All Forum Posts by: Kelly Asmus

Avoid Craigslist. I use Rentals.com and have always received good quality tenants. Rentals.com goes out to a whole network of sites, pretty widely on the web. 

As a real estate broker you have a fiduciary duty to the client, not yourself. So wholesaling is a big no no if you're an agent. 

Check your local jurisdiction. Understand what notice you have to provide and if you have any rent controls. If you are unsure, contact a local property manager who is experienced in your area and ask for a consultation. Be willing to pay for their expertise. They will keep you legal and in compliance. 

Hi @Ryan H.

The other option is possibly a HELOC on the condo if you want to tap the equity to buy something else.

An owner occ duplex here in PDX is at least $500k, yes rents are strong but it all comes down to the numbers. What makes the most sense for you, how much do you want to manage and what's the goal -cash flow, equity gain, or both? 

I own single family rentals and I keep on top of the rents every year and adjust as necessary so I don't get behind. I like investing here in our market, as long as it pencils, because I know I can get both cash flow and equity gain. Many out of state markets have much, much, cheaper homes, but the equity gain is much, much lower. So all depends on what your goals are.

DM me if you want to discuss more. 

@John L Daly I echo many of the other replies here. Off market deals aren't necessarily better deals. Every project you look at you need to do your due diligence, run the numbers and decide for yourself if the project works. I work with a bunch of wholesalers and investors and sometimes the deals they show me don't work, sometimes they do. Sometimes I find deals on the market, or on my own. When I know what a client is looking for we develop a strategy to find that, maybe it's on the MLS, maybe it's through a wholesaler, maybe it's a past client of mine. There are a multitude of ways to find the right project for you. A project that pencils for you, may not pencil for another investor due to financing, experience, location, etc. Everyone is unique and has their niche.

I use Troy Reichlein in Lake Oswego, OR. 503.653.9592. Reichleincpa.com. He does my taxes as an independent contractor real estate professional and we hold long term rentals.

Congrats on getting it this far! You could partner with a developer/builder in your area who has the expertise you don't to take the project to the next level. Then you get to stay involved, learn the process and leverage your experience for the next one. 

BTW - Excellent List @Kerry Baird!

I'm in Oregon/SW Washington and use First Tech for my HELOC's for investment properties we own. They have been great to work with.

Keep your debt low, and if you can afford it - buy more rental properties. I was in real estate during 2008 and it was a great time to buy. Pick some properties up for yourself and if you are a broker - then help your clients find good ones. 

As Warren Buffer says -“Risk comes from not knowing what you're doing.”

So educate yourself, market cycles change and in every market cycle there is opportunity. Find it, seek it out and make it work for you. I know I am actively looking for good deals for myself and clients. With rents going up and interest rates going up - long term rentals look like an excellent hedge against inflation. Rents aren't going down!