All Forum Posts by: Daniel Jodrey

Hello @Skylar Daugherty!

I am down here in Clark County WA in Vancouver - I grew up in Longview WA. I am a Real Estate Agent and have been working towards my first investment property. 

I came across this post and was curious where you stand in your investing journey and what you have been up to since this post. Would love to connect!

Hello @Brendan Natuzzi! Came across this post and am curious where you are on your investing journey and if you have bought or sold any investments in Clark County over the past 2 years. I am a real estate agent and investor in Clark County and would love to connect!

Quote from @Ralph Stachniuk:

@Daniel Jodrey

Hello Daniel,

I'm not an expert by any means, and I technically have 0 experience in actual investing but I'm definitely starting to see what you have figured out. I've been looking for either LTR or MTR type property, single and multifamily, but when I do the numbers on any of them, even at lower price breaking even would be the best case scenario. I guess the only way this could be feasible is if the property was purchased off market at a deep discount. So far I made one attempt at actually biting a property. My neighbor passed away, and I talked to her daughter about buying the house directly from her. She was pretty enthusiastic at first, but she would like to get closer to market price for it. I offered a number that would potentially net me a little cash flow as a LTR. Flip probably would have been a better way to make some money off of it, but steady additional income is what I'm really after. As far as STR I'll be looking in OR, along the coast, but that's not a priority. I'm wondering if either partnering with someone, at least on the first few deals, would be a better option, or investing out of state.

Hey @Ralph Stachniuk

It definitely is in most parts of the country - finding cash flow is very challenging with how much home prices have come up since COVID and rates hovering around 7%. Finding creative ways to get into deals is the focus. Situations like your neighbor are great example of a creative deal that gives value and you are not competing against the big investors. She may be reluctant now, but stay consistent in following up and be kind and patient with her - you never know when she may call you up and take the deal - Keep at it and it will come!

I agree with you on steady income. You don't become rich fast in real estate - but can create generational wealth into your future and your family's future with solid long standing assets. 

I have found that STR's along the coast are near non existent as they have strict regulations that make it very difficult if not impossible (as of now) to operate a STR. Definitely something I have been and will continue to keep a close eye on because there definitely is a demand there for tourists. Oregon, in Multnomah County, does have high taxes and something to consider in your calculations. I do like the Clark County area as it has lower taxes, quiet smaller town feel - with quick access to Portland and lots of outdoor activities (hiking, rivers, lakes, snow).

I have also considered and have looked into out of state investing - for me I would like to be in driving distance to my properties so I can see it, touch it, and have control. Over time as I grow, I would be more open to out of state and hiring Property Managers to run. 

Keep me posted on your progress! Wishing all the best for you my friend. 

Hello @Ralph Stachniuk!

I am located in Clark County WA, in the Vancouver area. I have also been diving deep into the rental markets here, and the different investing strategies including STR/MTR/LTR. I have primarily focused on researching and looking at Multifamily properties. Challenges I run into are most Multifamily properties in this area will be $600k-$800k+ range and with current interest rates around 6.75% - most rents don't get to cash flow numbers once accounting for all expenses (including CapEx,Vacancy, Maintenance). As @Dave Meyer says, from BiggerPockets Podcast, we need to try and find a property with upside and at the very minimum breaks even on cash flow at the beginning (making sure you account for all expenses!) . Over time (hopefully within 1-3 years) that break even property will start to cash flow. Then add in the upside possibilities of: 1.)putting in sweat equity and improving the property 2.) Having land on the property to build an ADU (new zoning laws in Washington State make this more attainable now) 3.) High appreciating area and so on.

In addition to Multifamily - I am keeping a close eye on any single family homes that have these upside opportunities. Doing keyword searches on the popular sites with 'ADU' 'Granny Unit' 'DADU' etc and seeing what pops up and looking at the upside of those properties.

Overall, I love talking Real Estate and am actively looking to buy myself. Let me know your thoughts and would love to talk further!

Quote from @Brandon Nguyen:

Quote from @Daniel Jodrey:

Quote from @Brandon Nguyen:

Hi all,

Just want to get some thoughts/ideas/advices on the general rental and real estate market conditions in Vancouver WA, especially the Salmon Creek area of which I heard is the most preferable.  

