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Author Topic: Oregon  (Read 27243 times)

Offline Admin

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Oregon
« on: January 04, 2012, 09:45:35 am »
Welcome. Thanks for joining us. Please click the "reply" button and share your information below.
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline BTL

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Re: Oregon
« Reply #1 on: August 13, 2012, 03:12:06 am »
I was slightly surprised that there was no activity for OR. I figured I could post something.

1. I used to invest in Portland. I was living in the greater metro area. I am out of the country now and have sold off everything there.

2. There is an early stage conversation about investing back in the state. Maybe the metro Portland area, Bend or along I-5.

3. I tend to like the rules and regulations in OR. It is important for a landlord to know where they stand. While there might be things to complain about in OR, generally the rules work or can be made to work if you do your homework.

My OR knowledge is a bit rusty so I am more interested in listening that trying to share what people should be doing. I If you are investing in OR, it would be great fun to connect and understand the current lay of the land. Eviction process, the contractor rules that may or may not apply to property you own, etc. Some topics might be best discussed in a specific forum (lending, landlord / tenant, etc). If you post something specific to OR in some other forum let me know.
John Corey
Real Estate Investor (REI) with just over 30 years of history and some degree of experience.

Offline OnToSomething

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Re: Oregon
« Reply #2 on: August 27, 2012, 04:01:00 pm »
A Real Estate Agent once told me that lawyers did not like realtors because realtors made more money than Attorneys. My experience, as a realtor from '80 - '82 and as an attorney since '90, led me to think that attorneys had a difficult time with many realtors because realtors often acted like lawyers but really didn't know the law (which is annoying to lawyers). Bottom line, I've decided she was right; at least in the knowledge that there is more money to be made in real estate during these interesting times than in law. Besides, I am tired of being a lawyer - the hours are too long and the stress is to high!

That's my story. I am currently in the process of closing up my legal practice so I can get involved in real estate investing. Nope, I'm not the money gal; I'm the one who can, with the help of a mentor or investment partner, use my experience in real estate, law, sales, marketing, project management etc. to find deals and get them done or to create a sustainable leveraged business in the real estate industry. If you think your business or investment interests would create a win/win with my interests, please let me know.  I plan to stay in Oregon but would like to develop global investments or business opportunities.   

Offline BTL

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Re: Oregon
« Reply #3 on: September 02, 2012, 10:19:11 am »
OnToSomething,

I will send you an email. I took a look at your work profile. Likely an overlap in terms of our respective interests.
John Corey
Real Estate Investor (REI) with just over 30 years of history and some degree of experience.

Offline OregonInvestor

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Re: Oregon
« Reply #4 on: October 06, 2012, 02:32:20 am »
I'm a rehabber whom primarily invests in Central Oregon, but will buy anywhere in Oregon if the deal is right.

Any Oregon investors, especially bird dogs/wholesalers in the oregon area?

Even better if you're in Bend, Redmond Area!

« Last Edit: October 07, 2012, 05:31:26 pm by Admin »

Offline repdxagent

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Re: Oregon
« Reply #5 on: October 10, 2012, 09:01:52 am »
Just my two sense on the previous posts....

my experience hails from auction properties, buying them distressed, wholesaling and flipping them plus the occasional buy and hold when the time is right. One change that is on the horizon for oregon foreclosures is the change in the way oregon looks at foreclosures going from a non-judicial foreclosure process to a judicial one. if this happens, it will really tie up investor money because after the foreclosure, there would be a 180 day right of redemption for the previous owner to pay off their arrears and get the property back. 6 months is a long time to what otherwise is a turn and burn side of real estate. if this happens, it only breeds room for creativity on how to

that's just one "up-to-date" example as to how oregon is shaping up.

hope to stay connected for the future.

Offline TribbleTrouble

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Re: Oregon
« Reply #6 on: October 10, 2012, 09:30:27 pm »
Hi everyone,

I'll preface this by saying if this is the wrong place for my question, then please let me know the correct board to put it on.

Potential real estate investor here from the Portland metro area. I'd like to get the advice of the more experienced people here about my plan if you all have some time. I want to get started on a rehab project with a partner, but there are a few complications. I'll provide the details:

My partner and I are in our mid 20's and finished school last year. We both have engineering degrees and are both underemployed. I make around 33K per year and he makes about 25K. Between the two of us we have about 18K in cash that we've saved over the past year or so. The really unfortunate part is that we both have large amounts of student loan debt. I have 36K in debt and he has about the same. We both have credit scores above 700, but it's being hurt by the debt.

