All Forum Posts by: Marcus Mathews

@Max Brunke

Thank you for heads up, but my current situation qualifies for the "only one Dwelling Unit in the City of Portland" exception.

Hopefully the bill in Salem that would allow municipal rent control dies, and this Portland ordinance gets overturned.

@Rami Aweti

With Salem being a smaller city it could be difficult to find the agent you're looking for there. Portland is only 45 minutes up the freeway with a plethora of agents looking for business.

You could give Matt Lesher of The Agency Realtors in Portland a call. He's an owner and principal broker there, and also an investor himself. He was my agent when I bought my two house property that I live in now, and I was very pleased with his service and attention to detail.

Thank you @Melissa Dorman I agree that it will be difficult, but my thinking is if we can figure it out around here then we can do it just about anywhere in the country. We might go down to the Eugene/Springfield area if we need to.

@David Marsceau thank you, will do!

Hi everyone, my name is Marcus Mathews and I am in the beginning stages of my real estate investment plan. I am a lifelong Oregonian from the Portland area. I own my own job selling surplus industrial parts mainly on eBay.

At the end of 2011 I bought a property in SE PDX with a 700 sq. ft. two bed, one bath house and a smaller one bed, one bath detached ADU on it. I have lived in the main house since then and rented the ADU to a friend for almost the entire time I've owned it. After I started listening to the BP podcast I realized the first step for me was to give my friend his 90 days notice and move into the ADU and rent the main house for more than my current PITI. I will be moving houses in the next few weeks and hope to have the main house ready to show by mid June.

After I have the house leased up, my plan is to get cash from my substantial equity through either a cash out refinance or a HELOC to start doing buy and holds with a partner using the BRRRR strategy. My long term goal is to have a nice portfolio of rental properties that are free and clear in 15-20 years so I can retire by 50.

Any and all advise, insights, thoughts, or suggestions are greatly appreciated!