All Forum Posts by: Phil Oduse

Thank you both Justin and Greg for your very helpful advice - it's greatly appreciated...

Can anyone recommend good handymen or contractors they have worked with , for the Portland, OR area?  Am just about to start a smallish renovation project on a single family home and will be needing some help...

Thank you in advance

Thankyou all for your input - seemingly the house needs to be raised about 5ft to put it a little over 2ft above the flood level.   After that we could get the elevation certificate and hopefully that would greatly reduce the flood insurance tab.   I agree though $30K for that house does seem way too much.  I was thinking more along the lines of 10K but frankly I'm not sure I can deal with the grief of it all even if I could manage to get it under contract for that sum!!   

Thanks Colleen -  your thoughts on this are very helpful. 

To be honest, I had thought about flood insurance but clearly not as thoroughly as I ought...  

I'm a newbie investor and came across a property recently that caught my eye - I should probably walk away from it but I thought I would first canvass the views of the professionals - hence my question!!

Looking at a property in W. Oregon - the seller is asking $30K with a APR of about $100K-$110K. - it's a 3 bd, 1 bath - 1,058 sqft on a 8000 Sq ft lot - rentals in the area are commanding about $600- 700 per month.

From what I have been able to ascertain from the seller - the city is requiring the property to be raised.  The house has a crawl space and foundation.   The roof is leaking (valley of the roof is leaking and a couple of areas of the roof are giving way) and there is evidence of mold in the master bedroom closet and a little in the kitchen. It flooded in 2007 (which was only the second time in 100 years) and the house was remodeled at that time. 

It looks like the seller bought the house for $8500 in 2012 (and then realized he had taken on more than he could handle) so I'm guessing that there is a little more give on the price.

Is this one that I should run away from as quickly as possible or is there enough skin in the game to make it a worthwhile proposition - perhaps as a flip?

Would certainly appreciate your advice on this one!

Thanks,

I'm a newbie investor - learning the ropes.  I was recently driving my area and identified a home ( 2 storey - 3 bed, 3 bath - 2300 sq ft in decent shape) in a nice neighborhood in Portland that is zoned R6. The house is only a modest plot of  0.6acres , however.  Property is being offered at market value.   Under what circumstances if any, could such a prop that is zoned for multi family development be attractive to an investor?  How much discount off market value would we need to achieve to make this a viable deal?

Thanks James.  It's great to be here...

I'm sure that BP will prove to be an extremely helpful resource and that in time I'll become a regular contributor to the forum!

Thanks Kenneth for your very helpful advice and I'll be sure to take it very much to heart...

Jeff appreciate your suggestion about northwestreia.com and I'll plan on being at their next meeting which I believe is this coming Thursday!

AND thanks Mehran for your kind welcome...

Exciting times ahead... 

Hi my name is Phil Oduse and  I have a UK legal background and am new to RE investing here in the US... 

Now based in Portland, OR I plan initially to assume a bird dog role, passing along seller details to wholesalers in exchange for a split in any profits achieved.  Hopefully I will quickly build up a knowledge base and skill set in real estate investing to enable me to transition into wholesaling and rehabbing.

I am very excited to be embarking upon this new career and  look forward to meeting some of you as I move along this journey!