlineed.com.  I'd recommend them, though it sounds like they're all alike TBH.  If you go to oregon.gov they have a list of approved vendors - make sure you go there first.  Before you take the test you have to pay Oregon dues as well as finishing the 150 hours before you can register with PSI for the test. 

Good luck!