All Forum Posts by: Jonathan Stone

Also check with your lender on current rates. 5.8% seems low. If that is a rate available for 30 year mortgages, DM me your contact.

Quote from @Brian Barch:

Bought first STR a few months back, also doubles as our vacation home. I want to get through a busy season (summer) and see how it goes. Would love to acquire a second STR in the second half of the year depending on how things shake out. I think it would be fun to find an off the beaten path STR market with sun $250k homes, I know they exist out there, just need to do a little digging.

Maybe we will find this same market and find ourselves another property and actual move forward as an STR. With the last one now an MTR, we could apply for a permit in July should the application process re-open as planned. They were put on hold for 1 year. If that is the case July-Sept may be the only months I STR and then move it back to MTR for the off-season. There is certainly interest for both.

Quote from @Bonnie Low:

We're on course to buy our first STR/vacation home in Oregon before May 2023 and adding (4) 2-4 unit LTRs to our portfolio this year.

 What areas of Oregon are you considering?

@Michael Baum - Thanks for the feedback. We did put up just a few pieces of art so it wasn't sterile on the walls. With all the west wall being windows I think I could add something over the bed. Still Figuring out the details on Mid Term Furnished Rentals. Hoping all goes well for both us and the tenants.

Here we are 18 months after acquisition with tenant moving in this week. This is not a STR at this point but MTR as they will be there between 3 and 6 months depending on if their work contract is extended. We have learned a ton. Managed to spend quite a lot of time at the coast and often what feels like more driving each way.

Some key takeaways:

If you buy a place that is furnished realize that the furnishings can cover up some flaws. Always plan to clean out any place we buy day 1. Remember to keep contingency dollars for any size project. Don't rely on insurance providers to be fast, it may not be worth the claim when you include holding costs. Just because you could pay someone to do something doesn't mean you can pay someone as there is not always skilled workers available. Multiple times on this project I wanted to hire a carpenter, painter or handyman only to not be able to hire anyone for weeks or months. The work I did hire out I paid a premium as they travelled to the house from the metro area.

Hope this finds you all well. And thanks for any and all advice that was given throughout this process.

Quote from @Quentin Jivery:

Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!

Quentin,
Good for you to start the process. There are quite a few meet ups that have been taking place all over the Portland Metro. One advertised on the Forums here is https://www.biggerpockets.com/... There are others. I know there are a few investor lab meet ups as well. I believe there was a meet up for Clark County REI meet up but I haven't seen it recently maybe someone else can chime in with that info. There is a ton to learn just reading through posts here and listening to the BP Podcasts.

If you are really early on your journey and trying to identify what methods to use I recommend heading to the library and reading or at least skimming a few dozen of the recommended titles from the BP Podcasts. I'll tell you a few books I strongly recommend would be: Set for Life (Scott Trench),What Every Real Estate Investor Needs to Know About Cashflow... (Frank Galleneli) there are many more. Try to spend some time understanding why you want to do this and what your goals are, that will be important when you find a mentor. Your goals need to have some level of alignment with what they do and how they operate.

Hope this helps.

Quote from @Andrew Syrios:

I think a lot of people are going to scream chicken little as the market returning to normal (and probably going worse than normal for a short while) will feel like a complete collapse, especially with 2008 in the back of people's minds.

 It feels like people not investing in RE have been saying for about a decade there is another crash coming... Every time there is any bad news... Boogeyman is around the corner.

Just going to update an outdated post....

We had decided to live in our coast house. We have been living in this place since May of this year. As it turns out, better vacation home than primary. In the meantime I have done a few projects here and there. Life has happened and things didn't move at the speed they could have. I will look to get some updated pictures. The county we live in has put STR permits on hold and we will now be looking to rent via Furnish Finder or similar. After a recent stay in the local hospital here, demand from the teams there have been confirmed. I will update with photos sometime soon as we finish up my last two projects. Bathroom Vanity and protecting the 2nd Floor door from water intrusion as it sits windward and it rains here quite a bit.

@Joe S.

When people discuss MTR they are typically speaking of shorter term leases but also fully furnished properties. All maintenance, yard or otherwise is handled by the landlord/PM. These places offer amenities like a short term rental but for a longer period. Often marketed to medical professionals on furnished finder or to corporate housing websites.

I also agree there is a place for it. Our current home was planning to be an STR however we moved in for now and may not make it an STR given some new regulation and additional tax requirements. Paying 15% off the top and having a highly seasonal market my preference would be to rent it from 1-9 months at a time. We do have tenant friendly laws here but they become much more tenant friendly after the 12th month. I would also like to limit the number of turnovers and cleanings as finding available help

In some markets for the support functions can be a problem.