All Forum Posts by: Randy Johnston

@Wesley Adams, It is best to scout the area first as @Jeff S. mentioned, and depending on what you want to accomplish, your search areas may be vastly different. It's hard in the Portland area to find a duplex as owner occupy and still get any kind of cash flow. The positive, on the other hand, is that you will have a tenant helping you build equity in your property.

Good luck. :-)

@Doug Melland, welcome to BP. Getting started in real estate investing with an owner occupy multi-family is a smart way to go if you can generate decent cash flow.

I would suggest that you start attending the local REIAs, Both Rarebird and North West REIA boast a group of really knowledgeable investors and it will give you a chance to network and learn about the industry. Check them out, they'll both let you attend a meeting or two at no charge.

Good luck.

Welcome Daniel,

I second Lisa's recommendations on both NWREIA and Rarebird, a great bunch of people willing to share their knowledge.

Good luck with your return.

Randy

@Rohan Innis Just so you know, as if enough people have mentioned it already, the Rarebird networking group is a great place to gather knowledge on RE investing. Mike and and Taylor have done an amazing job with this group.

@James G. I personally believe that the ADU will not affect the resale value of your home, but rather enhance the desirability. There are a lot of buyers looking for homes with an ADU, not only for the rent potential, but as a living space for a family member.

Have you visited the Portland Development Services website yet? You should be able to get the majority of your questions answered in regards to what is involved in the building of an ADU, such as permits, allowed uses, ect...

The following links will take you to the specific chapters in the zoning codes that relate to ADUs and ASTRs, as well as general information.

• Accessory Dwelling Units Program Guide
• Accessory Dwelling Units
  
• Accessory Short-term Rentals
• http://accessorydwellings.org/

@Kathleen Miles I have to agree with the other agents/brokers on this thread. I would also add that (at least in the Greater Portland Metro Area) most wholesaler deals are completed off the market since there really isn't enough profit to be made through the MLS.

Wholesalers will generally low-ball their offers and as an agent, I would not work with someone who did that because it's my reputation on the line . . .  once that reputation has been soiled, I may as well pack it in. My reputation is my business.

@Chad Duncan When they talk about closing quickly, they're talking about the escrow process, such as the title search (ensuring that you receive clear title, so if there are any liens or judgments against the property, it may delay the closing date) another component is the loan process, which is what usually pushes out the timeline in escrow. Coming in with all cash can drastically reduce the time frame for closing. Forgoing any contingencies, specifically a home inspection will also cut down the time frame.

If you are financing your purchase, then it is not a cash offer unless you obtain a loan from a private or hard money lender and they provide you with the cash.

@Chad Duncan I would suggest door knocking, that way you can get a face-to-face with the owner and they can make an immediate impression, be it good or bad. People are more willing to work with someone with whom they've met and have developed a rapport. One thing to remember, this isn't a sprint, but rather a marathon. Creating that rapport is important and may not come to fruition for months down the road. It is important to understand their situation and determine their motivation for selling their home.

@Corey Petersen Welcome to BP, as @Taylor Shields mentioned, Rarebird is an excellent group. There is also a second option, Northwest REIA, both have great networking opportunities and the members are quite willing to share their knowledge with newer investors.

@Michell P. 

Congratulations on getting your license. What brokerage firm are you working with?

Since you're getting into real estate investing, have you joined any of the local REI groups yet? There are two good ones that I would suggest, Northwest REIA and Rarebird. There are some very knowledgeable real estate investors in these groups and they're willing to share their knowledge.