All Forum Posts by: Randy Johnston

@Erin Deasy, Welcome to BP.

I just took a look at the sales history for this property and really can't tell you why the sales price is so low. It was purchased by an LLC from a company called Vantage Homes, who purchased it for $2000 while it was in foreclosure.

One possible explanation may be that Vantage purchased the redemption rights and when the property didn't sell at auction, they may have worked with the bank to assume the mortgage. 

I would suggest that you get involved in our local real estate investor groups. Both Northwest REIA and Rarebird conduct monthly meetings. There is also a Portland based BP Meet-and_Greet, in mid-October, that you may want to attend to meet some wonderful people.

Good Luck.

@Baxter Finch, I would also suggest that you start working with a lender right away. Contact someone at U.S. Bank since they have a program for 3% down and no PMI, which is good for a SFR or a duplex.

Good luck with your move.

@Dustin Mellor

Check out Rarebird, another REI group that holds monthly meetings in Multnomah Village. There will also be a BP meet-and-greet in NE on October 11, you can find more information at this page.

@Dustin Mellor, no requirements. just show up with your desire to network with other real estate investors.

@James Phillips Partitioning a second lot on your property can be time consuming a will run around $20k, at least in Portland proper. I've look at property in Oregon City and if you lot is large enough to partition, then there's a possibility that it may be a double lot, which is a lot less expensive and less time consuming. If you have a problem with determining whether or not it's a double lot, contact me and I can find out for you.

That said, there are several options available to you. You can develop the lot and build a home, then sell the home yourself, this would bring a higher return than developing the lot and selling it to a builder, which would be a easier for you. You could also develop, build and then rent the new home, which you can then get reassessed and refi to take out some working capital, this is a wonderful buy and hold option.

Please feel free to give me a call if you'd like to get more info on these options.

Also, we are having a Portland based BP meet-and-greet on October 11, which can be found on this events page.

@Jill Chen @Polly Gage @Earl Jornales @Account Closed 

Count me in. :-)

@Kevin Dickson, @Michael Schmeltzer, @Chris Parrish

Here's the link to the meet-and-greet for tomorrow night.

https://www.biggerpockets.com/forums/521/topics/328329-portland-oregon-summer-2016-meet-up

It's scheduled for 6:30 and is an informal gathering for a chance to network and meet other members from the BP community.

Hope to see you all there.

@Chad Duncan, I've been working with investors for the past several years as well as being an investor myself. I'd love to sit down for a coffee some time to talk real estate and get to know each other.

Thanks,

@Aaron Coday Welcome to BP, sounds like you have your plan. Just a heads-up, JR Hinds has arranged a BP meet-and-greet scheduled for July 12. Check out his post at https://www.biggerpockets.com/forums/521/topics/328329-portland-oregon-summer-2016-meet-up.

Good luck.