All Forum Posts by: Kelly Asmus

Hi Ian - I'm a broker and investor licensed in OR and WA. Happy to help. Reach out and let's connect. I have SF rentals and buying MF properties for long term holds. I do small development properties 2-5 lots and worked in real estate since 1995. 

Oregon is still a seller's market though everyone is just taking a giant breath right now as markets adjust to the new world order of higher interest rates. We are so inventory short that it will be awhile before we see a buyer's market again though I believe with the rise in rates we will move back toward the middle - toward a more balanced market for 2023. Some price ranges here have no inventory so we're still seeing competition for homes in the lower price ranges, detached. Upper price ranges we're seeing homes sit on the market more than a few days... so interest rates are causing those buyers to pause. We're not seeing the overbidding we saw the last year. We're seeing moderate bidding on some properties. Agents and sellers who went aggressive on price are seeing some roll backs to reality and I'm seeing some properties pend for less than list. Everyone is adjusting but market is still moving along and more inventory is coming to the market.

I'm with @JD Martin. No crash is coming. Inventory levels are SO severely anemic and we don't have enough new construction in the pipeline to meet demand. We will likely be dealing with housing shortages for years. So if we have a housing shortage, how exactly can we have a crash? Furthermore don't expect some massive wave of foreclosures. It's not going to happen. If an owner gets sideways on their payments they can sell it as they likely have enough equity gain over the last few years to get out from under it. All this media nonsense is Fake News. Garbage. 

There continue to be good opportunities in every market. They may not be flying out and smacking you in the face - you might have to look a little harder but they are there. Go out and find them. Be a hunter, not a gatherer. 

I too am a broker and investor in Portland. There are opportunities in every market. Rent control gets slammed a lot, but if you run your rentals like a business and keep on top of rent increases then there is no issue. So many landlords "set it and forget it" then realize a few years later they are way behind on rents - that is their problem - mismanagement. I have a lot of clients with rentals in the Portland metro and they are both cash flowing and appreciating, myself included. If this is your livelihood - which for most BP members it is - then run it like a pro. 

I won't sugar coat it - downtown is a mess - but there are so many fabulous neighborhoods and suburbs that are thriving, we're selling a lot of homes and rents are going up and up. Portland real estate is doing well and I, and others, continue to have a lot of success finding deals for flippers, BRRRs and house hacks. It takes patience and perseverance since inventory levels are SO low all across the country, but it is possible and we're doing it. This isn't an easy business, but the pros are still getting it done. 

Anywhere on the west coast $1000 won't get you much. Rent has gone way up and we haven't been building enough housing to keep up with demand - so we're in a constant cycle of housing shortages. When something is in high demand and there is a shortage of it - the price goes up. Our leadership would rather restrict rental rates than ease up on being able to provide more housing. Lower fees for building permits and you'll see a boom in building. Not until we have enough supply will rates go down. 

I am a broker and investor in Portland. Yes, I'm frustrated with the current situation in PDX, but the burbs are a different story. I have owned LTRs in the burbs for 10+ years and just bought 2 more properties. I believe we will turn this situation around. Employment is still strong, we have net in migration of people wanting to live here and the rental market is phenomenally strong. I don't own rentals in the city of Portland, I have clients who do and they are professionally managed and do very, very well. I echo @Kelli Leong. I am also very enthusiastic for HB2001. I have worked in new construction for 20+ years, so this surge of development will be a boom for the area, especially MF multi-unit projects. I have many clients that we're actively looking for lots for quads. IMO, it is an exciting time to be in PDX and see this new surge of opportunities. 

I'm a full-time broker and I also work with wholesalers. The wholesalers I work with only put properties under contract that are NOT on the mls. They find the properties on their own by knocking on doors/mailers/bird dogging/etc, put them under contract and then offer the properties to agents like myself, and others, who have potential investor/flipper buyers for these properties. 

This transaction works well since the property is not advertised on the MLS and the whole situation is above board and all parties understand it. I then bring my buyer client into the deal and they purchase the property. Whatever the purchase price is that is negotiated, the commission for my services is added on top of that. All parties understand this. The buyer is getting a property that isn't on MLS, isn't advertised, isn't in a bidding war, etc. All parties are happy.

I, and most other agents, won't write low ball offers for properties on the MLS, tie them up and waste the sellers time and the listing agents' time. This is not ethical since you have no intention of really closing. It also gives me a bad reputation in the real estate community if I'm constantly sending low ball offers that won't close - eventually you will get a bad rep and other agents won't work with you - or just disregard your offers as worthless. My reputation is important.

Wholesaling can work as long as it is done ethically and all parties are privy. 

Absolutely agree on the database building. This is the CORE of your business. Everyone in your sphere needs to know you are now in real estate. The other thing I don't think mentioned yet is you must understand the state and local contracts inside and out. Understand how to do the paperwork, how to protect your clients and focus on the building blocks of your business. 

There are a ton of good markets with affordable multifamily properties. Find yourself a good real estate broker in a solid mid-west or southern market. That broker can then help you find a lender licensed in that state you are looking as well as referrals to property managers. You want to build yourself a solid team of people in whatever market you decide on - that's your ticket to success. 

Depends on the insurance carrier. Some companies deem STRs as having potentially more property damage, so do your due diligence and shop around.