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All Forum Posts by: Daniel Jodrey

Daniel Jodrey has started 17 posts and replied 65 times.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Wale Lawal:

@Daniel Jodrey

With $300K in capital and a strong hospitality background, you're in a great position to start investing in multifamily or STR/MTR properties. Given current market conditions with high interest rates, consider creative financing options like seller financing, partnerships, or house hacking to maximize your leverage. Start by analyzing cash-flowing properties in your target markets (Clark County, Portland, and coastal areas) while networking with local investors, agents, and lenders to find off-market deals. If multifamily pricing is tough, consider a mix of duplexes or small commercial properties to scale strategically.

Good luck!

Really appreciate it Wale! Enjoyed reading this and gave me a great boost of energy this morning !

I agree and definitely is what I’m aiming for. Every realtor/seller I reach out too I will ask if they will consider seller financing (every one so far is a no). I have connected with several local lenders and pre approved with them as well as picking their brains on our area. I have connected with several realtors as well and have met and got coffee to be able to be face to face, learn, and show we are serious. 

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Peter W.:

Everyone is saying househack which is usually the right move, however you are likely the exception because you are living rent free with family. 

You have enough cash for one deal. So do one and see how it goes. If you are handy and because you seem to have time, I would aim for a cosmetic flip (update bath and kitchen, and maybe floors). You’ll be able to build additional equity which will help down the line.

The key thing though, more than the first deal is you need to rebuild your income so you can do deal number 2. Excluding your potential partner, you are probably 50k away from deal number 2 and you will get slightly more favorable financing with steady income.

Third thing you need to do is narrow down your buy box.   You are all over the place in terms of location and strategy. It’s one deal so taper down to 2-3 neighborhoods so you can know those neighborhoods like the back of your hand. What is the sale price I kept to be, how long will it likely be on the market, what will rent likely be, how long will it take you to rent the place.

Thank you Peter.

I agree and is a reason I wanted to make this post. I have overloaded myself with all the ways to get started and am looking at a lot of things. I just want to get started and be successful. I have a buy box narrowed down and I look at it multiple times a day. I just keep a slight eye open to surrounding (drivable) areas just in case something interesting pops up. 

Like you mentioned, ultimately gotta walk before run and gotta buy the first property first - then can move to second and so on. Hope to update everyone soon on my purchase (s)

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Ben Fernandez:

Keep up the good work Daniel! Your focus and dedication is evident.

Portland looks more affordable and looks to also have a better price-to-rent ratio than Vancouver... If you are looking to invest in your backyard.

However, in both Vancouver and Portland, with price points showing a median home price of ~$480k and MF showing about $200k+ per unit, cash flow will be a challenging task. A market like yours is prone for little-to-no cash flow, but favorable appreciation.

If you are putting a substantial down payment up (likely 30%+), you could accomplish both. However you need to also consider your COC return and where the best use of your cash is. Comparing ROR to potential appreciation on your cash. Unless you can get 8%+ on appreciation, you're better off putting the cash into the stock market. But, let's stick to real estate...

When determining where to put your money to work, you always have strategies that provide returns in short-term periods of time and those that provide returns in long-term periods of time. Of which, some being unrealized gains.

Here are some options:

Tax liens - provides potential for interest income and the potential to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.

Tax deeds - provides potential for interest income and to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.

With these two strategies, you can either fix and flip after - renovate, rent and hold or wholetail. This leads into the next short-term strategies.

Fix and Flip - provides potential to invest lumps sums and earn a multiple back in a short period of time.

BRRRR - provides potential to invest lumps sums and earn a multiple back in a short period of time on the cash out refinance. However, this is a buy and hold strategy for cash flow, equity paydown and (hopefully) appreciation. This strategy provides incentives for (potentially) both short and long-term investment strategies simultaneously.

Buy and Hold - provides either; little-to-no cash flow and high appreciation, high cash flow and little-to-no appreciation, or a little of both. This is a long-term strategy that does not return your lump sum investment for a long period of time (if at all).

Bank auctions is another option to entertain.

Being that you have partners, I realize you all are not considering house hacking. But for a personal strategy, I recommend this for if you do buy where you are residing. The rent rates look good and if you get a multifamily, you should get the majority of your mortgage covered if not the entire amount (if you put down 25%+). This would be a long term strategy.

