All Forum Posts by: Jacob Asher

I'm currently looking into turn key stuff out of state. I can't find things that meet my criteria here anymore. I'm sure people still do, but the benefits of out of state markets are too good to miss out. If you find a good deal go get it. I recommend listening to a lot of podcasts. You can do it. 

Im in Salem. We're experiencing a lot of people who commute to Portland and its outlying areas. There's a lot of opportunity here. Let me know if I can answer any questions you have about the area. Acquisition is the same as anywhere else. You will need to put in the work to find deals here. They're certainly here though. I would describe Salem as pockety. The rental market is very strong here. 

http://www.northwestreia.com/

Sorry about the delay, life, kids, work, etc..

I'm not sure if you've been before but nwreia has their monthly Salem area round table meeting at Salem First Baptist this Thursday.   Evening from 6:30pm to 9pm. I've only been once but it was awesome, I met people with significant units, some with a couple, contractors, realtors, property managers, wholesalers, and a couple people just like me just getting started. It's a great place to network and its encouraged!

I want to see if I got your numbers right. 

Purchase for 200k 30 year fixed.

An ARV of 300k with 60k of repairs.

What I don't know is your interest rate or your equity(down payment). What other expenses did you have like closing costs titles. How does your PITI break down? How old are the appliances and how much should you put away to replace them in 1 3 5 or 10 years? What are comps going for last week/month/year?

So that's your B&R. 

What are your expected acceptable Rent? 

What's the vacancy Rate?

Refi after seasoned.

Repeat. 

I live here. Last year we were looking to rent in South and Southeast we were literally bidding to rent in multiple spots. We ended up moving back into our own sfh rental in NE.

I have two friends that have been looking in this market. One bought a condo. The other has probably given up after being outbid too many times. 

Come down sometime and check out a few addresses. It's nice here.

97306 and 97305 are two of my favorites.

Always great to see other people who can see past Portland. I grew up there and I only visit now. It's different to say the least. 

I've got a friend in the Aloha/Hillsboro market that's doing both flips and buy and holds. He's been able to house hack a flip and rent to old coworkers. 

I'm personally a big fan of the Salem market myself. The broadway area is up and coming. The kids at Willamette U are looking for places nearby to live that are kind of trendy and safe. That downtown section is going to be really catching on soon. Pay attention to it and if the numbers make sense make it happen. 

Areas to avoid is tough because Salem has pockets all over. Even in South Salem there's a trailer park surrounded by bad apartments 2 blocks from a really nice golf course with hoa's and constant development. 

What growing up in Portland taught me about real estate is some places end up really rebounding through concentrated efforts to revitalize an area. I would never set foot on Alberta as a kid. Now I take my kids there. 

I guess my point is use your better judgment and keep gathering more info. 

Corvallis and Eugene are worth looking at too. Honestly within 2 hours of Portland you'll find what you want in any direction. Southern Oregon like grants pass Medford and Ashland have a ton of activity and lots of buyers from California Nevada and Colorado. 

Welcome to Bigger Pockets and thank you for your service!

I'm also from Oregon and currently live in Salem as well. Great to find someone else jazzed up and really putting their best foot forward. 

Message me if you have any questions or call/text. I work a regular job during the day. Let's go grab coffee sometime before the holidays get too crazy.

-Jake

(503)559-9050

Yellow letters is a direct marketing method sending letters to potential clients. I.e. "I'd like to buy your property" This strategy connects you with people that have something you want. So targeting direct mail to say absentee owners, recent evictions etc... Converts others property into your prosperity. Say I invest $1000 on 1000 letters and I get one property that nets me $3000 or 5 that net me $1000 it's a good return on the investment. However it is a risk, luckily a small one. You are right many people do reference them on the site, I hope I could clear up the confusion I also carried at one time. Check out yellowletters.com to get a better grasp of the idea.