All Forum Posts by: Lisa Thoele

Charles, The NWREIA group in Salem has some really active folks and there is also a rental housing association in Salem also.  Might be good places to get recommendations if you want additional referrals.  

 Benjamin - I hear the landlord group in Salem is really good too...Salem Rental Housing Association.  

@Aaron Tarnow In Oregon, as it sounds like you understand, you have to chose you are either a real estate agent/licensed broker or a property manager.  You can't be both at the same time.  Its my understanding that as a property manager you cannot accept referral fees for real estate purchase and sale transactions and because you are planning on being a property manger you absolutely could not act as a client's agent a real estate purchase or sale transaction.  So earning a commission on the occasional real estate deal while acting as a property manager is against the law in Oregon.  You should verify this with the Oregon Real Estate Agency but you can also look it up in Chapter 863 of the Oregon Administrative Rules.  

I think a property manager associating with a principal broker would be for the purpose of gaining experience and a potential clientele base.  The three year rule is irrelevant unless you are becoming a real estate agent/licensed broker instead of a property manager.  

I am not a property manager so I don't have any relevant thoughts on whether or not you should hang your license with an existing property manager or real estate company/principal broker or start your own company - this would depend on your understanding of the process and law and your own connections.  Best of luck!!

@Samantha Lotti Have you been to the Salem NWREIA meeting yet?  I think it starts at 6 but the first part is just networking - a fair number of people come in late.  I have been twice and there are some interesting people there.  Seems to be a big variety of types of investors.  Its about an hour drive for me and probably for you too but thought I would mention it.  Best Wishes!  

I have family in Eagle and think its a great market.  Prices are so affordable, lots of young retirees and tons of technology people who work remotely.   I was super surprised by this demographic, but my brother-in-law works remotely and he knows many people who do also.  For rentals there is the university as well as a few smaller colleges.  Personally, I think it will continue to grow - its kind of like Bend, Oregon but more affordable, has a little bit more economic opportunity but without the mountains.  Have fun exploring.  Boise has gotten kind of hip and fun.  Its not what it used to be.  Its on my radar too.  

Many times stone fabricators have salvage pieces of granite or quartz in their yards.  Butcher block is all over Pintrest!  Its hot right now.  Super inexpensive and easy to install.  Depending on your kitchen you could always do a mix - butcher block on the island and granite or quartz salvage piece on the countertops or vice versa.   You can totally cut costs and still get a high end feel.  In our market  laminate would not work in a mid-level flip - its ridiculous but even first time buyers expect a high end/HGTV feel to the kitchen.  

BJ, in my experience, its super hard to find a deal that pencils out in the Portland Metro area on RMLS but that may be starting to change a little.  I have made a bunch of lowball offers in the last month and half because our market is starting to soften - so the junk that was selling at crazy prices, even thought it was junk, is starting to sit and linger on the market.  I finally got a project under contract after a long frustrating time.  I'm in a similar situation - I use private money (little cheaper than hard money but still have interest) as well as hire contractors, so accounting for interest and labor my cost to do a project is often higher than a true cash buyer and/or contractor.  However, this little slowdown combined with the seasonality of our market and the bump in interest rates might create some opportunity for fix and flip investors over this winter.  So I would suggest you keep throwing offers out there and something will hit.  I think its better to have no deal than a bad deal so just reject the temptation to go too high - its unlikely you will be able to make it up on the sale if you buy too high.  Also, I don't have any contacts in Washington but if you want the name of a larger wholesaler in Oregon message me and I'll be happy to send that on to you.  Good luck with your transition!    

Hello Maxwell!  Don't be discouraged!  I don't know a lot of people who are finding that the numbers work in Portland right now for buy and hold investments.  Are you just looking at RMLS deals?  I would suggest you connect with some wholesalers and/or start doing some driving for dollars.  There are a lot of people on BP that are wiser than I am when it comes to Portland proper (I do all my business in the suburbs) but I would anticipate because the market is so hot that most sellers in Portland are probably going to be pretty savvy to what's happening in the market.  However, I'm betting that if you started targeting off-market properties in this area you've found outside of Portland, you might be able to find a deal?  I would encourage you to dig in to some of the great advice here on BP for finding your own deals.  Feeling stuck sucks - I've been there for more time than I care to think about.  Push thru, do things that make you uncomfortable, be creative, keep going.  All the great stories on the podcasts are people no different than you and I.  Its just about moving thru that and persisting.  

Hello Scott! In Oregon you have to hang your license under a principal broker for three years. After three years you can become a principal broker yourself. There are many investor friendly brokerages. My husband and I work under Premiere Property Group and they are great. Our E&O insurance is covered by a transaction fee we pay which is reasonable. If you are an independent principal broker I believe you would be required to carry E&O insurance (just a smart business move) but you could call the Oregon Real Estate Agency and ask them. Its a highly regulated industry - I would suggest you consider just finding a brokerage that will work with you - there are many.

In order to be a member of RMLS you have to be a Realtor which requires joining the national board of Realtors through the local board - in Portland its The Portland Metropolitan Association of Realtors (PMAR).  PMAR dues are $680 per year.  RMLS fees vary on whether or not you are an independent principal broker or associated with a brokerage - as do licensing fees.  

I think if you are acting as your own listing broker for your flips and do a few a year the cost would definitely make up for the fees you will have to pay versus what you would save in commissions - at least if you are in the Portland Metro area.  But you should do your own research as to whether or not you can find a brokerage that will keep your transaction fees low.  Additionally there are continuing education requirements. So it would probably come down to how much of an inconvenience it is and whether or not its worth your time to jump through the hoops!  None of these entities care if you are doing it for your own benefit - you will be held to the standard of a full-time real estate agent when it comes to fulfilling their requirements.  But its super great to have access to comps and schedule your own showings!

Good Luck!