All Forum Posts by: Gery Teague

I'm an investor in Bend/Redmond/Sisters/Prineville/Sunriver/La Pine. This is 100% an outdoor playground. Tons to do, mountain biking, skiing, snowboarding, spelunking, rafting, kayaking, snow shoeing, the list just goes on and on... I saw duplexes go up from $275k to $525k in the last two years in the cities around Bend and in Bend they've gone from $400k up to $600-$1,000,000+ so... multi family can be pretty challenging to find out here. Keep up the great work! Don't stop investing!

Hey @Grant Schroeder, thanks for the support! I love Sunriver, Black Butte and Eagle Crest! I'll give more info on the actual property when I've decided what to do! :)

Thanks Charles! I really appreciate your feedback! This is in the Sunriver Oregon area. I'm definitely planning on using it as:

1. A Househack
2. A long term rental

And as another driver this would free us to move from our current house hack and now bring in profits from the unit we're living in. The challenge is... we could stay and keep looking for a more profitable out-of-state multi-family purchase...

Thanks again for your help!
Gery

I'm looking at purchasing a house that can be turned into a duplex. The area that it's available in is very expensive. The investors I talk to don't purchase for cash flow there and instead use it to realize appreciation. There are almost no multi-family available and this could be used a short term rental too b/c of the high vacation numbers in this area (resort town).

Monthly Principle & Interest = $2000
Monthly Taxes & Insurance = $800

Monthly Long Term Rental = $1250
or
Monthly Short Term Rental = $2000+

While we live in it... Purchase or not?
Also, this would free up another rental of ours to bring in another $1500/mo

Thank you for your help!
Gery

I'm normally a buy and hold small multi-family investor. I prefer to invest locally, and the environment has changed over the last couple of years. It is no longer a buy and hold environment from the standpoint of making profits from the rental income on a property as they've become too expensive. My wife and I are a little older and looking at starting our family very soon.

We're currently house hacking a duplex where the unit we're in would rent for around $1500. We're looking at purchasing a house that could be used as a duplex where we would house hack again. The price has come down almost $200,000 dollars and it's in the neighborhood we've been wanting to raise our family, but... we'd only be able to pull in $1250 - $1500 in rent from the other unit at this location, and it would put us into even more debt.

Looking for other investors thoughts on whether or not to jump at this to ride out possible inflation, or to wait and hope for a market downturn.

Current Situation:

• Duplex
  • mtg + tax + ins = -$1300
  • rent = $900
  • net = -$400

Possible New Situation:

• Duplex (w/refinance)
  • mtg + tax + ins = -$1900
  • rent = $2400

• House
  • mtg + tax + ins = -$2580
  • rent = $1250

• net = -$830

Thanks in advance for any input you can give.

We're beginning the process of purchasing our first apt complex. We're forming an LLC working with a tax attorney. What kind of professional should we seek out for putting together our proposal to lenders? We want to make sure that we represent our commercial loan request in a professional manor and as optimally as possible.

Thank you,
Gery

@Michael Kundrat,

If this deal works out, I'll put together as much info as I can and post it.

Thanks,
Gery

@Evan Polaski,

Yes, the duplex is personally owned, and I've already discussed doing a HELOC on it, so I know that's an available option. Thank you for the pros/cons breakdown on all the options. That was super insightful. There are value adds we're looking at, and I like where your mind is at on this. I think that's going to be our first angle of attack.

Thanks again,
Gery

Thanks @Jon Reed, I'll be running numbers today. Wanted to see if anyone had any red flags around options, or felt like one option was often considered "most desirable" so I should try to make it happen. Thank you for the great feedback!

Gery

We're trying to purchase our 1st apt complex. We're approximately 40k short if we do a 20% down on a commercial loan. We're considering doing a HELOC or pulling cash out of a duplex that has significantly appreciated. What would you guys recommend?

• HELOC?
• Try for seller financing?
• Refinance Duplex and pull out more cash?
• Try to find a portfolio lender that will do 15% down?
• Other ideas?

Thanks in advance for any help or ideas!

Gery