Thanks in advance!

Hello Brandon!

I live in Salmon Creek and am a Real Estate Broker for Clark County , as well as am actively looking at acquiring an investment property.

Salmon Creek is highly desirable area and rents range from $2000- $3000 depending on the home and the features/size etc. Detached homes with garage, fenced backyard, 3bed and 2 bath tend to have higher rents. Price range for homes in this area is still high and likely will be in $550k -$600k + for a 3 bedroom around 1500sq ft or more.

Being open to rent out room(s) while you live in can be a nice offset to your mortgage. Also finding a multifamily that needs some cosmetic work that you can value add or put in sweat equity can be a good path. 

I am a Real Estate Broker here in Clark County and would love to talk further. I’m very passionate about real estate, investing and helping others in their real estate and investment journeys. I look forward to connecting, and let me know your thoughts!

-Daniel

Awesome Daniel! Thank you for your message and useful insight.  I will reach out in a few weeks.

Happy to help and I’m here at anytime for you! Look forward to it.

Quote from @Brandon Nguyen:

Hi all,

Just want to get some thoughts/ideas/advices on the general rental and real estate market conditions in Vancouver WA, especially the Salmon Creek area of which I heard is the most preferable.  

Thanks in advance!

Hello Brandon!

I live in Salmon Creek and am a Real Estate Broker for Clark County , as well as am actively looking at acquiring an investment property.

Salmon Creek is highly desirable area and rents range from $2000- $3000 depending on the home and the features/size etc. Detached homes with garage, fenced backyard, 3bed and 2 bath tend to have higher rents. Price range for homes in this area is still high and likely will be in $550k -$600k + for a 3 bedroom around 1500sq ft or more.

Being open to rent out room(s) while you live in can be a nice offset to your mortgage. Also finding a multifamily that needs some cosmetic work that you can value add or put in sweat equity can be a good path. 

I am a Real Estate Broker here in Clark County and would love to talk further. I’m very passionate about real estate, investing and helping others in their real estate and investment journeys. I look forward to connecting, and let me know your thoughts!

-Daniel

Hello @Joey Klusmann!

I am located in the SW part of Washington in the Clark County area (Vancouver, Ridgefield, Battleground, Camas etc.) and also in the Cowlitz County area - all just north of Portland OR.

I am Real Estate Broker who also is heavily researching my next purchase of a Multi Family property in this area. I am constantly looking at every single Multi Family property and running numbers on them to see if they may work from an investment standpoint. Overall, I am finding similar things here that you mentioned, however I have seen some opportunity in certain areas. 

If you are looking in this area and would like to chat real estate, I would love the opportunity. Send me a note if you are interested or just want to talk and bounce ideas back and forth. Wishing you the best in your search and for both of our success!

Hello BP,

I understand that no one knows what will happen with interest rates in the future, and that anything is possible -whether rates increase, decrease or stay the same.

With that said, looking for overall opinions of seasoned investors/realtors/lenders etc and where they stand on this subject.

- Lets say you are given 6% seller credit on a $600,000 purchase of a duplex. That would give total of $36,000 in seller credit. Likely I would pay off closing costs first which estimate of about $12,000. How much money would you use to buy the rate down if you have roughly $24,000 left over in seller credit. I also understand you could pay off PMI as well as buy home warranty plan - which I would be interested in doing as well

From my lender, roughly $18,000 would reduce the interest by about 1% and would likely take roughly 5 years to break even

I am looking to purchase in the Portland OR area. More specifically focused on the Washington State side in Clark County such as Vancouver, Ridgefield, Battleground, LaCenter,Longview/Kelso.

Thanks all!

Quote from @Steve Milford:

I don't know where you're at with this thing, but #1 your taxes are way too low. If those were his taxes and he's an older gentleman he's probably has senior exemption. So after closing, those taxes are going to reset to real taxes of $4,500 or more, which kills the cash flow you're projecting. I ran the list of available rentals in the Portland area and those taxes average from $1,800 to $2,500 per unit annually. Also if you're going to have 6% seller concessions, an option is you could go with only 10% down. That would give you cash in the bank for reserves. Yes, there's a little PMI but it doesn't take up a large amount of cash. Another option, if you pay for loan fees outside of the rate then the rate will come down and you can also push that loan fee down. My disclosure is I am both a realtor and a loan officer, give me a ring if wanted. I'm open to helping as a loan officer or Realtor, or both.

