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All Forum Posts by: Lawrence Potts

Lawrence Potts has started 8 posts and replied 444 times.

Post: Cash Flow in Oregon? - Albany, Lebanon, Corvallis

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Chris P.:

After years of being on the sideline, finally taking the plunge into real estate investing. Prices here in Oregon just don’t seem to support real estate investing in my area of Albany, Lebanon, Corvallis. I have hesitation with out-of-state investing, and I would like  be hands on with my rentals as well as not use a property manager. I know Oregon has its issues with being a very tenant friendly state, but people are making it work. How are people investing here and making cash flow? I get you can make anything cash flow if you start with a big enough down payment. Would appreciate any and all suggestions and guidance!

Thanks

There’s a Corvallis/Albany REI group as well if that is a closer commute for you. There’s a private FB group that we can add you to.

Post: Property managers in Medford Oregon

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Jarrett Fogelman:
Quote from @Lawrence Potts:
Quote from @Jarrett Fogelman:

Hi,

I currently have 2 SFH properties here in Medford Oregon that I am self managing.
I am moving out of state this summer and looking to find a trusted management company to help manage my properties for me. 
any good recommendations?

Thanks for the shoutout @Chris Watkins

Cornerstone is my usual go-to. Very knowledgeable and have great levels of communication. Just not a fan of their platform, they use Buildium. It’s fine. Just not my preference. Hope that helps!


Just talked with Eli. They sound great. 
thank you!
Eli is the man! He’s got a good grasp of rent rates in the area 👍

Post: Property managers in Medford Oregon

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Jarrett Fogelman:

Hi,

I currently have 2 SFH properties here in Medford Oregon that I am self managing.
I am moving out of state this summer and looking to find a trusted management company to help manage my properties for me. 
any good recommendations?

Thanks for the shoutout @Chris Watkins

Cornerstone is my usual go-to. Very knowledgeable and have great levels of communication. Just not a fan of their platform, they use Buildium. It’s fine. Just not my preference. Hope that helps!


Post: Multi family financing

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Dennis Fergus:

Hello, bigger pockets community. I bought my first house hack in Salem, Oregon in 2021. I have struggled to buy another property with high prices, high interest rates and my debt to income. My goal was to buy a small multi family once a year, but has been challenging as a solo investor. My goal is to own a minimum of 10 properties. I haven't really looked at out of state investing because of the down payment. Locally house hacking solves the low down payment problem while living in the house for one year, moving out renting out the property and buying another.  Creative finance sounds amazing if I could find seller's willing to work with me. Any help would be appreciated. 

I'm curious about your current house hack situation. Did you buy a multifamily or did you buy a single family home and rent the rooms out? Depending on what it is, it will impact your DTI. And what mortgage did you use? FHA has specific requirements for second home purchases.

When my wife and I bought our first home back in 2018, we bought a SFR and ran into that DTI issue. So we sold and bought a multifamily and it was easier to scale that way. Not ideal because we wanted to grow and selling felt like a backwards move, but it was the best move for us at that time.

@Chris Watkins thank you for the shoutout! I can get you connected to the group! We also have a group that meets in Corvallis too. 
 

Post: Looking to partner locally

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Rachel Payton:

Hello everyone, I am trying to expand my portfolio and knowledge and am looking to partner with someone in the Oregon valley area (preferably Albany, Corvallis, Lebanon, or Salem) who has experience and is willing to teach me the flipping side of REI. I am hoping to get into flipping or BRRR, but I have very little experience in finding deals or anything more than cosmetic rehab. I DO have over 10 years of property management experience, and some funds I'm willing to invest in the right deal with the right partner.

If you'd be interested in partnering, and willing to mentor someone eager to learn, let me know!

Rachel

Hey @Rachel Payton, more than happy to help out! @Chris Watkins, thank you for the shoutout 👍 you’ve got great experience under your belt which is going to be great help for you venturing into flipping. More than happy to meet up! I live in Albany and currently have a flip in Corvallis.

Post: Looking for a partner

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411

Hey @Amy Ngo! Happy to have you on BP. I think the Oregon Coast is a great spot depending on which town. Brookings is a great area but we had issues sourcing material for flips. We have great property management though. Bandon is pretty similar but higher demand with luxury clients that like to golf, etc. Lincoln City is a little easier and they are doing a lot of new builds nearby. I think it may help to hyperfocus your market because each Oregon Coast town varies in demand. Who is your target audience for flips? For BRRRR's? Who is looking to buy/rent and is there demand for it? Would love to chat more about it if you want!

Post: Here to learn and provide value where I can!

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Jacob Treigle:

Hello everyone. 36 year old business owner with a background in sales. New to REI, and after about a year of reading books, watching countless videos, and joining BP.. I'm ready to dive in head first. Interests are in wholesaling and buy & hold multifamily. I'm currently located in Lebanon, OR, and would love to connect with anyone local willing to JV and help me learn the ropes. Cheers!

Hey Jacob! Happy to have you here. There are a few local meetups in this area. We have one in Corvallis every first/second Tuesday of the month! Let me know if you want to join the Facebook group 👍

I’m in Albany. I’d love to connect. I’ve done wholesale deals with partners and have some multifamily in town too. Wholesaling is a whole business in it of itself, lots of moving parts, and as mentioned earlier, requires a large network. Let’s connect.

Post: New Member from Southern Oregon

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Tim Artoff:

Good morning everyone, 

My name is Tim and I just recently joined the BiggerPockets community. I live in Southern Oregon (Grants Pass - 60 miles north of the Oregon/California border). I am open to investing anywhere in the US. My number one short-term goal is to get into the game by purchasing my first investment property this year. I have limited experience as a landlord as I have rented out primary residences before. Unfortunately, I sold my rentals in 2018 as I did not quite understand how owning investment properties could help me acquire wealth. My sudden interest in real estate investing actually began with seeing a TikTok of a person that invest in Section 8 housing. From there, I've been doing my best to research the best way to go about becoming a real estate investor. 

Welcome to BP! It’s never too late to get started and never too late to get back into the game. I’d love to be a connection and resource for you in Southern Oregon 👍 don’t hesitate to post any and all questions here.

Anyone have any property management recommendations in Grants Pass and/Medford or nearby that have experience operating mid term AND short term rentals?

Post: Southern Oregon vs Phoenix

Lawrence PottsPosted
  • Real Estate Agent
  • Posts 453
  • Votes 411
Quote from @Gree Raj:

Hi @Lawrence Potts,

Yes I have visited Oregon a few times and my sibling went to school in Eugene. My understanding is that it is a pretty stable market with decent cash flow and appreciation. Curios to hear your thoughts based on current market.

Some smaller tertiary markets are doing well. Most counties/cities have made big pushes for ADU builds in existing SFR’s because we are so far behind in building new and available housing inventory is so small.

Eugene has hyper localized pockets where deals are being made. Springfield, etc. It really depends. I advice that you hyperfocus on specific locations. Ashland is significantly different than Medford and they’re 10-20 miles apart. Eugene is different than Medford. Having local knowledge or boots on the ground will be very helpful.