All Forum Posts by: David C.

Is there please please anyone in Oregon who can help me understand 3 way reconciliation? For a property management. I'm happy to buy an hour of your time, or bring you a sweet selection of beer or wine =) I just can't get my head wrapped around it. I know my wife and I are close to getting it but it's just staying out of reach. I tried calling the State and she did her best, but I just couldn't get it.  Please Please PM me, Thanks

LOL, Here is Portland Oregon That would be the most amazing deal ever!!!  If it were me I'd consider the fact you have to live somewhere, what's your current cost of rent? If it's around 750 currently then it's just a push.  As to the upstairs extra rooms, I'd be looking into and spending that money on getting heat in there for each unit that they pay for. I myself don't like the idea at all of being on the hook for someone else who likes to keep it 80 in the winter. Most tenants tend to be a bit focused on how much the rent is without looking at the big picture. If your able to get heat in there for the individual units and get the same rent then that would eliminate the worst unknown about this property. You also need to realize this is an older home it will require more maintenance, get a good inspection including sewer lines it's worth the extra dough. Also on the roof if he won't pay for it, pay more for the property and have him pay for it, try and keep yourself with cash in the bank. After you buy something I swear there's always some hidden expense you couldn't see at the time, plan for it. I also wouldn't plan on refinancing, you can always see if it makes sence later but if you go into it needing to at a certain point it always seems to be after rates have risen or values have dropped putting you in a bind if it was a required event. So in short or not so short =) due your due diligence if it all is good buy it, live there a year to make fha happy and if nothing else then just move into your next house and let that one work for you. Over a longer time frame as long as you keep enough cash on hand for unwanted problems and the property cash flowing it tends to turn out sweet.

Good luck! and remember you get rich over the long haul not in an instant

The quality of the space determines the quality of the tenant. It's all on a curve for the most part. Nicer homes have less cash on cash return with less tenant problems, Less nice homes tend to have a better cash on cash return but more tenant issues. Ya just have decide what's worth what to you.

Don't let all the options run you off!!  After you go see the bank report back here what they said and then you can get more input.

Not to give Bigger Pockets a plug, but there book estimating rehab costs is a great place to start when you don't know where to. 

I think this was a really great post!! Not for everyone by any means but I had no idea there were any cards with no cash advance fees along with decent rates for that type of transaction. For myself I haven't a need currently for more cash But I think I'll get several of these as a safety net and maybe in the future to bridge a gap If I have one. Thanks again for the post. It seems like having more options is always better then not, no annual fee kinda makes it a no brainer for my situation

I can tell you trying to make any of that work in Portland Oregon is a no go. Least I can't get any of it to work, so I've been sticking to non-financable short sale homes. building my equity in on the buy. After rehab I try to be able to have them budget for a 15-20 yr payback. So far I buy for cash, rehab, rent, refinance. and then plan on doing it again. I'm trying to buy one good house in a great neighborhood per year in an area with a higher then normal chance of appreciation and great renters. It's a get rich slowww =)

or maybe never rich, and just don't have to work for anyone else in 10 yrs

If it's not something that will cause the home to deteriorate or make it unsavory, I'd patch it up for know and save up the cash flow to fund future work. My first rental property has gone like that, I did a ton of repairs and upgrades and then rented it. After a year the first tenants moved out, I'd saved the positive cash flow from that year and with a bit of my own money redid the bathrooms. Then the next year those people moved out and I used that cash flow to finish more of the basement. I look at it like the property is a little machine and in the begining it'll need to repair itself so it'll run a longtime later.

just my 2 cents, I'm still trying to figure all this out as well

Congrats is right! I can't get my head around whole selling. so if your on your second your ahead of me on this path.

I've been giving this topic some thought, I've just been inspecting the properties when people move out. But I've been thinking I'll put a 3 month inspection in my future leases from the day they move in and then every 6 months there after. Seems like if it's in the lease they won't feel like your nosing around in there life. I hate to bother people. I know there's always things people are doing that I don't like, I just try and ask myself if it's hurting my house and or neighborhood. That said, checking for leaks etc every 6 months seems like my future plan