What we would like to do is purchase a distressed property for around 90-100K. We would then work for about 2 months or so rehabbing the property. We are going to do as much of the work ourselves. My partner has access to tools/equipment (for free) and knows home improvement fairly well. We plan to work our day jobs, then work on the house in the evenings and all weekends. We estimate to have about 1400 per month total expendable income from our day jobs while we rehab the house.

For the financing side, what we'd like to do is get a hard money loan for the full purchase price + closing of the property. We'd then pay for the rehab work out of our 18-20K cash. Everything will be thoroughly investigated and priced out beforehand with conservative buffers so we make sure not to run out of cash.

What I'd really like to know is the chances of obtaining private lending for 100K when we both have low incomes and roughly 70K in unsecured student loan debt. At this point I'm just assessing the financial feasibility of the project. The risks associated with working with a business partner I'll think about later once I know this project is actually possible. Thanks for all the help.
Rob

Offline OregonInvestor

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Re: Oregon
« Reply #7 on: October 10, 2012, 11:03:50 pm »
From what I understand you can find hard money lenders that don't care about your credit, and other debts. They merely will use the property itself as collateral, and require that they have first lein right. Also, I don't think the lenders will do a 100% Loan to value ratio, they might go as high as 80% or so though. I could be wrong though, do your research and call up some hard money lenders maybe!

Offline TribbleTrouble

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Re: Oregon
« Reply #8 on: October 11, 2012, 12:06:55 am »
Thanks OregonInvestor. I'll speak with a few of the reputable hard money lenders around PDX.
« Last Edit: October 11, 2012, 08:12:58 am by TribbleTrouble »

Offline repdxagent

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Re: Oregon
« Reply #9 on: October 12, 2012, 10:28:57 am »
It will be hard finding the right hard money lender to finance 100% of the deal. Most often you need at least a 25% down payment before the lender will loan the balance.

One way to get the DP $ is to use credit cards, given you have the equity on your cards. 100k home = 25k DP.  Say you borrow (using other peoples money) the 25k, your project runs 2 months, and your monthly credit bill is only $400-600/mo. You can get a direct transfer of the cc $ in a couple ways, plus you can always call them up and ask them to increase your credit line explaining that "you want to solely use their card for your real estate investing business."

Another way to use your current 18-20k in savings is by opening up cc's with home depot or lowes and using that money to fund your rehab work allowing the savings to act as your down payment. Use the same principal to raise your credit limit with the credit card company with home depot/lowes.

creative financing is the key.

Offline OregonInvestor

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Re: Oregon
« Reply #10 on: October 13, 2012, 04:24:38 pm »
Thanks OregonInvestor. I'll speak with a few of the reputable hard money lenders around PDX.

Keep in mind though that if you're truly getting a good deal, then you've already potentially got the necessary equity into it in order to get funding. For example, if you find a ~150k home for ~90k, then you've got ~60k equity in the house already and so you should be able to find a hard money lender to fund the deal completely.

Offline repdxagent

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Re: Oregon
« Reply #11 on: October 24, 2012, 05:27:49 pm »
Any thoughts on how the winter months effect the sale of property here in the great northwest? I'd like to know if people are seeing delayed times during rehabs, longer market times, or any issues that would not otherwise be dealt with during the spring and summer months?

Offline BTL

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Re: Oregon
« Reply #12 on: October 29, 2012, 04:34:51 am »
Rob,

The numbers will be tight unless you find the right deal. It might be easier to find someone else to add in some cash or to just flip on the first deal or two as you build up more of a reserve.

What sort of engineering degree do you and your friend have?
John Corey
Real Estate Investor (REI) with just over 30 years of history and some degree of experience.

Offline eterhome

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Re: Oregon
« Reply #13 on: November 13, 2012, 04:51:58 pm »
I have a 5900 sq-ft lot at the back of an existing house, is currently at the final stage of minor land subdivision/partition. All county fees and engineering fees have been paid and the plat is ready for issuance and recording upon completion of minor improvement works.

1. Seeking joint venture partner to complete the physical minor improvement works: including side walk, sewer connection, drive way, tree removal and planting, etc, details are available upon request. Utilities at road side.

2. Seeking joint venture to build a new house for nursing home/ group home, 1,800-2,500 sf. I am open to other ideas. The existing house on the other part of the lot is rented to a Christian recovery home and they have expressed interest to rent the new house once it is built. I am also open to build the house for sale, if the market is right

Offline BTL

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Re: Oregon
« Reply #14 on: April 10, 2013, 07:22:08 am »
What ever happen to the plot and the plan to build? Assuming you did build something, was it a care facility as planned or something else? Did you find a cash partner for the deal?

Where in OR is the property or the new building?
John Corey
Real Estate Investor (REI) with just over 30 years of history and some degree of experience.

 




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