All Forum Posts by: Rusty Thompson

The Market is good, with a lot of deals that cash flow. Fantastic deals come along every once in a while, but every day of the week something can be picked up at a decent price that will perform well.
I'm not a member of NWREIA. Between my Full time Job & rehabbing the properties I own, being a landlord and my social commitments I really haven't had time to "network". This is one of my new year resolutions. I really need to get out there and start actively pursuing funding. Without it I'm stalled out in my acquisitions.
I really focus on Buy & hold. I agree that Tenants can be a pain, but at the same time I don't know any way to secure long term wealth.

Welcome Aboard. I'm a little down south, but its good to see another Oregon Investor.
From your strengths it looks like you are going to focus on fix & flip? I know it's hard to cash flow in Portland for buy and hold. Do you have any plans in this area? Are you still holding the 7?

Good question, Its one deed. The address on the deed is

1745 TO 1747 SW EDGEING DR

Google maps shows it as 3 separate lots

Leonard L.
I've considered that. Depending on the terms, the property would cash flow, as long as the repairs are not to astronomical. Then hold the lots until things improve. I'm already sitting on one that I have similar plans for. It would be like buying a property with two free lots.

what do lots go for in this area?
- There aren't any of comps in the area, but the lowest priced lot on the MLS is 39k. It's about the same size, but in a very nice subdivision. Which this is not. I would guess each lot is worth 25k-30k.

what will be the cost of the rehab?
- Good question, I think I'm going to go look at it tonight. I haven't seen it yet. This is one of the time I wish I was full time. Working around work def. makes this more difficult.

what type of property would you like to develop?
- I would like to build 3/2-3/2, two story duplexes w/ single car garages. Which comp for 200K.

I've really been procrastinating on this, because I've been distracted on other things & I don't really have a plan for it up front. But the more I think about it, the more I like the idea.

Update.
Out of state investor & back taxes

"You have a firm willing to pay the loan off if things go south"

My problem with this is, that if every bank called there Sub2 loans. The company would probably fold. Leaving everyone with a empty promise.

I would progress under the "abandoned property" section in your lease & proceed under A. Though you might see if the sheriff will come out to verify that it is vacant. Two sets of eyes are better than one. That way if it ever comes back on you (which I doubt it will) you have a corroborating witness.

90,000k Duplex 2/1 & 1/1 in need of major renovations on a 9500 sq ft. lot. Purchase includes two similar lots. Owner is willing to finance. I have not discussed terms yet. Nor have I inspected the property.

Its in a college town & will rent for ~ 1100 with full occupancy.

ARV shows at around 150000k

What I would like to do is Remodel the first, get it rented out, then build two 3/2-3/2 duplexes on the other two lots using construction loans. I have absolutely no experience in developing. Any ideas?

At today's interest rates, $700 a month goes a long way. In my area, if you do the work, you can get a 1200sqft 3/2 in a decent neighborhood. I know this is not true everywhere.