Depending on your access to deal flow, you can conduct these options in your market or outside of your market. I do not recommend flipping or BRRRR'ing remotely to start. You can manage buy and holds, but not value add until you get more experience and can manage people effectively. For the cash flow models, you'll likely need to seek remote opportunities. If you're considering PA or assistance with tax auction consulting, give me a buzz.

Feel free to connect for further dialog. Hope this helps.



 This is very helpful and a lot of great thought, I really appreciate you taking the time Ben.
I have shifted the mindset that I'm ok to have little to no cash flow (at least in years 1-3) because I am investing long term and plan to have my portfolio be my retirement in 11-15 years from now. Of course I want cash flow, but as long as I am breaking even and building equity and then hopefully having the added benefit of appreciation- I feel like that would be a win. After acquiring several long term rentals , I hope to jump into the STR space where I can begin seeing more immediate revenue and cash flowing opportunities.

I am more then okay to house hack and believe this may be best to obtain a 5% conventional primary loan which would leave me plenty of cash to gain a second and hopefully 3rd property. It’s just my wife and I and have no kids so house hacking as well as renting by the room is something we definitely are willing to do - put in that hard work and little sacrifice to make it work.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Henry Clark:

OP.  I would stop for a second.  On paper put your goals and then a plan to scale.  You will see you hit a road block very quickly on your cash or equity to do the next deals.  

Divide your REI types into the following. Appreciation long term, cashflow, and cash snowball.

In your shoes and current situation I would do a value add to build cash.

A. Pick a house with extra acreage you can subdivide. The original house if it is a 2/1 then ADU into a 3/2. Use as primary for 2 years and sell taking advantage of no taxes in capital gains 2 out of 5 years primary. Rent a room. You take the smaller unit.

B.  Pick the worst house in a great neighborhood and modernize.  Again see if you can do ADUs.  Or split off lots.  Again 2 of 5 years.  Rent a room.  You take the smaller room. 

C.  If you’re near military, coast guard, hospitals, airport, etc.  look there for your future MFH.  Or your house with room to rent. 


Thats great advice Henry and is very closely to where my mindset is at. I have searches set up on all the main MLS apps keyword for "ADU, DADU, Grandmother unit" and am keeping an eye on property size and zoning for potential of adding a DADU or possibly tiny home as well as expanding on the existing house.

It’s just a matter of finding. I’ve been searching and reaching out to realtors and lenders for long time and not finding that deal. Doesn’t mean I’m giving up.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Taz Zettergren:

@Daniel Jodrey

It sounds like you’ve put a lot of thought into this, and you’re in a great position to take that first step. Given your goals, I’d say house hacking a multi-family is your best bang for your buck. It lets you live for free (or close to it) while building equity and learning the ropes of being a landlord firsthand and after you've been in it a year you could rent out your space and go back to living with your family member if you wanted too. That experience will be invaluable as you scale.

Once you’ve stabilized that, leveraging your hospitality background into an Airbnb or mid-term rental could be a great next move if that’s something you’re passionate about. STRs take more hands-on management, but they can be highly profitable when done right.

Down the road, if you’re looking for something more passive and stable, out of state investing especially in the Mid-South where price points and cash flow are more favorable, could be a great addition to your portfolio. But based on your post, I think a more hands-on approach would be a better fit for you to start.

Appreciate it, Taz! 

I have spent a tremendous amount of time going over every which way scenario. I have been learning passively over the last 8 years all while saving money. We have no debt and this savings and am so eager to jump in. I want to be in my market at least in the beginning to learn and be able to go to my property on any notice - I feel after acquiring a few properties and gaining the hard earned knowledge, I then would be ready for possibly out of state.

Every deal I analyze doesn’t cash flow and maybe barely breaks even. On the deals that break even, we have put in offers but always get outbid. It’s discouraging but not giving up.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Travis Timmons:

1. Don't partner. You have enough money to get started.

2. House hack if you can. 

3. Don't sleep on a live in flip. It's a great low risk way to get started. At the end of a couple of years, you can always refinance and keep it as a rental if you want to. 

4. Be kind to yourself. It's okay to do nothing and keep saving up money. 

I have nothing to sell and would be happy to help if you think that I can be a resource. Feel free to reach out. 

Appreciate your time and advice, Travis.

I did it to myself - but I left my W2 to go travel for about 4 months and to jump full into real estate upon returning. Now that we’re back, we can’t currently qualify for loan. Family member is also wanting to get into real estate and is ok to be the “bank” to qualify and I am boots on the ground. I feel I would rather try this and be able to get conventional financing, rather then getting a high interest rate with DSCR Loan. 

