All Forum Posts by: Dustin Mellor

Welcome Jed! I'm new to RE as well. Very excited to have found this site!

Thank @Chris Parrish! I work for Mackay Sposito Inc (MSi) in Vancouver. The firm has actually done a lot of work for developers in the Northwest but I work on the power delivery side of the business. MSi is doing the design and CM work for Reeds Crossing in Hillsboro (I got to help a little due to my scheduling experience). I would love to get coffee next time you are around and have the time. I'm on the east side in Milwaukie near Sellwood. 

Dustin 

@Baxter Finch one thing I wish I had known when I used an FHA to get my house is that it requires private mortgage insurance (PMI) which adds quite a bit to my monthly payments (about 20%) and it's not easy to get rid of. I was told by my RE agent that I could pay down my loan to 80% of the value and remove the PMI but of course that was not the entire truth. You are stuck with PMI until you either refinance or the term they set for PMI is up. When I closed they were requiring 5 years of PMI payments but I've been told it is 11 years now by my mortgage company. If I could do it all over again I would borrow the extra cash to make a full 20% down payment rather than using FHA. One thing to note is that this is for my primary residence. If you are house-hacking or buying rentals then the tenant technically pays for this but it still reduces cash flow. I just wish someone had told me my options when I bought my place. Bottom line is do some research on FHA. They make up for the low down payments with PMI. Good luck with your relocation to the great state of Oregon!

Regards,

Dustin Mellor

Thanks @Brett Snodgrass for the tip!

Hello all!

I've been checking out the real estate investing thing for a while now and I can honestly say I've never been more excited about learning anything before this. While the prospects of cashflow and passive income are as enticing for me as anyone, what really draws me to this business is the potential to combine my construction management experience with creativity and innovation to find deals, plan projects and build wealth. 

While my real estate experience to date is limited to purchasing my own home in Portland, Oregon in 2013 and helping my dad and grandfather build some spec houses in the early 2000's (we built a small subdivision called 'Mellor Loop' in Southern Oregon), I believe the skills I've developed in my career will help me significantly in the RE arena. I currently work in construction management (power delivery, not real east unfortunately) so dealing with budgets, schedules, contractors, etc. is just another day in the life. 

Anyway, I'm really interested in finding out where people in the Portland area get together to network and learn. I've looked into NWREIA and plan to attend a meeting asap, but is there anything else I should know about? 

Thanks all for your help/advice,

Regards,

Dustin Mellor

Welcome Zach. Bend is an incredible place. I've been going their for skiing/snowboarding since I was a kid. Congrats on your new endeavor. Hopefully you like craft beer and outdoor sports ;)

My MBA is in project management. I know not everyone is cut out to be a linemen. It's very physical. There are also great Union jobs that don't require as much physical exertion. Wireman, substation tech. All make very good wages with great benefits. I know lots of people with degrees who opt for union jobs instead of mediocre paying jobs that require a bachelors.

I have a BS in construction management and am just about to finish my MBA. 5 years into my career and the pay is pretty good but if I were to do it all over again (assuming amassing cash to invest is my goal) i'd skip college and find a lucrative career like being a lineman. The best paid lineman make up to 200k per year and have all of their travel and living expenses paid. Going to college means paying back 75 to 100k in loans before you ever keep any money unless you are lucky enough to have someone else pay for it (parents, government). Live on the road and pile all of that cash into Realestate then retire in ten years.