All Forum Posts by: Nitish Paliwal

Thank you all, I appreciate you taking time out to post here! So much to learn from your experiences. 

Like @Michael Jonesmentioned, I must venture out to look at non-MLS offerings and start building some connections. I looked at couple of Meetups, but Covid is proving it to be tad more difficult.

@Mathew Wray, thanks! I agree, high HOA fees for condos and townhouses are a put-off, hence I was primarily focusing on SFRs only. To your point, apart from tapping into a realtor's network or just reaching out to other investors, is there another 'standalone' way of 'querying' a database to look for off-MLS properties?

@Brandon Harris - excellent suggestion, thanks! I have been considering to allow pets for sure. Given the fact that units are otherwise merely breaking even, this 'd definitely help ameliorate cash flow woes.  

@Brad Hammond, will definitely consider duplexes as well. Echoing what you just said, there's clearly a common theme in replies above, 'traditional' methods to find a good SFR 3/2 opportunities is virtually non-existent in these neighborhoods.

So it does boil down to following action items for me. 

1) Find methods to search for properties off-MLS, which essentially means, off Zillow/Redfin etc.

2) Network with fellow investors and rehabbers in the area, Covid makes it difficult, so find any online resources/Meetups.

3) See if duplexes make more sense. This may be hard hard for me since I an intending to stay in my primary residence for the time being and financials for down-payment mayn't work out. Otherwise, consider renting by the room.

Greetings Members,

TL;DR: I am trying to locate SFR units that may positively cash flow in and around PDX with maximum offering price of $325000. Is it even realistic given the fact that prices have soared within the last decade?

Details:

I have a question regarding opportunities in Portland Metropolitan, but specifically in and around Beaverton/Hillsboro/Tigard/Aloha area. I understand that finding an opportunity that positively cash flows is important, however, there are hardly any opportunities available within my budget. Given my (novice) experience level, I am looking for relatively newer units to avoid running into any maintenance costs that older units may offer. Here are typical numbers that I see, for a 3 Bed 2 Bath SFR that has been built after year 2000.

1. List Price: $320,000

1. Loan Amount assuming 25% down payment: $243,750

1. Expenses as following:
1. Vacancy Rate: 8%, $144/month
2. Custom Expenses: $50/month
3. HOA Fees: $50/month
4. Cap Ex: $90/month
5. General Maintenance: $90/month
6. Mortgage: $1095/month
7. Taxes: $240/month
8. Insurance: $50/month

Total: $1809/month

1. Ren Estimate: $1800/month

Conclusion:

• Monthly Cash Flow: -$9/month
• CoC ROI: -0.14%

Perhaps I am being wishful here to find an opportunity under $325K that offers positive cash flow, but it will be great to hear back from investors who are experienced in this areas.

TIA for any inputs you may have.