All Forum Posts by: Susan Elliott

@Jillian Sidoti I love the short and sweet summary you've provided. Dive in deeper where you need extra support. My partner and I are finding potential deals right now and working with a great mentor to provide some new education and guidance. It is nice to remember that it isn't rocket science, it just takes time, due diligence and the desire to connect with other people to share our passion. Getting out and networking to bring good deals to more people is one of the aspects of syndication I'm most looking forward to! Similar thanks to @David Thompson for your great summary here. I appreciate the reminder to share the education I've already gained with others immediately, even while I'm learning myself.

Thanks for posting this question @Ben Spiess. I had the same question. I've received several decks from investor newsletters/clubs. However, they are mostly really big deals. I wondered if there were deck example out there for smaller deals, from a small multi-family to a 50-100 unit. I'm also very curious about commercial deal decks that are for an asset type other than multi-family (self storage, mobile home, etc.) @Theo Hicks, @Danny Randazzo, @Tyler Kastelberg, I'll be shooting you a DM! Thanks for offering to share. 

Welcome @Taj Peterson! I'm spinning up to do more real estate (ideally full time in the next few years) outside of the Portland area (Hood River/White Salmon). For local deals, I focus on The Dalles, OR, but have begun researching out of state markets as well. I'd love to connect about what deals you are looking to get involved with. Always nice to chat with someone local(ish).  Cheers!

Thank you @Laura Cutshall! I couldn't remember which podcast it was mentioned. 

@Mitch Messer Thanks! I haven't heard of this one but will take a look. This is the type of visioning I am looking for now as I build my business.

Hello Community,

Can anyone tell me the name of the book that Brandon recommended on the podcast about defining your vision? He mentioned that it was a quick read (I believe he got through it on single flight). I lost my notes from those episodes!

Other visioning book recommendations welcome.

Thanks!

I came across this issue recently. I wasn't able to find a great solution. I believe that you inherent hose leases and are obligated to fulfill them. However, you can offer to buy out the tenants in exchange for ending their lease early. It may be a sweet deal to have a few months rent paid at a new place. That was going to be my tactic. Another option was to look into local housing authority assistance or laws.  I look forward to hearing more possible solutions! Good luck!

Investment Info:

Single-family residence buy & hold investment in The Dalles.

Purchase price: $271,500
Cash invested: $17,000

I am under contract for my first investment! We will be splitting the SFH into 2 apartments (2br/1ba and 1br/1ba) and living in the smaller unit to fulfill our owner-occupancy financing. Excited to make this final in a few weeks!

What made you interested in investing in this type of deal?

The option to split this SFH into a 2-door investment made the numbers work for me in my hot-market.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Charlie Foote in The Dalles has been our rock-star agent. He has been great to work with and has opened doors for us with other relationships. I look forward to working with him more!

Thanks @Cassi Justiz! I'm leaning that way. I like having the bigger cash reserves in case I didn't analyze the deal as well as I could have (or as well as I will be doing after I have several more under my belt). 

I wonder if it may be just as easy to do it later, or if there is an incentive to do it now while we have at least of the the units in rehab mode. This is more of a contractor question, which we'll ask as we dive in. Perhaps there is a way to set ourselves up for an easy transition later by doing some sort of plumbing/electrical work in the new place now. 

Great to hear from experienced folks. Thanks again Cassi!

I'm in escrow for a SFR in a high-density zoning area. Part of my strategy in this market is to turn a SFR into 2 rentals by fully remodeling the basement into a 2-bedroom unit. I'll be house-hacking this so I can use FHA. I'm debating whether I should go through the planning department and convert the SFR into an official duplex with the city. Alternatively, we could just rent 2 separate units in the SFR. The benefit is that resale value will be higher and we'd go through the effort of splitting the utilities so renters can pay. The additional cost (~$12K-$15K), however, will take away my "safety" cash reserve and drop me from a ~10% ROI to an 8.5% ROI.

Has anyone completed an official SFR to Duplex conversion? Thoughts? Other strategy ideas here?

So excited for my first REI deal!