All Forum Posts by: Alex Mora

@Kayla Carson totally understand what you mean. I'm on the same boat as you. Shoot me a msg whenever you have time and Ill share one of deal analysis so you can see what I look at or how I look at it for the most part and it might help you out. If it doesn't either way Id be happy to be bounce off ideas.

Hey @Kayla Carson

I am actually investing in the same area as you and also possibly doing the same strategy.

The way I look at it when it comes to house hacking is whatever the dollar amount that's left after all expenses, if that figure is more than my current cost of living, than I am losing money. If it is less, than I am cash flowing. Any money saved is earned money, hence cashflow.(Specifically house hacking) I can share with you my analysis that I have done and that may give you a better understanding of what I mean. Feel free to msg me anytime. Best of luck !

Hey BP family,

When dealing with anything in real estate, from contracts, tenant laws, do and don'ts, etc, who do you guys recommend, specifically in Multnomah County.

I am going to be needing one more then likely on overlooking quite a few things with a tenant I am going to be inheriting with the property I am under contract right now.

Any help is appreciated !

@Kurt Lane thanks for the info !

Just out of curiosity, I did download the forms that BP offers for each state when it comes to rentals. 
Have you ever used those or know anyone to use them?

Also in order to get a copy of those forms, from either company is there a one time fee ? 

Hey BP Family.

I am starting to prepare my documents that I need in order to rent out my unit.

The home is in Multnomah County, (Portland, OR) and I know being in that county, it isn't landlord friendly and you want to make sure you have all your bases covered. I was wondering what are some things that you guys include in your leases and learned to have included in all your leases?

Any feedback would be appreciated!

My partner randomly mentioned something to me that caught my attention in regards to a loan program specifically offered through Bank Of America. 
I looked up as much as I could on here but didn’t have much luck.

From what I understood the program is essentially a grant of some sort and is available in 37 states. My state being one of them, Oregon.

They give you $17,500 back 

Credit score must be 640 And above 

1yr owner occupied. Does not have to be a first time home buyer

Medium to upper income area (80% average medium income)

Has anyone used this type of loan within the last couple of years or has any feedback on it? 

I’d love to hear any experience that anyone has had with this loan. 

@Martine Torres No problem! I am still searching for a duplex that pencils out currently. 

As far as your cost of living going up, if you are able to afford it and make it make sense, then I’d say your are probably in a good spot. Just take a closer look at your finances a little more to make sure.  Just like @Steve Milford mentioned, make sure you have an emergency fund of some sort for unforeseen repairs & also figure out that baseline for your W/S/G. 

Either way, whatever route you go, you’ll learn a lot more than what you did before even starting. We are all rooting for ya !

Hey @Martine Torres, I am currently in the process of buying a duplex myself here in the Portland Metro Area. I can definitely tell you that you are on the right track to get started in your REI journey with house hacking, especially here in Portland, OR.

Just a couple of things I would pass along to you that I have learned from other investors and also myself, is find out what your exact cost of living is currently right now. Whatever that number is, make sure that number is no more then the difference that you have to pay once you account for rent, capex, vacancy, etc. If you can get your cost of living to be lower then what it is currently, you are sitting in a good spot. If it is higher, you are putting yourself in a bad spot. 

Another thing I would recommend doing, as I have done, is try seeing if you can save yourself some of the cost of fixing those "issues" by doing them yourself. Yes it can be a pain if you don't want to do it, but if you are short on rehab money or just funds, it is a great way to make it pencil out since you are doing it yourself and saving the money. 

As far as your plan of fixing one side while living in it and then renting it out, it definitely will pay off. Since you are fixing it and updating it, you are able to charge more then what you would have if you didn't fix it up.

Also there are a lot of more benefits when you live in the property, than if you didn't, and especially because you are going to be in Portland, you have more leverage on certain things then the regular investor who doesn't live in the property. 

All in all what everyone else said in the posts above is all correct. 

I hope all goes well in your REI journey, if you need any kind of help or just want to bounce an idea, feel free to message me. Best of luck !

Glad there is finally a networking event in person ! 

Looking forward to it !

@Mathew Wray Thanks ! I appreciate the advice!