All Forum Posts by: Genna Golden

Very hard to find good reliable people in Tillamook. I did a small rehab there and mostly brought in Portland contractors and paid for their travel fees. Do not rely on finding people through websites or google searches. And do not assume everyone will have a functioning cell phone.  Nor that they will show up at appointed times. I'd hook into the Netarts community and see what has worked for people there.

I have a property with flood insurance and it goes up QUITE A BIT each year.

I sold a commercial property on N Vancouver, and the city wanted to buy it and develop it for low income housing, which I thought was great. Although their offer was above asking and came in quickly, it was going to take 6 mos plus. and lots of contingencies to close, so was not worth it for me to wait. So even with intention/mission there, the city cannot move at the speed of bureaucracy and expect to secure land for low income developments in the current market.

Sounds like you are in over your head but don't let a little thing like that stop you. -It's my general method of moving forward. I'm in contract for a mobile home park south of Eugene, and looked at one in Tacoma with a group of investors. I think you will need more investors. You will probably need at least 30% down and the bank or credit union will likely want to see some mobile home park management on your resume, though other properties under your belt certainly a plus. They may require professional mgmt as a condition of sale. You are likely looking at needing 1.5M including closing costs.

I love the MHP investment model. Like an apartment but the tenants take 100% care of the houses. It's  also a nice model of low income, affordable housing that is much needed. 

Hope to be there

Though it might not seem plausible, I think the "creative class" is a large player in the Portland jobs market.

Buildings keep going up catering to "creative companies", and damn if they don't fill up all the offices.

I myself have a desk in a rehabbed building in the bakery blocks, and it's chock full of lots of small companies no-one has ever heard of.  In looking for office space I noticed the huge market for shared desk space as well, which is a lot of individuals employed by somebody, if not themselves. 

I agree that adding bed/bath is where you see price go up the most. That is not a part of town where super nice finishes are going to add a lot of value. Sub metered water on a duplex is usually not very cost effective. I'm always a fan of fresh paint inside and out and nice landscaping. 

I'm interested in multi family fixers and have potential partner who specializes in larger scale apartment rehabs. PM me if you want to talk further. 

I use Randy Smith at Western Equities for my multi family broker.

We have two middle school kids in a very small home. Every time I think about an addition, I think of how much money I can make if I invest that money. So I keep investing. And 6 months out of the year, we spend a lot of time outside, and don't notice the small house so much.