All Forum Posts by: Evan Bellingar

@Jay Hinrichs wise words! I remember a quote in the Capital Press (an Ag paper) "high prices and perennial agriculture eventually leads to heartache" blueberries were on fire for several years, everyone planted, now that they are all bearing the price is WAY down. Lucky they didn't lend to you!

Is anyone looking seriously at Salem, or already invested there? You see seemingly good deals there, even in loopnet. Seems like it would be better to to to Salem than further out of state, except of course if there were other tax reasons to leave Oregon.

Thanks for setting this up, I am just over the hill in Newberg.

Originally posted by @Jay Hinrichs:

A few in different asset class

Land and timber.. =  200 acres Washington county ORegon  paid 1.8  got timber advance at 1.7 with no points or interest.. ended up in the land 100k  sold lots 4 lots for 125k each . then sold the remaining 160 for 1.5 million to Metro for a park.. Sans tree's.

Foreclosure... bought court house step for 125k.. house was human tragedy to much to explain.. the lady who lost it though owned the 4 acres behind it.. I traded her the house and 150k for the 4 acres.

Most guys in this bizz would have kicked her out no matter her human tragedy and flipped it and made the 50k I was thinking I would make.. but I new something about land use and development so I made the deal plus I paid cash so no lender to appease.

Sold 4 acres 7 months later to a developer for 925k cash.. so nice pay day on that one in less than a year.

Land in Path of progress:  4 acres Rohnert Park CA:  bought for 27k in 1994 cash unbuildable.. city expands its now in the city and zoned high density residential on the market for 3 mil but I will be happy with 2 million.. net profit 1.950.000 when it finally cooks off Maybe 2.9 and now with the fires we are looking at building it ourselves and keeping it ( which is not my business).. but of course no cash flow.. but oh well 27k for 2 to 3 million 20 years later I will take it.

Other land in path of progress:  110 Washington county Oregon silicon Forest.. optioned it for 5.5 million

put 250k down and been paying 125k a year in option fee's since 09.. all credit towards purchase price.

So no interest carry.. but no deduction either ..

when it comes into the city value about 60 million.. again no cash flow but who cares.. LOL

New construction  my best margins have been Charleston SC  were margins on new construction have been in the 20 to 30% of gross which is un heard of in the PDX market were my margins here are 15% on a good day  20% on a great day.. but we do 30 a year.

So all good now.. of course we have our short term financing product that cooks off like the post above with some in the 200 to 300% range when you get an early payoff.. but most average in the 25 to 30% aprs.. pretty common for early payoffs.

 @jay hinrichs  those stories merit their own podcast! 

Originally posted by @Justin LaPointe:

I would love to here your thoughts on the area And investing. I would imagine you are incredibly busy with what you do for work and your own wine adventure. I live out on Kuehne Rd and have Laurel Ridge winery on one side of me and Two Barns Vineyard that is owned by Domain serene   (probably butchered how you spell it) is above me. We also know Dick Erath.

We should talk.

Originally posted by @Evan Bellingar:

@Justin LaPointe I think you are on the right track. Newberg and Yamhill county have multifamily, but you will need to be patient, find them yourself, or be quick to get under contract. 

I am not selling anything but I live in Newberg and may have some insights. 

Evan 

 Nice! I drive by you often. The company I work for manages Two Barns as well as Alexana. I would love to chat, but I warn you that I am sporadic at best on Bigger Pockets, much better on email. My contact info is at bellingarestates.com 

Evan 

@Justin LaPointe I think you are on the right track. Newberg and Yamhill county have multifamily, but you will need to be patient, find them yourself, or be quick to get under contract. 

I am not selling anything but I live in Newberg and may have some insights. 

Evan 

Hi Megan,

Shout out from Oregon Wine Country!

Access the equity in your house to fund the down payment on your next place. I recommend house hacking with 2-4 unit multifamily housing. Great loan terms, and you knock them off one at a time, with low down payments. 

If you are looking for good towns for real estate investment I suggest Dayton, Salem, McMinnville, Dallas Oregon, Monmouth, Independence, etc. Lots of good deals out there. All my investments are in Newberg, which is not a particularly cheap place to invest, but patience and being ready to strike counts for a lot. 

Good luck,

Evan 

We have one account for each property, and it is starting to become a hassle. I am seriously considering condensing it down. The goal originally was to segregate costs and income between properties and allow us to know which properties actually cash flowed the best. As we have refinanced some properties to finance the purchase of others, the cash flow on the refi'd properties is much less. So rather than looking at each property separately we are more inclined to see them as a portfolio.

Evan 

Good advice on this thread. 

I suggest keeping your options open, your search parameters broad, and be ready to strike when a deal comes along. They do come along, even in Portland. I have bought several houses with ADUs that were listed as single family homes on the RMLS and only a few words in the listing suggested there was actually a second dwelling on the property. 

Good luck and be patient.

Evan 

What are your thoughts on balancing real estate equity with stock or bond holdings? I have always wanted to keep a balance between stocks and real estate, but appreciation and great returns in real estate make it hard to invest new funds in the stock market. 

What do you guys do?

Evan