All Forum Posts by: Brad Hammond

Hi @Erin Madden I would defiantly recommend Chroma Property Management Kurt is awesome (he isn't popping up for me to tag him) 

Hey @Aaron Lietz, this is a good question.  For me, I have a few lenders I work with depending on what my client's needs are.  I'll use one for low rates, another that is better with investors, and a different one for creative financing.  Can you talk to some team leaders or brokerages to give info to their agents or new agents?  Also, look for agents who are wanting to do first-time home buyer classes and tell them you would be happy to team up.  You could talk about the lending side for their new buyers. 

Hey @Justis Davidson, I happen to think Portland is a great market to invest in. We have job growth, people are moving here, and rents are rapidly appreciating.  Just like anywhere you invest, you need to know what to watch out for.  As far as finding a "good find" that is hard to determine.  It depends on what a good deal looks like for you. If you want $200/month cash flow from day 1, this is not your market.  If you want $30k in appreciation this might be a good place for you to invest.  

This one is tricky.  If your mom is going to 1031, it will need to be in her name.  Maybe she could purchase it and give you a lease to own.

Hey @William Harmon, congrats on so many things here!!  Wow, twins!  I think you should go for it.  There are lots of reasons but mostly you could probably raise the rent up to your monthly payment in a year.  I bet you will lose more money by forfeiting your earnest money than you would in negative cash flow.  If you can make it work, try to think in the long term.  This is going to appreciate quite a bit in the next few years in addition to the rental rates.  

Ok, one last thing.  I wonder what the rental rate will be in July?   Maybe you'll be closer to $2600.

Hey @Michael Higdon, I think it depends on what the situation was when your roommate moved in.  If they were under the impression they can leave things in the common space then you need to consider that.  Also, is there anything about that in the lease?  If not, you could have them sign an addendum but definitely add it in for next time.  

As far as moving forward, I would say it is the tenants responsibility to figure out a solution.  That could be getting an organizing unit for their bedroom or renting a storage unit.  Maybe there is extra space in a garage, attic, or outside they can use.  I don't think you need to solve their issue for them but tell them where they can & can't have their personal items.

Hey @Taylor Dasch, I have never been on a team but it sounds like you are ready to be a solo agent.  The advantage of being on a team is to get the base knowledge when you are new and to have leads coming in.  If you are confident in your knowledge of the contracts/process, you might not need your team lead for that.  The other big advantage to a team is they give you leads!  If you are not getting any leads from them, I don't see a reason for you to stay on their team.  If you think you can make the money you need from your current pipeline, I would say that you should go solo.  

One last thing, our market is going to slow down for the next 18 months or so.  Are you prepared for that?

Hi @Heather Yates, double-check your lease there might be language in there about it.  If not, I would try and push it off on the tenant.  However, if they haven't paid their water bill in 4 months, chances are they don't have $5k to pay for the damages.  

Hey @LaJoy Toney. VA loans are a bit tricky. Make sure your lender as well as your agent is familiar with these. @Grant Schroeder and I closed a VA house hack a few weeks ago for a wonderful navy vet.  Feel free to reach out to either or both of us to answer your questions.  

Hey @Dominic Holt, you've already gotten a lot of great feedback here.  My thoughts are that you shouldn't look at the house hack from month 0.  Think of years 2-5.  That is when it will finally start to pay off after rent increases.  I have helped a lot of house hackers and have analyzed hundreds of properties for house hackers.  You will not be able to break even in our market right away.  However, you will make tens of thousands of dollars after 5 years or so.  @Grant Schroeder and I have worked together to help people in your situation.  Let me know if you want to chat about different seniros.