All Forum Posts by: Michell P.
Michell P. has started 7 posts and replied 153 times.
Post: Should I jump right into Multi-Family???

- Residential Real Estate Broker
- Portland, OR
- Posts 153
- Votes 105
Hi Jordan,
I'm starting out in multifamily too, so I'm interested to hear what everyone has to say.
In Oregon, you can get a duplex - 5plex for about the same price you can get for a SFH. So, here if I was going to buy a $200,000 SFH the rents would be ~1,300 - $1,500, while a $200,000 duplex would bring in ~1,500 - $2,500 (Portland area). So for the same downpayment the duplex makes more sense, esp when considering you're also protected more with vacancy. But, the costs are higher - garbage, sewer, water is paid by the owner and you need to take care of the exterior maintenance. From what I can tell so far, the "45 - 50% rule" works for SFH, but for MF expect closer to 60% of income going to expenses.
Post: New Member from Portland, OR

- Residential Real Estate Broker
- Portland, OR
- Posts 153
- Votes 105
Haha @Aaron Ramm - I did actually spend a few days thinking "why not just buy 50 10k homes, put 10k into them, rent them for 800 a month and make $240k a year?!" And then I woke up and realized I'm not that crazy. Last week I deleted all my research & notes into other states and decided to just focus on Oregon and Washington where the prices are higher and the ROI is lower, but at least I know the market, and I don't THINK I'll get shot at.
Of course, I did just tour a property where the PM kept his hand on his gun whenever he opened a door...
Thanks for the welcome all!
Post: New Member from Portland, OR

- Residential Real Estate Broker
- Portland, OR
- Posts 153
- Votes 105
Just another lurker delurking and say "hi" and "thanks." So far, you all have been amazingly helpful and I'm pretty sure I would have fallen for a few so-called "deals" without this community.
So, just passed my real estate exam in Oregon, and I plan to use my license to help us grab a few buy & holds in Oregon & maybe Washington this year. My goal is $50k in passive income by January 1st 2016.
Doable? I guess I'll find out in another 10 months.
And now I just realized its almost 1am. 'Night all