I also am not sure if should pull trigger on a multi family that doesn’t cash flow (looking for at least break even but even that is hard to find with interest rates) and see how that first goes. We still have capital to go out and get 2-3 more properties in relatively short amount of time. 

Overall again, family member is happy and wanting to help qualify for loan - I am doing majority of work and will manage - and hopefully we find a good 1st property that is ideally triplex/fourplex. Again, trying to decide if best to jump in and get equity and not cash flow or continue to wait to see what happens in market and rates.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17
Quote from @Nicholas L.:

@Daniel Jodrey

-start with a house hack

-don't partner on your first deal

Appreciate your response Nicholas. I replied below but also curious your thoughts:

I stepped back from my W2 to go travel internationally and am currently working towards getting my real estate license (my goal is to work as realtor and/or property manager while acquiring properties) This of course makes it difficult for me to get pre qualified so that is where the idea of family partner comes in - he qualifies us on the loan. I know I can likely get a DSCR Loan but not sure if worth it or will work with high rates - what are your thoughts. I understand buying into multifamily and that's what I have been focused on for years. How would you go about scaling from there with the capital I have? Best to put as little money down as possible so I can acquire more? Challenge I am seeing is cash flow then doesn't work when putting down 5% or 3.5% - however I understand value in building the equity. I have looked at and analyzed many deals and at best I have found possibly break even. I've put in numerous offers but always outbid.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17

Thanks for your reply and time, Nathan.

I stepped back from my W2 to go travel internationally and am currently working towards getting my real estate license (my goal is to work as realtor and/or property manager while acquiring properties) This of course makes it difficult for me to get pre qualified so that is where the idea of family partner comes in - he qualifies us on the loan. I know I can likely get a DSCR Loan but not sure if worth it or will work with high rates - what are your thoughts. I understand buying into multifamily and that's what I have been focused on for years. How would you go about scaling from there with the capital I have? Best to put as little money down as possible so I can acquire more? Challenge in seeing is cash flow then doesn't work when putting down 5% or 3.5% - however I understand value in building the equity. I have looked at and analyzed many deals and at best I have found possibly break even. I've put in numerous offers but always outbid.

Post: How would you start if you were me?

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17

Hello BP!

Hoping to get opinions from the community on how they would enter the market and start investing if they were in my shoes:

I have been saving and learning on BP for years, hoping to take my leap into real estate investing. Once COVID hit I waited and was thinking the market would become favorable and I would jump in. That didn’t happen and I’ve been waiting and watching since. I still don’t feel good about buying now with so much uncertainty and high interest rates, however I am at a point where I feel like I need to jump in. I have a lot of free time currently and can dedicate a lot of my time towards real estate.


I have saved around $200k and have family member/partner with roughly $100k. We are looking to partner 50/50, at least in the beginning - so starting with about $300k. I have vast experience in Hospitality and hoping to at some point acquire STR/MTR and apply those skills and knowledge . I am most focused on finding multi family. I'm living rent free currently with family and am ok to do so for foreseeable future.

I am wanting to acquire as much property that is smart for me to do so, with the capital I have on hand. I live in Vancouver WA/ Clark County area and am looking to buy in this area as well as including Portland, Beaverton, Gresham, Ridgefield, Battleground, Longview, Camas and overall surrounding areas. Also interested in Coastal such as Seaside, Rockaway, Canon Beach.


Curious your thoughts on best ways to enter this market and how best to utilize my current saved capital. Also any investors in this area would love to meet and learn from you. Appreciate those I have connected with on BP thus far and your help.

Post: Buying in Pacific Northwest (PNW)

Daniel Jodrey
Posted
  • Vancouver, WA
  • Posts 66
  • Votes 17

Hello BP!


I have been apart of the BP community for many years, however have still not made my first purchase. I recently moved back to the Pacific Northwest near Vancouver and am hoping to begin here. This is where I grew up and my family is located. We plan to be in this area for foreseeable future. I have solid savings currently, for down payment on what hopefully will be several properties. I am interested in Vancouver, Battleground, Camas, Ridgefield areas and also Portland if good opportunity exists. Looking firstly into Multifamily for both long term and STR - but not opposed to single family.

I am hoping to connect with both investors as well as Real Estate agents in this area to understand the market better ( I have lived elsewhere for the past 10 years) as well as what areas may make most sense and with what strategy. 

Very much looking forward to connecting and thank you!