 Hi @Steve Milford!

Great call on the taxes. I went back in and looked and realized the taxes it was displaying was only YTD for 2025 - that is my error. 2024 taxes ended at $4,731. 

We are beginning to lean toward 10% down to hold onto more capital. From my understanding, we could move into one room (likely the smallest room) and per Vancouver STR regulations - we could rent out the other two rooms on our side via STR without needing a permit. We also would be open to co-living and renting out those two rooms on our side to maximize cash flow.

If we do get 6% credit, the idea as of now is to pay off all closing costs (estimating roughly $12,000) then use about $20,000 to buy rate down to around 5.85% and then use remaining few grand to either prepay PMI or possibly a home warranty - what are your thoughts on that?

Quote from @Christine Mulkins:

Hi Daniel!  Just a few thoughts come to mind... if your monthly total expenses are about $3900 with 20% down and you rent out just the 1 side for $2100, you'll be negative ~$1800 per month. Moving into 1 side can slow down the process of getting the 2nd unit rent ready so I'm thinking you should consider renting both sides out from the start.  Like you mentioned, start with the one that needs less work first, get that unit filled, and then work on the next place.  If the duplex is in a very desirable area in high demand and close to lots of amenities, you shouldn't need to spend too much money getting the places "rent ready."  Especially if they're giving off the 70's charm, if the places are in pretty good shape but are just outdated, then a fresh coat of paint, potentially new floors (LVP, carpet, or both), and a good cleaning might be all they need?  I agree with you that each unit having a garage and backyard is a huge bonus.  You'll likely be competing with neighboring large multifamily properties so having a space that feels like a home to a prospective tenant is a big bonus.  

While Rentometer is a good first step, my husband and I always search Craigslist to see what rents are for local competition.  This should give you a better gauge of how to price your units.  Who knows, maybe you could even get a little more for your units?

Last thought...since this would be your first rental property deal and you're buying in Oregon, please be sure you're familiar with Oregon landlord/tenant laws and in particular, the laws in Portland.  The City of Portland has its own set of stricter, tenant friendly rules.  These set of rules can make it extremely costly to a landlord should you ever need to evict a tenant.  Just keep this in mind.  This is not meant to scare you or discourage you at all.  My husband and I still buy down where we live in Southern Oregon and everything has been fine.  Just being aware of the laws from the start is important to your success. :)  

If you need help with forms, I can send you some great local online resources where we get our leases, check-in reports, addendums, etc. 

Wishing you all the best!

 Hi @Christine Mulkins!

Really appreciate your time and feedback - sorry for the delayed response !

We have shifted mindset to possibly putting down 10% to keep some of that capital for repairs/future purchases. I know that when living in the house we are going to be owing money - I am not sure if house hacking these days provides anyone with $0 living. I am doing calculations with the assumption of renting out both units after 1 year and understanding we will be paying some mortgage in the first year. Let me know your thoughts and if I am not thinking correctly or can think in a different way.

The overall Duplex is good but a little funky. The third bedroom is very small and would only fit an office or possibly a nursery. there is only 1 full bath between the 3 rooms and a half bath downstairs. It has a few other strange things such as the interior garage door opens up through the half bath downstairs and also the toilet positioning in the bathroom is kinda odd and facing the sink/counter rather then away. Not a huge deal but just small things. We would need to replace flooring throughout each unit and paint. It also is built before 1978 and they provided disclosure they don't know of any lead paint. I am not sure if I am over thinking this but don't like the idea that we either continue operating as "don't know" and have to disclose to every future tenant/buyers or we get a test done and potentially have very expensive work be down to remedy. 

Great tip on Craigslist. I did look around as well as rents advertised on the main websites and it seems that 3 bedrooms with 1 1/2 bath go for around $2,000 to $2,300. I am thinking because the third bedroom is so small, it may be on the lower end of that scale. 

This property is actually on Washington state side, however I completely get and agree with what you are saying. I would be open to receiving any forms etc that may help me.