All Forum Posts by: Chris Watkins

Does QBO have a good solution for automating the data input (reveipts/invoices) and categorization?

With the rates on 2nd-mortgage and HELOC products in the 12-15% range, the blended rate on the $1.045M in debt your seeking would eclipse the current market rates, so you may actually be better off refinancing the whole shebang together as a first-position construction-to-perm loan. What's the projected ARV of the completed project?

Welcome to the forums and to Oregon! I agree with @William Sing that joining a local investor meetup will be really helpful in making those connections. Investor Lab is great.

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@Melissa Hartvigsen has a breadth of experience as a property manager (personally and professionally), lender, agent, and house-hopper. Chris Watkins has a background as a renovator, flipper, LTR and STR manager on top of his expertise as a lender.

For investors in Oregon, Washington, Portland, Eugene, Bend, Salem, Beaverton, Tualatin, Vancouver, Seattle, Tacoma, Spokane, Ashland, Medford, Yakima

Hi Vanessa, welcome to the forums! 

We can do HELOC's on both primary and investment properties. As for 'creative financing' it depends on what you mean by that. Owner financing doesn't use a lender unless you need a 2nd position loan to make up the difference between what the owner will carry and the price.

What are you looking to do?

DM me if you want to talk about the HELOC.

CMG just took this product in-house, so you can only originate directly through CMG. FYI. Not a brokered product anymore (which is a bummer). But I think I've got a good system with my AIO and my portfolio.

 Welcome David! There are many folks here who buy multifamily properties in Portland. As you said, it's a tough market to do so right now for a number of reasons. What aspect of the process are you looking for advice in: finding property, financing, landlording, etc?

Chris

 Agree with Benjamin on all points. You should also get homeowner's insurance to protect what is now your asset.

I agree with building upon a successful strategy, rather than stepping too far out of your comfort zone early on. With interest rates and inventory where they are on-market, you're likely to have too much competition to win a good deal off of the MLS. Either finding off-market properties, taking on a rehab project, or looking at STR/MTR are going to be needed to get a foothold in this market. @Lawrence Potts knows the area well and can speak to the availability of properties and what kind of strategy might best fit your skillset and goals.

 Welcome Daniel!

Cash-flowing SFR's are tough to find in this interest rate environment without value-add rehab work or a large down payment. Are you looking at long-term rentals only?

Chris