All Forum Posts by: Account Closed

So, that means landlords can't use a minimum income requirement at all? I've had applicants that have a monthly income less than the rent. Would I not be able to reject them based on that?

Meaning I can choose to not use that criteria as long as I document what my own criteria are? Don't all landlords do that anyway? I'm not sure how this changes anything. Am I missing something?

I'm checking out the viability of tearing down a dilapidated SFR on a lot zoned R1 in SE Portland (Oregon) and am wondering how to estimate the costs of 1.) the demolition, and 1.) the construction of a new fourplex.

I'm aware of system development charges and have found documentation online to tally up those costs (including permits), but I'm not sure how to estimate construction materials and labor. Is the best way just to get estimates from local contractors (and can I even get a reasonable estimate without floorplans?), or is there a back-of-the-napkin way to get a rough idea to see if this approach is even viable?

@Chase Wippert - Thanks for the input. I'd love to see that spreadsheet.

Ah, this is excellent! Thanks for the info, @Account Closed.

I'm looking at a property with a detached garage (550 sq ft) built in the 50s and am researching the costs of

1. converting the garage into an ADU, or
2. adding an ADU on top of the garage

The property is in Tigard and has a SFR on it. Adding an ADU on top would allow me to keep the garage (which is valuable to most people), but I'm guessing is significantly more expensive than just converting the garage.

Does anyone here have experience building ADUs and have an idea of how much I could expect to pay? My research so far has shown a really wide range of costs.

@Erik Cabral - Haha, thanks for the accountability. ;)

@Austin Youmans - Awesome. Good to know!

My problem with Rich Dad, Poor Dad is that I read it after a slew of other real estate and personal finance books that gave me essentially the same information. So when I finally got around to RDPD, I'd already heard all of it before. I mean, probably a quarter of the books I've read directly reference RDPD. So it's hard to say how I would have reacted had I read it first. But in general, I prefer books that are straight to the point, not anecdotal.

@Rob Terpilowski - Wow, congratulations and nice work!

What did the workflow look like on this deal? You got the listing from an off-market source, then what?

• Had you already been in touch with the HML in the area prior to finding this deal?
• Did you run the numbers, find out what your highest offer is, then present your findings to the HML before submitting your offer?
• At what stage did you walk through the property?

I'm very interested in the BRRRR strategy. I'm just trying to wrap my head around the order of operations for all the moving parts.

Sneaking in a few last-minute 2017 goals as well. ;)

By the end of 2017…

1. Get on 3 wholesaler mailing lists in the Portland area.
2. Find 2 investor-friendly lenders in the Portland area (I've got a few referrals that I just need to contact).
       a. Ask about 203(k) loan availability.
   b. Ask about seasoning period for refinancing a BRRRR property.

By February 1, 2018…

1. Complete a cash-out refinance on owned raw land to pay off higher-interest debt.

By July 1, 2018…

1. Purchase a small multiplex near my wife's office.

By October 1, 2018…

1. Complete renovation of multiplex.
2. Move into least desirable unit of multiplex.
3. Have tenants moved into most desirable unit(s) of multiplex.