All Forum Posts by: Chris Wilburn

@Jessica A. Smith following up on this (yeeeears later) to see what direction you took for rehab? 

@Jessica A. Smith following up on this (yeeeears later) to see what direction you took for rehab? 

@Kenton LeVay right!? I’m thinking it could work.

@Caleb Brown we have a GC friend who will be walking us through some how-tos.  I’m technically inclined so will be a quick study I’m hoping.  Definitely leaning on good estimates during inspection and keeping in mind old houses will come with some surprises.

Market is crazy right now, not much at all of this size in the city below 500K.  Inventory is at .8 months last time I checked.  but, houses are starting to stick around for longer than a week. 

Hi BP, 

I've been educating myself the past month or so on the current market here in PDX.  

My partner and I are considering a 1930s property that needs about 35K minimum in work(before cosmetic). Interior outdated but it's 2200sf, a great lot, and plenty potential. 

On top of that, it's our first purchase together.  We're comfortable with staying 3-4 years as we rehab/learn and gain some decent sweat equity. The propery is a good fit for us size and location wise, no rush to move out. 

Rough numbers are:

ARV: 630-650K (thats considering current comps within 1/2mi)

Repairs: 50-65K for decent finishes, I think.  This includes the 35K for plumb, electric, furnace

Possible Mortgage: 3.5%($18K) down, $15K closing, $490K @ 2.6% (we can comfortably split the monthly)

Wondering how that purchase price sounds?  

Right now part of the challenge is understanding where we want to come out after selling.  At minimum, we want to have down payment to do it again, with enough in reserves for a faster rehab (max 2 years) the second time around. 

Also, probably missing some info.  Just let me know and I'll try to add it. 

Thanks! 

@Jay Hinrichs

Thanks for that intro list!

I'll have to check Rarebirds out for sure. 

Was able to find a nice place to rent in the SE area. 

Heard on the diversity note, definitely different that what I'm used. 

@James Wise

Hey there,

So as far as narrowing down, it was between two different job offers.

Offer amounts would have mean very comfortable living in Detroit, yes.

But, I’ve chosen Portland!

So now, the task is to educate myself on the possibilities in the Pacific NW!

@Jamiel Strickland @Jay Hinrichs 

Thanks for the insight guys! 

Heard on the FHA 4-unit limit, I misspoke.

Hi Everyone,

Hoping to get some thoughts on getting started in Portland,Oregon vs. Detroit,Michigan.

I’ll be moving to one of these locations soon for a new full time gig. I’m thinking holistically about the move, and how I can get started in real estate in either market.

Ideally, want to start with a house hack with 4-5 units, get a feel for landlording, and eventually grow. But of course, different markets different opportunities.

Anyone have thoughts on pros and cons for either market?

I'll be putting down less than 20% in a typical situation I'd guess (maybe even FHA), but maybe I'll be able to get to 20% with how the Detroit market currently is.

Portland is looking expensive, with much less 4-5 units options. Maybe smarter to look for duplex options??

Any thoughts would be helpful!

Thanks,

@Bryan Bokowy old post, but I wanted to check in on how the 4-unit went?  Through my own research I've determined that this is the exact type of first deal I want to make, so any insight from your experience would be great to hear! 

Thanks, 

@Brie Schmidt no problem!  Glad to share the knowledge.