All Forum Posts by: Account Closed

Hey there @Ann Willis, @Eric Bilderback, @Bryan Brashear, @Jeff Quintanilla, @Nic Reid, @Tony Griego, @Jeremy Near and all other Bend / Central Oregon interested parties: in case you missed it - @Ian Saingarm put together another meeting for this Sunday April 17th at Broken Top Bottle Shop.  Hope to see you guys there and meet more local investors!

https://www.biggerpockets.com/forums/86/topics/298818-bend-oregon-and-central-oregon-april-17th?page=1#p1938894

Wow, I need more coffee.  The time is 2:30p - sorry about that.

So far just a few of us have gathered to share ideas, networks, opportunities and discussions on the local markets and where to best put dollars / match up our skills and interests with possibilities.  

Hoping this next gathering will take a few more steps forward and perhaps even result in a regular monthly gathering with increasing sophistication and value.

Thanks Nic, looking forward to meeting you.

I'm using Plus Property Management - ask for Kevin Restine.  Highly reccomended.  I think they have over 700 units under management.  Won't let me post the phone number but happy to share contact details if needed.

Welcome Jeff!  There are a number of BP folks in the Bend / Central Oregon area and a few of us are organizing loose meetings so there should be plenty of opportunity to make friends and talk real estate :) If memory service @Justin Cutter is also a pilot so you guys might have things in common beyond investing.  I don't know much but am learning quickly and happy to share anytime.  Good luck to you!

Ian, I've met some great people on BP in a short amount of time and a whole lot of them are up for a Bend group session.  We just had one last Saturday with folks like @Jeremy Near and @Tony Griego.  I think there's a lot of value in the networking, idea sharing, potential partnerships and helping each other out.  Would be happy to include you next time we organize one.  I think Jeremy even had a place in mind so we just need to pick a time that works for the majority of folks and make it happen.  

@Brian Bellew not sure how to include your post yet and be fancy but here's the outline of my current deal: 3/2/2 10 years old 1480 sqft mapped to good schools on a corner lot that backs to a park in NE Bend.  Purchase price 230k, estimated rent 1450, clean inspection so put in 3% for repairs and 3% for capex, currently running less than 1% vacancy here in that rent range so total expenses came out to $338/month + mortgage costs of $890/month (25% down) for $220/month cashflow or ~4.3% cash on cash.  This is my first investment property ever so I probably made a few mistakes but I think that's going to be pretty close.  Figuring an average of 7% returns in the stock market it doesn't look so good compared to my past options but when you add ~5% appreciation against the up-front cash it gets more interesting.  Bend was a bit over 10% appreciation last year but in the last 20 I think it's averaged 5% including the ride up and down with the bubble and crash. To me, going back to your thesis, there is reason to be relatively confident prices will stay firm and appreciating for at least the next 3-5 years but I sure intend to keep monitoring that.

@Jay Hinrichs I definitely got stars in my eyes listening to @Brandon Turner and the podcasts describing 2% rules and 12%+ cashflow but ultimately ended up with what you suggested: being content with 5%+ cash on cash and enjoying (hopefully) better appreciation in this market. With the leverage my total ROI comes out ahead even with lower cashflow, dreams of semi-passive income notwithstanding. I wish I was in my 20s or 30s and had more time but I'm mid-40s so have to keep learning more vehicles (notes, liens, commercial, hard money, ?) and make comparisons on where to best place my dollars. Not unhappy with the first SFR I have under contract but am hoping to keep getting smarter and finding ways to further diversify and outperform with the remainder of my funds.

I've had the same struggle as @Eric Bilderback since getting started on this path a few months ago.  Also have been following @Jay Hinrichs hoping to pick up some pearls.  I think it's possible to find cashflow in Bend, and I have my first under contract right now with good confidence that it will do so.  When I looked at the surrounding communities in Central Oregon I think they all offer a niche but ultimately ended up focusing on Bend and Redmond.  With a long-term perspective my hunch is they will outperform though won't cashflow as well as places like Prineville (in general) coming out of the gates.  I like Sisters too (almost moved there instead of Bend) but it seems a lot more tourism dependent and less diversified so I went where the bulk of the new job creation is happening.

Congrats Eric!  Huge step and I wish you the best of luck on your path.  The agent I work with recently moved to Keller Williams Central Oregon and I've heard that they're drawing a lot of talent right now so it might be worth looking into.  When I got licensed in MT it was almost like interviewing for a job - I spoke with a ton of brokers until I found the right culture and fit.  I'm no pro agent but I think that approach would probably be effective here too.  Good luck!

sounds great to me.  I know a few others who may want to join as well such as @Jeremy Near.  let us know when you're back and try to get something organized