All Forum Posts by: Joaquin Johnson

Our first investment property has about 200k of equity and is currently cash flowing about $450/ mo after we pay our property manager. It’s a 3 bed 2 bath home with all the major systems upgraded located in Beaverton Oregon.

Our question is with our long term tenants leaving mid July, do we sell and try to find a better Cashflow Property or upgrade to a multi unit. Or do we turn this property into a STR since we currently run a one that Cashflows a lot more than this home. Our STR is only a 500sqft studio that nets 3k/Mo so you see why we are thinking of turning this home into a STR. it's in a great neighborhood with no HOA and 12 mins from Nike

By the numbers :

Mortgage is $1980/mo

With a long term renter we got $2600/Mo for rent

With a STR our total expenses out of pocket would be $2400/Mo with nightly rates around $200-$280/night

Cost to furnish would be $12k-$15K

What would you do? please consider a refinance is out of the question with our interest rate being 2.5% on this property.
and a Heloc we got quoted would bring our total payment up to $3,000/Mo

Thanks in advance!

0 Votes

Portland, Oregon

Quote from @LaJoy Toney:

@Joaquin Johnson i would love to discuss future endeavors with you. I am in no means ready to start looking. i need to fix my credit and finances. But would love to get your insight on how best to navigate the most efficient and quickest way.

We would love to chat! I’ll send you a DM

0 Votes

Beaverton, Oregon

Quote from @Dominic Holt:

So house hacking to me is an amazing way to get into real estate and the most promoted benefit is that the tenants pay the mortgage or most of it as well as low down payment.

But I live in Portland, OR and a duplex goes for 450K to quite a bit higher.

After doing some numbers I would still be paying a hefty portion of the mortgage even after taking into account market rent of the other unit.

An example: Purchase price is 450,000. One unit is being rented for $1,150. Other unit I would live in. Monthly mortgage payment is $3,321 with 5% down. Which means I would be paying $2,171. This does not even take into account repairs etc.

This defeats the goal of house hacking.

I was wondering how house hacking is being done when property prices are so high? Is house hacking a thing of the past in these markets or is there some tactic I am missing?

Hi there!
we are realtors here in Portland and we also own a couple rental properties. I’d say without a doubt if you got a duplex in the right area and do a Airbnb/VRBO instead of a long term rental you could see that return you’re looking for. I’d like chat if you would like to hear more.

1 Vote

Quote from @LaJoy Toney:

Looking for someone who is familiar in VA home loans and Multi family real-estate. Not ready to buy yet i have to work on my credit but would love to discuss future plans. Im aiming for 2023. Im looking in McMinnville, Eugene, Beaverton or Portland OR. If you know of anyone please reach out. Thanks team!

Hi Lajoy

I myself am a veteran and still in the reserves. I've helped a lot of my fellow vets get into homes here in Portland and also give tips on how to get more perks from your VA loan. I work with a excellent lender and I'd love to be your realtor if you're not working with one. From one vet to another ! Looking forward to hearing from you!

0 Votes

Beaverton, Oregon

Quote from @Ali Al-Khafaji:

Hello All - I am a new user. In fact, I've become a member of BiggerPocket a sec ago. However, I've been watching/following BiggerPocket videos on YouTube for quite some time. Thank you for the super informative videos you guys are making!

I live in Portland, OR, and would like to invest in Real Estate, but I am a little skeptical and need some advice from you. Is Portland a good place for long-term investing (buy and hold strategy)? How about rental properties (cash flow providers) in Portland, is it good too? I know the Midwest in general is a great place for rental properties. If Portland, OR is NOT a good place for investing, what states are good for buy and hold investing and what states are good for rentals? Thank you!

Hi Ali!

If you ever need to chat about investing in Portland let us know! we own several rentals and a Airbnb! we're also realtors here in Portland and have heled other BP investors here locally!

0 Votes

Portland, Oregon

Quote from @Conner Olsen:

@Joaquin Johnson I'd try to 1031 that money into a different property to minimize taxes. STR can be a great way to make a return, though not as high as what it used to be. Don't sell until you know exactly where the money is going!

Thank you so much !!

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Hi everyone!

We are about to close on selling our first investment property! We are going to have 80-100k of investment money left over and wanted to ask your opinions on a great short term rental market you’d invest in! We’re open to all advise and suggestions!!

Thank you in advance:)

0 Votes

Quote from @Nick Rutkowski:

@Joaquin Johnson

Yes to HELOC and the house. I can't tell if you bought the second house or looking to buy. If you need capital and are looking to buy this next house then a HELOC would a great option.

we are already in the second house, but now with the first house having tons of equity, we are looking to make that money work for us ang get another property.

0 Votes

Quote from @Kerry Baird:

HELOC is adjustable rate, so keep that in mind. Your strategy of buying a house and putting on the market as a STR with that ADU...do that again and again. It is working for you. Can you add ADUs to future properties, as David Greene talks about in a recent discussion?

we are definitely on the look out for those types of properties. thanks for the response!

0 Votes

All Forum Posts by: Joaquin Johnson

Joaquin Johnson has started 9 posts and replied 26 times.

Post: Sell or Short term rental?

Post: Sell or Short term rental?

Post: Veterans VA Loan experts

Post: House Hacking in Expensive Markets

Post: Veterans VA Loan experts

Post: Is Portland, OR a good place for Real Estate Investing

Post: What to do with $100k!

Post: 80k - Where to Buy a Short term rental!

Post: What to do next ? STR

Post: What to do next ? STR