All Forum Posts by: Grayson Graham

Good thinking! I am in the process of using my home to get a line of credit to use for RE investments so I will share my example. 

I went to the bank (First Interstate) with an $800k appraisal and a $450k mortgage. They told me that I cant surpass 80% loan to value ratio. I have already borrowed $450k (my mortgage) out of the maximum of $640k ($800k x .80) so that leaves $190k available to borrow as a line of credit. They told me if my credit score comes back above 750 then I can have the money at 4.5%, so I am paying off all my credit cards in full to help bump my score past 750 before i sign.

In your case, i cant calculate how much credit First Interstate would give you without knowing all the numbers, but it will probably be less than the total $22k so keep that in mind. Im happy to help if you have any questions!

Karen,

Unfortunately the labor shortage in Central Oregon has made builders pretty cut throat about protecting their subs lately. Many of the best subs are so busy right now that taking on projects from a new builder would mean turning down projects from their existing builders, so the existing builders are keeping their lips sealed. That will make it difficult to get referrals from other builders, so I suggest you try networking directly with the subcontractors. 

Have you joined the Central Oregon Builders Association? I have found that the  COBA networking events are a great way to meet the local subcontractors. I dont think that they have announced their 2018 event schedule yet, but i will do my best to remember and update you once the next COBA networking event is announced.

COBA also has a database of available subs and a system for them to bid on your jobs once you become a member. Here is an exerp from the COBA member benefits page:

"As a COBA member, there is no need to purchase additional bidding software! You get full access to ours at no additional cost! Builders and General Contractors can post projects and invite subcontractors to bid, and all members can use it to look for work and bid on open projects.

With the industry so busy these days you can take advantage of our membership roster of skilled contractors that are ready to work. Easily expand your network of potential service providers & have the opportunity to receive multiple bids, a competitive edge during times when resources are limited."

I hope this helps you find some good subcontractors. I look forward to talking more at the upcoming meetup!

Grayson

Hi Steve,

Thanks for taking the time to help! issue is that the office project will use up the credit line 6-9 months a year, so that leaves only 3 to 6 months to do the flip. Is there a strategy to flipping that people are able to execute in as little as 3 months? Id love if you had a keyword to google or something so that i can look further into it.

I have been putting thought into how to build a new real estate portfolio website for myself and iv decided to use wordpress. You can pay Wordpress to host your website and buy your domain from them to, but I prefer to host my own wordpress site on a godaddy server.

Once you have the website setup then you just upload themes and plugins to customize the site. There are tuns of wordpress themes for different nitches, many are free but you can also pay for premium ones.

Wordpress is a robust backbone for your website, but if all that sounds to complicated there are other solutions. You can make a free google website for example. Or use a website builder like WIX.

Goodluck!

I work at a company that does construction financing and as a sort of bonus to the staff we get to fund one "office project" each year where we split the risk and profit amongst ourselves. This is my first year participating in the office project so recently i went to the bank and got a line of credit for $190,000 at 4.5%. Most of this money will be invested in the office project 6 to 9 months of each year. Which leads me to my question:

Whats the best use of $190k credit line for only 3 to 6 months of each year?

After the 2018 project is finished should i just pay off the line and wait to use it again for the 2019 project? That seems boring...

Thank you for taking the time to help me come up with some ideas!

Oops, sorry about the company name slip up! I didnt realize i was breaking any rules by saying where i work, looks like i need to go re-read them haha

I will be standing by, let me know if theres anything I can do to help with the planning or setup since im right here in town.

Could we get a sub sub forum for Bend Oregon please? We are in the process of planning our first Bend meetup now and it looks like there is going to be a good enough turnout.

There seem to be a lot more people in this thread mentioning Bend in their profiles and posts than other parts of Central Oregon, how would you all feel about meeting here in Bend? 

Maybe we could reserve a section at a local brewery? I would be happy to help arrange that.

Edit: Goodlife, 10 Barrel, and Sunriver Brewing are all within a short walk of each other so it could make a fun brewery hop, if thats the type of thing you guys would be into doing together.

Hello everyone! My name is Grayson, I recently moved to Bend and began working at the local real estate company . On my own time I like to hold and flip rental properties, at work I am involved with many projects such as Northwest Crossing (West Bend), Hidden Hills (East Bend), and Canyon Rim Village (Redmond).

I would love to attend this meetup, it sounds like a great opportunity for me to learn from all of you guys' experience and hopefully I can contribute a bit as well. See you all soon!

Thank you guys for the warm welcome!