All Forum Posts by: Jacob Wathen

Hello @Lauren Perry and welcome to Bigger Pockets! I live and work up in Portland, OR but I lived in Eugene for a few years prior to moving up here. I agree with you that the area has become quite expensive but there are still deals out there on the MLS and even better ones that you can get from wholesalers. If you are not already I would suggest finding a couple wholesalers in your area that will send you deals with their numbers attached. If you see a deal with a cap rate over 10% (there are lots) check it out and run the numbers. From what I have seen they are usually off by 2-3% but it could be a better option than investing out of state.

That being said I agree that the three markets you are considering are all interesting. I know quite a few agents in each that say there are a lot of deals out there. That also means there are a lot of investors looking in those areas but it is definitely worth exploring. 

What kind of experience do you have in those areas? Did you live there or do you know people that live there? Connect with an agent in the area that focuses on working with investors because they will be able to best assist you in finding a property that meets your investment criteria. 

@Jay Helms I assume that is a manufactured home on owned land. Correct me if I am wrong @Alex Hake but 200K is a lot in a park for Portland, OR. haha 

@Elan Spreiser, I have a client that might be interested. Please send me more information. 

@Alex Hake, it depends on what kind of property you are talking about. Manufactured homes outside of a park typically receive rent close to market rent. The only issue with holding manufactured homes is that if they are not properly maintained they can degrade pretty quickly. So factor in maintenance costs/cap ex as usual and make sure you have a maintenance schedule. 

Manufactured homes in a park (without amenities) will get slightly less than market rent just because it doesn't appeal to as many people. That being said there is a pretty strong rental market on the coast and I know there are quite a few manufactured home parks so there may be more of a market for it in your area. I would not be surprised if those rents are fairly close to market rent. Another factor that is important to look at is how many renters are retired/elderly. Manufactured homes in a park tend to appeal to the elderly because of the one level living space, proximity to neighbors (pros/cons), and easy maintenance when it comes to the yard. I know certain parts of the coast have a pretty high density of retired individuals so there may be more of a market for that. 

Unfortunately I do not know enough about Lincoln City specifically to give you an accurate answer. Check rents on Zillow and see if there are enough manufactured homes listed for rent to compare that with SFRs. 

@Karen Margrave I can't remember the street but it was about a 2 minute walk away from the water park. I really think Sunriver is a good investment in general and I would love to get an update when you are done with the project! 

Hello @Jalen Henningsen, 

One of my biggest regrets while living in Lincoln, NE was that I didn't buy as many properties as I could! The Midwest is amazing for cashflow and with 30-40K you could likely get an 8-plex in Omaha or Lincoln. I know that Des Moines may be different but I wouldn't move to NY without having a minimum of 2000 in cashflow. The big city is enticing but unless you know someone it is hard to get into the big kids club. 

Jacob Wathen 

I think you are asking the wrong pool of agents. Haha I believe that a big part of my value proposition is my knowledge of the investment side of the industry. I assume that a lot of the agents on this site would agree. 

I also know that there are plenty of realtors in my market that would say they are not responsible for explaining why a certain purchase or sale is a good investment or not. They are there to sell and some quite frankly do not care whether or not their clients lose money on the purchase in the long run. 

When they are asked the question of is it a good investment I hear this sentence a lot: "real estate is the best investment you can make in your life". While that is true the quality of the investment depends on a variety of different moving parts that most agents do not understand. 

I also think that some agents that get to a certain level do not want to bother with simple questions like average cap rate in the area, how to establish a good team, and where to find hard money lenders. There are plenty of agents that I know of that will only work with established investors. So, another portion of your business could be connecting new investors with agents that are willing to work hard and help push them in the right direction, with your assistance as well. The more I am talking it through, the more I like the idea. Good luck to you @Jonathan Orr! 

@Jay Hinrichs That sounds like a great experience. And I have likely stared at your friend's place while riding my bike. The houses around that course helped inspire me to get involved with real estate as a kid. 

I can't say I have ever flown to Sunriver for a hot dog but I sure hope I get to that level. I need to get better at golf so I can take full advantage of experiences like that! Every time I go to Bandon I wish I had the skill to warrant playing there. 

As someone that spent evert Summer in Sunriver growing up I can attest that most of the cabins/vacation rentals are outdated. That being said the past couple years I went we chose to stay in the more modern properties. They had hot tubs, ping pong, and fully renovated interiors. Of course they were more expensive but it was definitely a more enjoyable experience. 

I agree with @Jay Hinrichs, speak with a local broker that knows the market for vacation homes/rentals in Sunriver. They should be able to give you an idea for what the difference would be. 

I agree that Keller Williams is the best for new agents. They offer a ton of training and I am sure that will reflect in getting sales sooner than other brokerages. I interviewed with 15+ brokerages up in Portland and finally landed at Keller Williams Realty Portland Central. 

I strongly suggest that you interview as many as possible. Don't worry too much about the commission split right off the bat. Look at the value that each brokerage brings to the table.