All Forum Posts by: Josiah Kellerman

Hello, I'm looking to build an ADU on a property and then convert the two homes into a Condo association. Has anyone in Oregon had any luck with this? The reason I want to do this is so that the ADU is worth more on an appraisal. I've built an ADU before and the appraiser came through and said it only added a value of about 50k. It will likely take about 75kish for me to build this next ADU. I want to make sure I can pull most if not all the money out on a refinance. I figure a Condo in my area is worth $160k-$225k. This would allow me to pull my money back out. Specifically, I need to know how I can figure out if a condo association is allowed where my property is(Springfield Oregon). And also any lawyer recommendations in Oregon that have written up the bylaws and set up the HOA for said Condo's. Thanks for any insight and advice you may have!

Hi Dave, I'm a local real estate investor and Licensed Real Estate Broker in the Eugene/Springfield area. My wife and I bought a duplex 18 months ago in Springfield and did that strategy that you mentioned. I would be happy to talk or meet-up to talk about our experience. It's amazing you are already thinking about this at 21. 

Dang AJ!! That is great work! Happy to hear things are progressing, Hope it closes soon. 

@Chris Watkins Is great! He is very knowledgeable and can definitely help you out. Also, it doesn't matter the city for lenders As long as they are licensed in the state they can help you anywhere. Good Luck!

I would encourage you to look in Springfield as well. Lower purchase prices and lower taxes but with the same rents or very close. Springfield is growing and homes are appreciating as well. Eugene/Springfield isn't exactly a Cash Flow market in my opinion. Even if you go the STR route after all the expenses and work you put into running it is either not passive or not high on cash flow or BOTH! The investments my wife and I have we pretty much break even or have a tiny bit of cash flow. Which is fine for us. Long-term appreciation is what we are looking for and rents in 5+ years will be a little bit higher, so our cash flow will be as well.

Just another perspective if you plan on holding any properties. 

Hey AJ, Great to see you on here!

for the 500k and at that rate it should be a pretty solid deal unless it needs 50k of rehab or something like that. As far as raising capital. I would just start asking people you know if they would like to make some interest on their money. You know a lot of people in the area and are well-liked. The older generation loves this kind of deal. where they get 6-8% on their money. Can definitely chat more about this if you'd like AJ. 

Cheers and good luck. 

Hi Dylan,

I live in Springfield OR. Would love to connect with you and talk about best practices. We (my wife and I) have bought a duplex, built an ADU, and done a complete rehab on another property. Let me know if you'd like to hear about what I have learned.

Cheers!

 Pastor Josh,

I am a local investor and real estate agent who lives in Springfield. I fear that the plan you have to wait for prices to drop is going to take several years. A thought for you would be to buy a personal residence with lots of rooms in the area you like. Live there for a year and move out and rent out the rooms. You can do this with just 3%-5% down payment. 15-30% down on investment properties in Oregon is tough with so little cash flow. 

Hi Myriad, I'm a local investor and Real Estate Agent in the Eugene/Springfield area. Let me know if have any questions or any other way I can help. 

I am a local investor and Real Estate Broker in the Eugene/Springfield area. Buying in great areas such as the Friendly Street Neighborhood that you mentioned we are still seeing prices go up. I personally own 3 rentals in Springfield which are on the East side of the I5 corridor (right next to Eugene). Some neighborhoods are appreciating there as well. Also, Eugene is trying to put stricter rent controls on landlords. That is something to be aware of/look into. Would be happy to chat more about it if that would be helpful. 

Appreciate your insight!