All Forum Posts by: Dustin Le

Hey everyone, I'm based in Portland and am looking to work with folks in Florida, Texas, Arizona, and surrounding states on multifamily syndication deals. I'd love to learn about you and your real estate goals and see if we can work together. I'm currently analyzing properties and preparing to find my first syndication deal. 

Hi, for context, I have a converted duplex, but no commercial real estate experience. My goal is to start with a 3-5 unit commercial building for office/retail space. If you have experience in this space, do you have any resources or advice for what to consider when looking at when underwriting a potential property? I'm looking for a resource that is structured to help me go from knowing nothing to knowing enough to make an offer and feel confident in my decision. 

Thank you in advance!

i tried google, but know so little that I can't tell what's what. I'm setting up a basement ADU and the city is requiring a minimum 30 cfm mechanical ventilation system. Does anyone have any idea what this is, where I would locate it in my house if it existed, and what it would involve to install?

I appreciate your help!

Investment Info:

Single-family residence buy & hold investment in Portland.

Purchase price: $350,000
Cash invested: $50,000

This is a property that I househacked and am currently living in. It was a 4 bd 2 ba single family home that I transformed into a vertical duplex. The basement has a separate entrance and was originally livable as defined by the city. I'm in the process of converting it into an ADU. Downstairs I added a kitchen, changed the old flooring, repainted it, and upgraded the bathroom.

What made you interested in investing in this type of deal?

These properties are common in Portland and requires a bit of permitting work with the city, but pays itself off in short order. It's a relatively easy value add.

How did you find this deal and how did you negotiate it?

I found it through my realtor, my brother. The owner wasn't budging much, but it was already a great deal as it was so I agreed to something just below their asking price.

How did you finance this deal?

FHA and my income

How did you add value to the deal?

Added kitchen to basement, remodeled bathroom, changed flooring, paint.

What was the outcome?

I'm currently renting it out and the tenants are paying over half the mortgage. Once I move out, it will cashflow between $500-800.

Lessons learned? Challenges?

The biggest challenge has been dealing with the city to work around all their requirements.

Investment Info:

Single-family residence buy & hold investment in Portland.

Purchase price: $350,000
Cash invested: $50,000

This is a property that I househacked and am currently living in. It was a 4 bd 2 ba single family home that I transformed into a vertical duplex. The basement has a separate entrance and was originally livable as defined by the city. I'm in the process of converting it into an ADU. Downstairs I added a kitchen, changed the old flooring, repainted it, and upgraded the bathroom.

I'm currently renting it out and the tenants are paying over half the mortgage. Once I move out, it will cashflow between $500-800.

What made you interested in investing in this type of deal?

These properties are common in Portland and requires a bit of permitting work with the city, but pays itself off in short order. It's a relatively easy value add.

How did you find this deal and how did you negotiate it?

I found it through my realtor, my brother. The owner wasn't budging much, but it was already a great deal as it was so I agreed to something just below their asking price.

How did you finance this deal?

FHA and my income

How did you add value to the deal?

Added kitchen to basement, remodeled bathroom, changed flooring, paint.

Lessons learned? Challenges?

The biggest challenge has been dealing with the city to work around all their requirements.

Hey neighbor, I'm from Oregon too (Portland metro)! I love your mission and intention of repurposing buildings into housing to fill the housing shortage. I don't have experience with a deal like this, but I'd love to connect with you and chat about your experience. I may also be able to introduce you to my brother who has experience with multifamily and apartment syndications. Send me a message if you're open to it! 

Hi everyone, my name's Dustin! I'm a UX Designer at Nike by day and a real estate investor by night.

I'm currently working with a team of syndicators as I find my first deal and start this crazy journey. I'd love to meet some syndicators and chat! Since the forums rules state that no self-promotion is allowed, I'd appreciate if you could send referrals to any syndicators you might know. Please feel free to reach out via message or commenting on this post!

P.S. If you have any questions about your website's usability, marketing basics, or visual design, send them my way! I'd be happy to help. :)

I have a vertical duplex that I'm thinking about getting submetered and I'm wondering if anyone has done this before and seen it be worth it. I'm debating because if I include the utilities in rent, then there's a good chance of overusage, but if I get the units submetered, then it'll cost about $3000 based on the estimated I received. 

Any help is much appreciated!

Thanks for your reply, John. Do you know if there’s a way to submeter the units? For both water and electricity 

Hi everyone, I bought a house last year and converted the downstairs basement into a separate apartment. I live in this property now. I extended the water line from the utility room into the new kitchen and extended electrical there as well. Over the past 6 months I've been trying to get permits from the city (which has been a huge pain), and just today they sent me a message requiring that I separately meter the two apartments. The price list they sent me shows that the total cost to install the meters is approximately $10k-15k total (something I can't afford at all). 

I have two questions. 

1. 1. Does anyone know a way to either reduce this cost by having it done privately or a way to get around this? 

1. 2. They also mentioned something about Meter Upsizing. Has anyone had this done? What is it for? 

Thanks so much for your help.