All Forum Posts by: Caleb Webster

@Peter Slivkoff I would say it just depends on your investment strategy and your appetite for risk. I invest out of state and locally and both strategies have their pros and cons. Using an FHA loan to purchase a multifamily property is a great way to jump in though.

@Mike Nuss is an expert on landlord/tenant laws in Oregon and the new statewide rent control bill SB 608 but I believe that rent increases were capped at 7% + CPI annually. A lot of people on BP see these new restrictions as opportunities though since it has scared away a lot of institutional foreign investment as well as triggered mom and pop owners to sell. 

@Jake Sandor Just long term rentals right now. 

@Alex F. The City of Portland is currently waiving SDC fees for ADU's if you agree to not rent out the house or the ADU as a short-term rental for 10 years. If you take that waiver you can build an ADU for less than $100/sqft, sometimes quite a bit lower if you are just finishing a basement. Detached ADU's can be $150-250/ sqft depending on finishes. There is a company (based out of Portland I think) that does pre-fab ADU's that they drop in to your back yard by crane. The sticker price is $125k for those. The company is called Dweller if you're interested.

@Alex F. I'm pretty partial to the Montavilla neighborhood. It's fairly close-in, has a tight-knit, diverse community with a strong neighborhood association, minutes from i84 and i205 as well as the Max lines to downtown Portland and Clackamas and median home values are low low $300s but there are still plenty of houses to be found <$300k. Houses to the west of 82nd sell for $100-200k higher for the same house!

One strategy that I really like is finding a house with a detached garage (ideally corner lot) or a large basement and then building an ADU onto the existing house. By doing this you essentially turn a single family into a duplex - just one of many ways to get creative with buy and holds in this market. Shoot me a message when you're in town next and we can grab beers.

@Luther Wilson III Dude yeah, hard to believe that there are still vacant buildings in Crossroads with all the development. I know you and Matt P. and co have a pretty well oiled deal-finding machine so if you come across 10k-30k sqft warehouses in the Crossroads, give me a holler.

Just about to close on a warehouse-type building in the Crossroads that we’re going to put 6 residential units in and two retail spaces. So far only done value-add multifamily but the numbers on this project make me want to go out and buy more just like it.

Hey everyone, not sure if this is the right forum for this question but I thought I'd throw it out there.

I've got a $750k rehab coming up and my contractor wanted to know if I wanted him to use one of my credit cards for a lot of the expenses. I use the Chase Business Ink preferred for a lot of my day to day business expenses but it only gives me 1 point per dollar on construction related categories. I'd prefer to stick with a card that allows me to transfer to a number of different airlines or hotels.

Is this the best out there or do you guys know of a better card for high dollar amounts? 

I was on the fence for about 6 months before finally deciding to take the leap and purchase a model 3. 

Gas prices in Portland are just cresting $4/gallon for premium which equates to about $300+ a month in gas for my old car. Now I spend $20/month tops. Also, my insurance actually went down by $10/month with the model 3!

I am normally opposed in principal to buying new vehicles because of the "new car depreciation" argument but when I factored in $5k of state rebates and $3750 in fed tax credits, as well as the fact that I am no longer spending $300 a month on gas, that for me more than makes up for the depreciation realized on a new vehicle. 

I have some RX zoned dirt in an opportunity zone next to the Gateway transit hub. I know I can most likely receive affordable housing subsidies/grants towards a project because of the location but I have no experience with this. Does anyone here have experience building affordable housing and/or applying for low-income grant money?

I'm about to close on a property that will be a 40-60% ten year IRR, depending on market conditions at resale. Still deals to be found, just need to get creative. If everyone is investing in MF in your area, maybe look at a different asset class?