All Forum Posts by: Alex Van Slyke

We are up and running with our investor meetup group! On the first Thursday of the month at 6:00pm, we are meeting at Churchill Mortgage in Astoria. Anyone and everyone is welcome to stop by and check it out. Round table discussions, networking, small presentations on various investing strategies too. 

At 6:00 pm on the first Thursday of every month we have been sharing resources, knowledge and encouraging people to win at investing in real estate. We network, have round table discussions, as well as provide small presentations on various topics. Feel free to stop by whether you are looking to learn, network, talk about your experience in real estate, ask questions, or just hang out and enjoy good company. Share your goals, a property you may be searching for, or a partner you may be seeking. People of all investing levels are invited! Many of us have a few deals or no deals at all and are just starting the journey. 

Investment Info:

Single-family residence buy & hold investment in Astoria.

Purchase price: $225,000
Cash invested: $45,000

A home that has been in the family for over 50 years, we were able to acquire it well below market rates. 2 Bed 2 Bad can easily be turned in to a 3/3. An unfinished daylight basement with a full bath has the potential to rent out as a studio to add even more cash flow. Lots of equity in the home before any renovations and updating. Will look to get a HELOC in a year to fund future deals. Will be able to rent out for $2100-$3000 netting 800-1500 a month

What made you interested in investing in this type of deal?

My wife's grandfather has raised his family there and she swore to him that she would buy it one day. Buying at below market price and the ability to build a lot of forced equity in, the home will fund one or several of our next deals.

How did you find this deal and how did you negotiate it?

Grandfather's home that had to be sold in order to pay off the balance for Medicaid

How did you finance this deal?

We refinanced our home and and were able to buy with 20% down as an investment home.

How did you add value to the deal?

We will add a half bath to the main floor, lots of cosmetic touch ups like painting cabinets and removing old wall paper. Also looking to convert the daylight basement in to a separate rental space.

What was the outcome?

As of now its rented out to a friend who is letting us fix up the home while she and her kids live in it with a month to month lease. We will be able to rent it out to the hospital for above market rates within the year.

Lessons learned? Challenges?

It's scary trying to acquire a family home without stepping on toes of family members - tread carefully

Investment Info:

Single-family residence buy & hold investment in Astoria.

Purchase price: $225,000
Cash invested: $45,000

A home that has been in the family for over 50 years, we were able to acquire it well below market rates with a 20% conventional loan as turn in in to a rental immediately. Cash flow is significant enough so that we can build a reserve quickly for the home, save for some renovations and updating, the look at get a sizeable HELOC in about a year to reinvest with. 2 Bed 2 Bad can easily be turned in to a 3/3 or 4/3 with no major renovation work. An unfinished daylight basement with a full bath has the potential to rent out as a studio to add even more cash flow. Immediately was able to rent for $1400 to a friend in need with a month to month lease. While she is living there, we will add a half bath to the main level and do some more cosmetic work. Rental market will allow us to rent for $1800+ once she has a place of her own, closer to $2100 when we rent out to the hospital.

What made you interested in investing in this type of deal?

My wife's grandfather has raised his family there and she swore to him that she would buy it one day. Buying at below market price and the ability to build a lot of forced equity in, the home will fund one or several of our next deals.

How did you find this deal and how did you negotiate it?

Grandfather's home that had to be sold in order to pay off the balance for Medicaid

How did you finance this deal?

We refinanced our home and and were able to buy with 20% down as an investment home.

How did you add value to the deal?

We will add a half bath to the main floor, lots of cosmetic touch ups like painting cabinets and removing old wall paper. Also looking to convert the daylight basement in to a separate rental space.

What was the outcome?

As of now its rented out to a friend who is letting us fix up the home while she and her kids live in it with a month to month lease. We will be able to rent it out to the hospital for above market rates within the year.

Lessons learned? Challenges?

It's scary trying to acquire a family home without stepping on toes of family members - tread carefully

Greetings!

Last year, my mother in law  bought a 2/1 home for $40,000 and put in $40,000 to fix it up nice - all cash. She started renting it out to her son and his roommate with the intention of selling it a few years later to pay off debts and retire.  The home may appraise for $180,000 to $230,000.

Previously working for cash, her son has now been working at a W2 job for just over a year wanting to buy the house with an FHA. Some issues arose so that his mom may need to sell the house this fall before he hits 2 years as an employee.

I am almost done fixing up my home that I have and FHA loan on and plan on getting a HELOC by the end of Summer to use for investing. With the ability to soon help, I was thinking of ways to help so that I'm not tied in for too much or too long. As long as I can at least break even until he can pay me back, I was hoping for some suggestions on how to best help him.

My thoughts so far:

- Can he and I get an FHA together with without me having to refinance out of my current FHA?

- I thought he and I could buy it with 20% conventional and have have him refinance it once he qualifies to pay me back get take my name off, or something similar with a 10-10-80? I believe I would be in it for the most and the longest amount of time this way.

Your thoughts? Thanks BP!!

Thanks for putting this together - I’ll be there! Looking forward to the meetup!!

Thanks for the welcome! I work for Meredith Lodging and spend much of my time between Manzanita and Seaside. We don't have a presence right now in Astoria. I just heard there is a small group meeting at the Gearhart Bowling Alley tonight around 6ish

@Saj Rambob

Good morning folks, Alex here to say hello!

I recently bought my first home along with my wife and two kids in Seaside on the northern Oregon Coast (out of the tsunami zone thankfully). Surprisingly, it turns out that we will soon be able to have it cash flow positive with us living in it. It was a large 5/2 and we about have it turned in to a 7/4. Downstairs is currently to rented to family and the private space above the garage will be rented once completed.

This got me curious about earning more money through real estate and a friend recommended bigger pockets. I've been listening for almost a year to the podcasts and made a career change to learn more on the job about real estate. I am now making offers on local homes and apartments working to have a family business revolved around rentals in this extremely popular area. I may extend my sights to outside the coast soon with enough experience.