All Forum Posts by: Christopher Pride

Someone mentioned but a really good way to get going is to start listening to the podcasts on this site.  They have a ton of good info and you can basically be a fly on the wall during some killer conversations.  Also, start taking notes...on paper or computer.  Just start jotting down things that interest you or you want to learn more about.  From there you can narrow down a strategy.  Like many mentioned, though...your first step should be a house for yourself.

That's a good idea.  Yes but if you ask me there are no fish here, the trees are just trees and it rains A LOT! The area is going to explode soon (it's already happening).  I am caught between keeping it a secret and wanting to sell them a place. 

That said, it's hard to make multifamily profitable unless you build.  Not a lot of inventory but there is enough land and demand is there for rentals.

Thanks, @Jay Hinrichs for the advice. I was hoping someone local would pop up but I will start looking inland. There's a few subs here and some manufacturers have their own but you're right. Trying to get help here is tough. The biggest cost hurdle with prefab when you're rural is transportation. It costs a lot to drive a house.

Hi I am looking to develop 4 plex properties in the SW corner of Oregon. I have experience with fix and flips and I'm about to be (re) licensed as a Broker in Oregon.  I have never done a ground up build. I am looking forward to the challenge but could use the advice of someone more experienced.

The plan: Have close to 200k to put in, willing to do leg-work to buy land, get permits, build (likely modular/manufactured), finish, rent for 2 years and flip.  I could use someone with experience to mentor, help with financing hurdles, and advice throughout the process.  

I would also consider a larger or long-term project including buying and bifurcating, building in phases and other methods depending on property, opportunity and market conditions.

https://www.airdna.co/

Quote from @Min Zhang:

Welcome to BiggerPockets @Rama Krishna. My advice for you is to start small, do your research and take your time. You’ll learn a lot along the way! Best of luck on your journey

Someone mentioned but a good resource are the podcasts.  Start listening to them one after the other.  Take notes to reference later.  You'll come a long way with this strategy.

Quote from @Moshe Marciano:

Hi everyone,

I wanted to share my current situation and seek some advice. ...

You're in the realm of an attorney. If he's unresponsive you will need someone to force a response then file suit if need be.  Worst case you will need to seek a judgement if the situation can't be resolved otherwise. 

Quote from @Account Closed:

The deal looks interesting...

Wow thank you! That sheet is excellent. I went to the property and some other red flags came up. Namely due to location but there was significant industrial close by that really turned me off. 

From a numbers perspective it works but once we start adding what I estimate to be crunching 80k in repairs, coupled with a soft market for high-end homes especially next to heavy industry...

I decided on a soft pass. I threw out a lower number and they balked.  It's located 9.5 hours of a rough mountain drive so work would be difficult until spring.  

Thanks again for the workup!

For me, in the LTR game, it's tenants.  One bad one can wipe out a whole year's profit.

Quote from @Karolina Powell:

What will property taxes be when you purchase it at the new sale price?

Ok it took me a bit to reply  I went and took a look.  9.5 hrs both ways! There is definitely more work than I thought. 

That said...the taxes remain the same after the sale.  Apparently Idaho is a "non-disclosure" state.  Buyers receive a letter requesting the information from the sale but they are under no obligation to respond.