All Forum Posts by: Julee Felsman

Investment Info:

Single-family residence buy & hold investment in Portland.

Purchase price: $139,500
Cash invested: $9,000

My partner's first home. Purchased as a primary residence and turned into a rental when we cohabitated. In a quiet area of University Park about halfway between U of P and St Johns.

What made you interested in investing in this type of deal?

Purchased to be my partner's primary residence.

How did you find this deal and how did you negotiate it?

The first home showed by the realtor on her first day of house-hunting. Listed in the MLS.

How did you finance this deal?

Conventional loan with 6% down.

How did you add value to the deal?

Modest cosmetic upgrades over the years... most extensively in the bathroom. But it was a great, solid house, so not a lot to do.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portland.

Purchase price: $177,500
Cash invested: $5,500

My second home. An up/down conversion duplex in Rose City Park. I could see moving back to the main floor unit some day. Great space in a lovely neighborhood.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portland.

Purchase price: $276,560
Cash invested: $27,600

My third home... another duplex. A conversion up/down duplex. HUGE flats (over 1500 square feet each) in the heart of Hawthorne. Such a great walking neighborhood. I loved living here and our renters stay for years on end too.

What made you interested in investing in this type of deal?

After living in my first duplex for a few years, I was ready to move on to another plex.

How did you find this deal and how did you negotiate it?

My realtor friend, heard about an upcoming listing from a friend. She grabbed me by the ear to check it out over lunch and we wrote that day.

How did you finance this deal?

Conventional loan with 10% down.

How did you add value to the deal?

There were a bajillion unfinished projects in both units. We worked on the property day and night for the year and a half we lived there, tying up all of the loose ends and getting the place ready to rent. We made a lot of cosmetic upgrades to both units and landscaped.

What was the outcome?

Still a great, easy-to-rent, cash-flowing plex. We've refinanced to a 15 year loan.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portland.

Purchase price: $177,500
Cash invested: $5,500

My second home. An up/down conversion duplex in Rose City Park. I could see moving back to the main floor unit some day. Great space in a lovely neighborhood.

What made you interested in investing in this type of deal?

I was ready to move from my first home and wanted to buy a plex to be my next home.

How did you find this deal and how did you negotiate it?

it was listed in the MLS. I contacted a realtor friend to show it to me. It was love at first sight.

How did you finance this deal?

I did a conventional ARM with 3% down.

How did you add value to the deal?

I've painted, pulled carpet/refinished floors and updated the kitchens and baths in both units. I've done some light landscaping. But this is just a solid building I've been lucky to steward over the years.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $17,000
Sale price: $142,000

My first home. LIved in it for 18 mos. Moved out to 2955 NE 60th Ave (duplex). Sold in 2002 and did a 1031 exchange to purchase 3812-3818 N Borthwick Ave.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $17,000
Sale price: $142,000

My first home. LIved in it for 18 mos. Moved out to 2955 NE 60th Ave (duplex). Sold in 2002 and did a 1031 exchange to purchase 3812-3818 N Borthwick Ave.

How did you finance this deal?

Financed with an owner contract.

Hi JT!

I won't bore you with my life story, but 20 years ago, my partner and I set out to secure a comfortable retirement with real estate investments as a centerpiece. We didn't have a lot of money to work with (a good bit less than you, even adjusted for the 20 years).  

Our solution was to move through a few properties. By living in our future investments, we were able to put a lot less down (as little as 3%), work on each property over time (without carrying a rental vacancy) and move on to the next one.

With the benefit of hindsight, I can say it was a great strategy. We're in solid shape to retire when we're ready to do so.

Happy to share more specifics if you are interested. You have to be willing to live a bit different lifestyle than some others, but the long-term benefit can be awesome. And breaking the mold is fun!

And my "day job" is as a residential loan officer, so I could help you work out a financing strategy. Helping clients walk a path similar to my own is one of my favorite things to do.  :)

I haven't completed my profile, so I should add a few compliance items so I'm not breakin' the law: NMLS 120831, Guaranteed Rate NMLS 2611 and we are (of course) an equal housing lender.

I've had great luck working with M Leon.  I don't think we're supposed to post contact information, but they're very google-able.  :)