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I am looking to buy off-market properties in Portland.
Hi BP community! I am Cory and this is my first post on the forum. I am super passionate about real estate and I bought my first house in Portland at 22. Truthfully, I got so lucky; I am not sure if I was really able to qualify for the house. I am currently house-hacking and filled up all my rooms. I worked with an agent to close on my first deal but I want to build some momentum to obtain more units. I have been listening to a lot of BP podcasts. One strategy came to mind and that was doing a subject to deal. I spent most of my money on my first house, and I really want to get into another house because I am super confident I can fill up rooms in the next place. I do run an online business in my garage while I am doing the house hack so it has been giving me passive income. If anyone in the Portland area would like to team up and work together, that would so great, or if anyone knows any info on reaching this goal and being super successful in subject-to deals that would be amazing. I am currently getting my license and would like to be more involved in real estate.
@Cory Medley congrats on making progress and catching the REI bug. I would caution to invest from a point of strength. Getting your next deal can be great, but do you have funds in place to float your current place if income slowed or stopped, and had repairs that needed to be made? As soon as you add a new place you have doubled your chances of things to go wrong. It helps if you have a bit more in reserves or access to funds. Being creative is a great way to expand and scale, however you need to be smart about it as well.
Best of luck!
Hi Chris. Thank you for replying. All my repairs are finished and thankfully I was able to find an engineer friend that helped me built this house back up with no additional expenses, at the same time taught me so much about construction. I was able to pocket almost about 10,000 left in savings after the repairs. How much in reserves do you recommend? I’ve been reaching out to home owners in the Portland area but I don’t seem to be getting super promising leads. Is there better ways of finding people to be open to subject to or other ways of creative financing. Thanks.
Your best best for getting those types of leads in my opinion are expired listings. Connect with an agent in the area and maybe start coming across those. Another thing to think about is going to the title company and getting a list from them. Something along the lines of homes purchased FHA or VA in the past 4 or so years, with expired listings and whatever other criteria you may have. Hopefully this list will yield you leads with little equity and lower interest rates so you have the higher chance of conversion with them. Would be a good idea to contact some title companies in the area ahead of time to see which ones will do subject to deals and wraps on those types of mortgages. Not all will.
Best of luck!!!
Talk with an investor friendly agent and have them send you expired listings. You also want to find people who bought their home from 2018-2021 as they will have very low rates.