All Forum Posts by: William Sing

Hey @Andrew Tistadt,

Congrats on taking the first step into real estate investing! It's a great avenue to explore for long-term financial security. Considering your interest in starting with a short-term rental (STR), there are some important aspects to consider.

First, think about how passive you want the investment to be. While no real estate income is completely passive, different types require varying levels of involvement. STRs can be quite time-intensive due to their service-oriented nature. Mid-term rentals might require less ongoing effort but more initial work to set up. On the other hand, long-term rentals generally demand less overall involvement if managed efficiently. Remember, even if you outsource tasks, it's still a business that requires attention.

Another factor is your investment budget. In Portland, where real estate costs are relatively high, investment loans usually require a substantial down payment, often around 25%. Keep in mind that Portland's market leans more towards equity growth than immediate cash flow, making it less favorable for quick returns. Owner-occupied loans could be an option if you're open to moving every few years and require a lower down payment.

Understanding your ultimate goals is crucial. Real estate offers various tools to achieve different objectives. Whether it's accumulating properties for a 1031 exchange into a larger complex or building assets for future resale, your goals will guide your strategy.

Feel free to reach out if you'd like to discuss things further. Real estate is an exciting journey with a lot of potential, and it's great to see you considering it for your financial future!

Hey @Federico Costa! 

First off, major kudos for stepping into the realm of real estate investing! 🏠 It's a path filled with opportunities and learning curves, and I'm thrilled to be part of your journey. 

When it comes to investments, there's a world of options. If you're aiming for a lower down payment, house hacks might be your golden ticket. Especially if you are in the Portland Metro area.

Your enthusiasm for Airbnb and multi-family rentals is spot on. Just remember, Airbnb can be a bit hands-on, so be ready for that adventure, and is more of running a full-time business. If the sellers for small multifamily have equity or a small loan amount, there are some creative ways you can still make them cashflow in a year or two. 

There are a couple of lenders in Portland that have some specialty loans that might be a big help too! If you want me to connect them to you I can, but no worries if not :)

Cheers,
- Will

Hey @Brittany Wilkerson! Insurance-wise, it is going to probably be similar in terms of cost. The taxes will probably be higher if you are looking to build two separate units depending on how your county calculates taxes. I think it would also be a good idea to look at the long-term play as well. Usually, individual units are easier to sell, but this is also location dependent. Hope that helps!

Congrats on finding a great property! That is half the battle. Cash for keys has been a viable option for if you are looking to get some current tenants out. Depending on the size of your portfolio, the specific area, you may be able to use the 3-4 exceptions that Oregon has when terminating or not extending a lease. 

Hey Victor, this is a tight situation to be in! If this is an off-market deal I'd check if there are any contingencies in the contract. If you have a financing contingency you might be able to save the earnest money. If not, I'd talk to the seller about getting additional time to secure a lender. 

Nice! Congrats! 

@Irving Casas - Depends on if there are any trees and grade depending on where in Portland. Usually taking out trees is sometimes a harder issue in Multnomah County. On-property parking does add some value for rentals but also depends on where it is at and if it is more bikeable. With that in mind, what factors are there? You can also look at putting in gravel for a more cost-effective solution as well. 

P.S. Overall, usually you are not going to get a huge ROI on putting in a driveway.

Hey @Alexander Ohmes - Check out Oregon Construction 360 https://www.orconstruction360....

Hey @Amy Healy, congratulations on owning a rental property! It sounds like you have a great opportunity to leverage your investment. To access the equity in your investment property, there are a couple of options to consider.

First, reach out to banks and explore the possibility of obtaining a higher loan-to-value (LTV) ratio. Discuss your current situation and the appreciation your property has experienced. They can guide you on the potential for accessing equity through home equity loan or a HELOC. I'd first look at local credit unions and then expand outwards from there and know you can sometimes get financing outside of the state.

Another option is to work with a private money lender. You can use the existing equity in your investment property as collateral by obtaining a second lien, similar to a HELOC or home equity loan. Just ensure that they are comfortable with being in the second position.

Your primary residence would probably be better to leverage since they usually have better terms in general LTV wise. If you're in Portland, look at OnPoint or potentially Rivermark as well. However, it's worth exploring all options with banks and lenders to see what best suits your needs.

This would be a good alternative as long as your uncle is OK with being in the second position. Think of it as a HELOC or another loan product. Just know you will still want the whole payment (loan & Seller financing) to be reasonable for you. I'd calculate to see what the monthly payment would be and also see if your uncle is wanting a balloon payment.