All Forum Posts by: John Livingston Bullier

Oh boy, I wish I was LESS qualified to give advice on this topic, but unfortunately I've dealt with shared sewer lines, unrecorded easements, etc. on at least 6 occasions (one of which I'm currently dealing with). Is there a reason why it's become an issue right now? Or is it just something you've now been made aware of?

One problem is that sewer line easements are unlikely to show up on the preliminary title report of the property they benefit. The reason is that the easement does not encumber that property, it encumbers the property it runs across. It benefits you, for sure, but the prelim and title insurance policy is meant to detect and protect against title encumbrances only.

Your neighbor would have seen the easement in HIS title insurance policy, but if you have any doubts he's being truthful you can always ask the title company that wrote your policy to look into. Any title company can do it though. It costs me anywhere from $0-350 in Portland, OR.

If there is no recorded easement, and you want there to be, then I would try to get an easement recorded with the neighbor. Maybe offer to contribute towards the cost of replacing their section of line. If he doesn't agree then I would look into your states law's surrounding prescriptive acquisition of an easement. Here is a link to a Quick summary.

I love using owner-occupied financing to make a good deal great. Even if deals are harder to come by now than they were 5 years ago, I think owner-occupied financing opens up many doors that are closed to other investors. Are the cities you're considering moving to more than 100 miles away from any real estate you currently own? If so you become re-eligible for FHA financing. This program is meant to benefit first-time home buyers and can only be used once *unless you're moving to a new city.

FHA financing is great because it allows for 3.5% down on 2-4 unit multi-family properties. The program has different maximum loan amounts depending on the county, but a quick google search will tell you what you're working with. I would be looking for a 4-plex with as many bedrooms as possible and 1 unit that you could live in yourself. The gold standard of investments would be cash flow positive WHILE you're living rent free, have opportunity for rent growth and value-add upgrades, and be a place you enjoy coming home to. The last point is never worth compromising on.

My team (5 people, 4 states) uses Vonage. I've used Ringcentral and Google Voice but won't be going back. I think we pay $45/mo for one number that everyone can access. You can turn off notifications temporarily or indefinitely so it only rings for certain people. Their user-interface is the best that I've seen. I also like that there is a central location where text conversations and voicemails accrue. It makes record keeping quite simple. 

I'm a broker and investor in Oregon and have looked at investment properties in areas where I'm forced to rely on Zillow because I don't have access to the MLS. By far the quickest and most comprehensive way to pull comps and create a CMA is using the MLS.

Sifting through Zillow you may be able to find properties that look comparable but miss distinguishing features that have huge implications for your analysis. In RMLS I can create an advanced search that narrows in, not only on comparable sold properties, but also listings that have been cancelled, withdrawn, sold-not-listed, etc. to create a complete picture of the market segment I'm interested in.

I'd recommend finding a broker than can run the searches for you. Any cost you incur will be returned back many times over by making good investments with their advice.

I found myself in a similar situation when I was 20. My biggest limiting factor was income as I was unemployed while still in school. I wish I would have known about FHA financing for multi-family properties. I would recommend finding a broker that specializes in this type of financing.

The perks with FHA financing include 

• - the option to put down only 3.5%, 
• - it's available for 2-4 unit properties, 
• - and the underwriter can use 70% of the rental income from the occupied units towards your ability to repay the mortgage. 

I recommend this strategy to all of my clients in Portland and Eugene who are looking to make their first home a great investment. Having a job might be a baseline requirement but with this strategy you may be able to get by with a minimum wage or part time job.

Google "FHA loan limits in insert county name" to see what the max loan limit is for each property type then connect with a broker who can setup a prospect search to email you new listings that match. My experience is that Zillow, Realtor, Redfin, etc. have a hard time with multi-family properties. Good luck!