All Forum Posts by: Mark Petitmermet

Best to get the information from the man himself!! Thanks @Alexander Felice. Good grounding advice. By the way, I really enjoyed your podcast too. 

Good luck @Ryan Young. Let us know how things unfold.

I am very new at this but that ARV compared to purchase price looks great. Will this be a buy and hold BRRRR?

Any way to use a Home Equity Line of Credit (HELOC) from your other property/ies to get the 10K to rehab?

Hey @Ryan Young,

As I was reading your post I thought of a strategy in Bigger Pockets Podcast 301 with Alex Felice. It depends on the details of your deal though and what the after repair value (ARV) of the place you're looking at. Would the purchase price and repair cost be 75% of the ARV? Depending on what you're property is it may be possible to wrap the rehab cost into the HUD-1. I highly recommend listening to this podcast.

Another option may be a 203K loan, which I don't know much about but you could look into it. I am a newer investor so definitely do your own research.

Hope this points you in the right direction,

I am impressed @Mathew Wray, Thank you for compiling this for us here on BP. I will definitely be following the outcome. I didn't know the meetings had been recorded and available to the public, which is very informative. Thanks again,

Hey @Robert Ashline,

Super stoked about your goals! The biggest drawback of house hacking a SFR is you have room mates. Cashflow can be pretty good though if you are okay with room mates. Obviously it depends on what you find and the specifics of it. If you end up with a SFR being near a University can be very good also since there is a demand for one bedroom places for students.

For the war zone properties a recent podcast I listened to spoke about investing in neighborhoods like this where at least 25% of the residences had been or were currently being fixed up and updated. Basically if 25% of the neighborhood was starting to turn for the better then it was a good time to buy and get a good price where you can increase with the surrounding area. The episode was #274 with Paul Morris. 

Getting a great realtor will really help you out also. I am newer to this and having access to a experienced realtor has given me so much more than I was getting on Realtor.com.

So cool you're going for it!!!

Hey @Ron Russell,

I have not used a property manager (PM) yet since I am still looking for my first deal. But in my search for a awesome team @Mathew Wray has some great PM recommendations for the Portland area which I don't currently have in front of me. 

Multifamily NW is a really great-unending resource for PM and rentals here in Oregon.

https://www.multifamilynw.org/

I am also using a Home Equity Line Of Credit (HELOC) to get into investing like you. Did you open a HELOC yet on your house? I went with my local OnPoint CU who I bank with and got really great service and terms.

@Jay Hinrichs I have heard about Rarebird but have yet made time to attend. Thanks for the reminder to get on it. 

Keep pushing forward Ron,

Not Florida, pretty much just NW Oregon right now. That would be super cool if you got a great team together in Florida though.

Hey @Roderick Martin,

Have you decided/narrowed down the state? On one of the podcasts I recently heard that it's best to start with a city/area that you already have some knowledge and connections in. If you had lived there before for example. I am newer at this and my wife and I have debated the local VS out of state pros/cons a lot. It's tough, we have found that it also depends on what type of real estate investing you are gearing up to do, what capital you have available, your risk tolerance, etc. 

Answering your direct question two helpful websites that I use from a BP Podcast are:

https://www.bestplaces.net/

https://www.streetadvisor.com/

Be well,   

Hi @Ron Russell! Welcome to Bigger Pockets. There are plenty of wonderful people here in Portland. I actually live in Oregon City but consider Portland as my city. You mentioned in your profile that you hope it's not too late, it is never to late to jump in and apply your energy and talent in something so fun and rewarding as real estate investing. What type of REI are you looking at doing and what is driving you to want to do it? Also, what is your background experience?

Super stoked for you to have made the jump into BP,

You are welcome @Mateusz Maciejewski, 

That is so cool you are looking at Oregon City. I live there/here and it is a great city and growing. I don't have much investing experience yet. I do own a great SFR that will rent well as my primary residence. We might house hack if the deal we find works numbers wise in the big picture. Do you live around here and what do you do for work? The whole area from Milwaukie/Gladstone/Oregon City is great but still very expensive and hard to find places where the numbers make sense, at least for now and my experience level.