All Forum Posts by: Chad Duncan

@Jesse T.  So far I have received interest, but only at a 40% above what it's worth. So not working out as of yet. 

@John Horner I agree with your approach but don't plan spending tons of money on SEO and PPC. I will try to break into this field but it has a ton of money that I have to pour into it. 

@Kathryn Marchetti there are no deals on MLS in my area at the moment. 

I have been doing some research and found out different places to find REO, pre-forclosure and foreclosure homes. My question is... What are other sites/places to visit where I can find better deals?

So far I have emailed multiple properties that are for rent and asked the owner if they were willing to sell.

What I plan on doing is putting up a couple signs, couple ads on craigslist and looking in the newspaper. I want to avoid knocking on peoples doors and calling them to ask to buy there home when they are going through foreclosure. I feel that would be really awkward.

What are some of the best ways to find great deals? I am located in Portland, OR if that helps.

Thanks

I will start looking for more in my area via the ideas you mentioned before and post what I find here.

@Jeff McCaskey thank you for your post! I really appreciate the in-depth information. I have roughly 30 investors with for rent ads on craigslist. Most of which have either no interest in selling or come across as "wormy".

Can you describe some of the ways to find a good deal? I am going to a real estate group meeting this week to start networking more in my area. I'm hoping something good comes out of that!

I was only looking at multifamily rentals due to me wanting to live rent free(or close to it). I can shift gears but also find that SFH go really fast here.

What is "driving for dollars"? 

I have looked within an hour and a half of where I work. I have not found anything. There are literally only 10 properties for sale within this radius.

I dont want to invest so far away because it will be an owner occupied residence. After this I plan on going all over the country and investing. For now, I have to find something that works, and somewhere to live that meets my driving requirements.

Any ideas on what to do at this point? Should I just invest in a different state and still rent here in portland? Should I drop getting a MFH and go for a SFR?

Any ideas will help! Im getting discouraged with how bad the deals are in my market.

Darn. I'm trying to find a good deal but seem to see nothing out there. 

I submitted a written offer today for a property in a neighborhood close to where I live.

Here are some of the details, please let me know your thoughts, however harsh they may be...

Purchase Price: $295,000 (Seller is absorbing 4% for closing costs)
Down Payment: $0
Gross Potential Rents: $24,000/yr ( I feel that these numbers are a little low for the area)

Expenses: (Let me know if you think I may be missing something)

Property Tax: $3,800/yr ( I may be exempt in Oregon for have a disabilty from my military service)
Repairs/Maintenance: $2,400/yr
Insurance: $600/yr
Utilities: $2,200/yr
Total Expenses: $9,000 roughly per year

Net Operating Income: $15,000/year
Debt Service: $16,500/year (roughly)

I am trying to get the price down to $285,000 after my walkthrough and inspections. If I get that my numbers look better. Is there any advice that you recommend for me before I proceed?

These are rough estimates as well, so they can be lower or higher depending. I plan on 'house hacking' and using this as my residence for 2 years before I start investing in another property. This is the best deal that I have found in a 30 mile radius of my work. Everything is so much worse, number wise, when looking around my area.

If there is any insight as to what price I should try to negotiate or what other type of deal I should strike with the seller.

Thank you for your time in advance!

Yeah. I found another place that looks promising. I will post later when I find more out.

@Brent Coombs thank you for your post!

It is -900 for me living in it. I would be saving about 700 a month by living there.

@Cameron Adams thanks for the advice