All Forum Posts by: Christina Tsutsui-Tharp

Investment Info:

Single-family residence buy & hold investment in Prineville.

Purchase price: $245,000
Cash invested: $50,000

This was our primary residence that we are lived in for 6 years while we fixing up and renovating. 1963 farmhouse that was outdated and loads of half a$$ work and deferred maintenance.
We converted an existing shed to a 1 bed 1 bath apartment and now rent out the bigger house for great cash flow. Eventually we will rent out the apartment as well.

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

This was a primary turned investment

How did you finance this deal?

Conventional 15 year fixed

Lessons learned? Challenges?

Watch out for older homes with 'upgrades' because many might not be as good as you think.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $424,500
Cash invested: $20,640

I purchased a small detached duplex that I plan on moving into one and keep the other as a rental. Then my current primary home will be rented out to balance the cash flow of this purchase for the next year or so.
It started as an FHA loan but had to switch to conventional.

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

Life changes made it necessary to find a new living arrangement and if I'm going to move then why not buy and utilize financing for owner occupied multiplex?

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

I used the local MLS and I am a REALTOR so I negotiated off my commission to get a better deal. I also negotiated based on the home inspection findings.

How did you finance this deal?

Conventional 5% down

Lessons learned? Challenges?

The challenge of negotiating against a seller who purchased at the wrong time, invested with the wrong contractor and was losing money on the sale. They were not in a position to budge as much as I had liked. But I have enough resources to still make this deal worth it for me and my portfolio.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jeremy Hicks at Guild Mortgage in Central Oregon

I am looking into this possibility and also wondering if you received any feedback? 

 Thanks! Yes, there are some pros and cons to working with my husband though! 

 Thank you! I'm itching to do another one now! 

I put it on my calendar and look forward to meeting you and the others! 

Investment Info:

Mobile home other investment in Burns.

Purchase price: $93,000
Cash invested: $30,000

We purchased a city lot inside Burns Urban Renewal Agency map. We purchased a preowned 2020 manufactured home located in Bonanza from the MLS to transport and place permanently on the property in Burns. The intention was to sell the asset as real property once the placement was complete. Due to the market conditions we have decided to keep the property as a rental now that it is complete.

The URA was approved and we will be getting back $25,000 for the new build.

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

My husband specializes in manufactured homes and we knew he could save us money by doing most of the work himself.

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

We found both the land and the pre owned manufactured home on the MLS. I am an agent so I negotiated it with other agents.

How did you finance this deal?

We paid cash for the land and private construction loan through a local company.

How did you add value to the deal?

We developed the land and brought additional housing to the community.

What was the outcome?

The home was moved and we got the final approval and now there is a renter in there.

Lessons learned? Challenges?

Everything takes so much longer than you expect... especially when there is snow involved. We learned so much! It was a challenge relying on my husband to do everything rather than just hiring out on more of the work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, myself! But also Simmons Agency in Prineville is where we got the private loan.

 Jason, correct. Most financial institutions have restrictions on twice moved manufactured homes. As a REALTOR I am aware of the restrictions that come along with these pre owned manufactured homes.

VA loans will finance them and I actually have a list of 5-7 places that will in fact finance them in our area as well. The rates will be higher and the terms are usually shorter but we can make it work.

We also have the option to do a Seller carry option or provide a few names for private financing. 

Investment Info:

Mobile home fix & flip investment in Burns.

Purchase price: $93,000
Cash invested: $30,000

We purchased a city lot inside Burns city limits and purchased a preowned 2020 manufactured home to place permanently on the property. The intention is to sell the asset as real property once the placement is complete with a CofO. Due to the market conditions now, we may keep the property as a rental once it is complete.

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

The cost of the land and the location. Being inside city limits and that it was approved for a manufactured home placement.

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

I watched the MLS and had a search set up for both the land and the pre-owned manufactured home.

How did you finance this deal?

We purchased the land with cash and did a private construction loan for the manu and development costs.

How did you add value to the deal?

We brought housing to the community where it is lacking

What was the outcome?

Still in the process of deciding on if we should sell or rent.

Lessons learned? Challenges?

Things move really slow in rural areas. We worked with multiple rural counties and the city/county building process was more than we expected. But this was our first time so now we know for the next time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate broker and my husband is a contractor who specializes in manufactured homes.

I just heard a little about this in a class I took today. I'm looking forward to learning more about it!