All Forum Posts by: Jonathan Stone

@Chase Stewart - are you looking in a specific area within Portland for your own purposes or are you considering surrounding areas like @Dave Skow pointed out.  If you are looking in Portland proper or even Multnomah County make sure you are up to date on the latest tenant laws as well before you pursue too far.

@Alicia Tingey Geddes

I wouldn't limit your connections to only people who are in real estate.  If you have connections in an area, even friends, college buddies, family, they can help as you relocate in identifying neighborhoods you would/wouldn't want to live or invest in.  Other small things like if the area doesn't have shopping close or crime is getting better/worse so you can move into the direction of improvement.

@Alicia Tingey Geddes

Do you have an established network in any market you are considering? That could make a big difference. Being able to ask for references and connect with local contractors or agents and have existing connections in the community can help quite a bit.

There are many reasons people buy Real Estate.  It is very possible that a property wouldn't cashflow for you with 20 or 25% down and a 8-10% management fee.  However if you bought it cash or financed at <2% and owned the management company or had say a 5% management fee. The deal could work.  We all have different criteria for what we need to pull the trigger on a deal.  There is a lot of big money out there trying to find a decent return.

Quote from @James Moore:

My name is James Moore. My wife and I are new to the idea of real estate investing. We currently have one home in North Dakota that we rent out and are we are currently renting in Timnath, CO. We are not 100% sure what type of real estate investing we want to go with but are seriously thinking about multi family properties. We are looking for all of the education we can get because honestly we know nothing about the subject.

I am currently a mechanic and have been for almost 20 years. My wife is a corporate travel agent. We have both been wanting to spend more time with our family and not have to work so hard just to survive. Our ultimate goal is to become financially free and be able to live life on our terms.

We look forward to interacting and learning with as many experienced investors as possible. 

Thanks

Congrats on joining and looking into options other than grinding out the 40/40 plan.  I would suggest listening to some BP Podcasts for different stories from investors of various backgrounds and goals.  Real Estate has many different options and trying to identify what works for you AND your wife is important.  I also recommend "The One Thing" both the book and more specifically the free goal planning guide for couples.  As you begin this journey being on the same page with your spouse to me is the number 1 thing.  We are making things happen now but when I first suggested investing in real estate to my wife she wasn't that interested.  As we make progress and take steps forward I realize I didn't work enough on sharing my vision and WHY with her.  Hope this helps.

Quote from @JR Hinds:

I live in Portland, Oregon. I have my main residence and also a triplex here. I’ve had a few two-flats in Chicago, but I haven’t been happy with that market. I’m planning to buy another small multi-family property with 5 or fewer doors. I’m trying to identify my next market, but I’m freezing up. If I can just pick a market, I should be able to find a team. But the analysis is paralyzing me now. What criteria do you all use to identify your next market? I searched the forums, but I didn’t see any recent posts about finding my next market.

I know that we all have different real estate goals, but as with most things, there are some basic fundamentals by which we could judge a long-term buy-and-hold market. If I can start researching based on those fundamentals, I think I can get unstuck and get my momentum going again.

JR- What’s stopping your from investing locally?

You just need to talk to a lender and see what they can offer.  Based on your 2 most recent years taxes they will let you know what you qualify for.  They will likely need other documentation but that is what will be used to verify your income if you don't have a "regular" job.  As for income from renting out rooms, ask the lender about that too.  It may not be standard to accept roommate income but ask maybe some lender will accept some portion of rent.

Quote from @Jagnoor Gill:

I am 19 years old and very passionate about real estate. I am going to canada (toronto) for my further education in business. So i am unable to purchase any property for next 2-3 years . So, what should i do till next 3 years to keep me engaged with real estate . Should i read books, meet with local investor to gain my knowledge …? 

Read books. Tell people what your interests are. Network through people you meet. It’s likely if you meet someone who could be a mentor having some reading already under your belt would help. I can’t tell you people often refer books to me and it becomes a conversation about how you could/would/should apply that knowledge. 

@Michael Plaks 

What is the best time of year to be looking for a CPA to help with tax planning in your opinion?

@Pete Harper I am having the same issue.  I previously would be able to check the site as often as daily.  Without the app I have to get onto a computer for the functionality I had before.  Meaning I get on once a week at best.  Would like to be more involved again.