All Forum Posts by: Lisa Thoele

Hello Kurt - a little late to the party but is it the main home or the rental home that is in the middle of the remodel?  If its the rental house it may not matter to a conventional lender.  If its the main house,can the seller do an owner carry with a subject to (if they have a loan) for a few months while you complete the remodel?  I bought a house with a fourplex on the property and we closed on the house (mortgage separation) and we owner financed the fourplex with a subject to clause until we could get the fourplex financial-able.  I know subject to's are risky but ours only took six months (we had to wait six months because of lending requirements but I have heard of people on BP getting around this) to put the deal into a traditional financing situation and we didn't have any problems with the seller's lender - had a good insurance agent that put insurance on the property without causing redflags with the seller's lender.  Good luck!

Hello Sarah!  I'm a little late on this post but I agree with everyone above.  Unless you can find a terrific off market deal the numbers really don't work in Portland.  You just need to go outside of PDX probably really not too far and there are still deals to be had.  They talk about this a lot on the podcasts - I think pick some areas you are comfortable driving to and start exploring those.  Don't be discouraged just expand where you are looking.  I don't know Vancouver or Camas at all but it sounds like people are finding some good deals there!  

Hello Alison, If you want to get paid through escrow I think you need to be licensed in Oregon if it involves the sale of real property or you will be in violation of the law.  If you want to negotiate something with your buyer privately that is clearly just for your work on the purchase of the business and not the real property that may be an option?  You cannot receive a commission for a sale involving the purchase of real property in Oregon without being licensed as an agent in the State of Oregon.  I'm not 100% sure about this but I believe if the business does not involve real property there are no licensing requirements for participating in the sale/purchase.  My husband was an investment banker and they had no special licenses for selling businesses but they did have securities licenses if the company involved stock and different investors.  So I guess it all depends on how the business is structured. If you don't want to co-op with an agent you might contact a local attorney and see if they can advise you on how to best be a consultant.  PM if you want the name someone whom I have talked to about investing issues who seems pretty reasonable and might be able to help you.  Best wishes on figuring it out!  Sounds like an interesting transaction!  

@Shawn Ward - Love the hexagon tile! I was going to use that in my current flip - you sealed the deal! This is a great thread.  Fun to see what everyone does.  

@Ben McCall completely agree about needing to roll with the market! I am not, nor do I have any plans on ever investing in the Nashville market...i already have a similar situation here in Portland!! I was juat suggesting local econimists have been a good resource on helping me to decide how to position myself to take advantage of what could be coming in my local economy. Wishing you great success!

I have heard that Nashville is hot!  Do you guys have any local economists who do forecasting?  There are a few guys in our market who do yearly forecasts and I find that really valuable.  Its only an opinion but a highly educated one.  Might be worth finding a local economist.  

I think that price seems pretty in line as to what I would expect here in Oregon (lots of water crawlspace issues) - to do a little trenching and install a sump pump and vapor barrier (does that include electrical for the sump pump).  I just had to retrench and install new vapor barrier on my current project.  As @Jim Shepard says if there's mold or rot the price could escalate significantly.  When I was working with clients as an agent, crawlspace issues were always a hot button because of the mold and rot potential - kind of a deal killer for western Oregon buyers...not sure about Virginia.  I haven't encountered a more economical way to address this.  

Chalk it up to practice!  There is always another deal around the corner! I am pretty sure I found the best deal I will ever find by just practicing and analyzing deals.  I think its great practice to continue to run the numbers on properties even if you aren't ready (just don't blow a lot of other people's time - which it doesn't sound like you would). After looking at a lot of deals you will know a great deal when you see it when have your financing in place...

Hello Nick!  I just realized no one had answered you! My husband and I hang our licenses with Premiere Property Group.  We've been happy there.  They offer teams a lower desk fee  and they seem to be investor friendly.  I am pretty sure they have a property management division also.  I work from home and my husband rents an office.  If you have any questions feel free to message me.  Best wishes for lots of success!  There are lots of good companies out there so I'm sure you'll land some place great.

Great advice.  I needed to hear this today.  Thanks for sharing.