All Forum Posts by: Matt Cox

Hi All,

I own a handful of properties in the state of Oregon, and due to rental shortages the laws surrounding ADUs are VERY favorable (at least for now). I have one property in Salem in particular that has a huge backyard and seems ideal to plop an ADU down. Has anyone in the area done this in the past? I'd love to know if you have a particular company that you've had a positive experience with. Thanks!

-Matt

Hi Everyone,

I know many investors have had success finding deals through acquiring "problem" properties from others. I'm particularly interested in finding deals through eviction records. Has anyone done this? If so what is the best way to find eviction records? I submitted a public records request but was curious if there was an easier/faster way that anyone has used in the past. Thanks!

Hi Everyone,

I've gotten mixed answers on this one, so figured I'd put it out there to the BP community. Here's the scenario:

-I am looking at doing a house hack on a duplex here in Portland, OR using an FHA loan at 3.5% down

-The monthly PITI + mortgage insurance is $3,200 a month

-I plan to live in the smaller unit, the bigger unit rents for $2,300 a month

For debt to income purposes, would I be "credited" with $3,200 a month in debt and $2,300 a month in income? OR would I simply be "credited" with $900 in debt? (for the sake of this convo, please assume the $2,300 has been deemed to be "consistent/reliable" by the underwriters.

Thanks!

-Matt

Hello Everyone,

I've got a scenario that I cannot seem to get one answer on. Every person I ask has a different opinion.....

-I buy a property for 203k using a 193k hard money loan

-The property is worth (and will appraise at) around 275-280k

People have given me one of two answers in regards to refinancing out of the hard money immediately following the purchase.....

1. You can get your new loan for up to 193k (the amount of the loan used to buy the property) + closing costs

2. You can get you new loan at 75% of the acquisition cost (203k*.75=$152,250)

Which answer is correct? Keep in mind, this is a conventional loan. Yes, I know you cannot "cash out" until six months following the purchase. This question does not pertain to a cash out refi. Thanks!

@briangarrett @billhorton

Thanks @briangarrett, I was always under the impression that you had to have 5 or more units on the loan to get a commercial loan (whether thats a five plex, a duplex and a triplex together, etc). @billhorton I'd love to get an intro if you have a good lender or lenders who are able to be a bit more creative as opposed to adhering strictly to the Fannie/Freddie guidelines.

Hello BP Members,

I am an investor mostly focused on building a rental portfolio (not flipping) here in Portland, OR. I own a handful of properties here in Oregon as well as one out in Kansas City. I also work a full time W-2. My goal is to quit my W-2 but the thing holding me back is that I need it for my debt/income ratio in order to get financing. 

Aside from that, I have plenty of cash, home equity, great credit, etc....

So far my strategy has just been to continue building rental income until I have enough to be able to exclusively use that rental income to get loans. This strategy is working well, but will take a bit more time. Does anyone have anything else they've done in order to quit their W-2 more quickly while still maintaining the ability to get loans? I know commercial loans are an option, but my preference would be NOT to have to buy in 5 unit transactions.

Thanks!

Hi Corina and Steve,

Thank you both for the information. As I've been going through this process I've been learning more about how Green Bay has a whole lot more happening than just the Packer home games every year. I have also read quite a bit how more and more people are moving away from hotels and toward Air BnB due to not wanting to get sick and wanting to have their own space. Steve, what do you see in the offseason months during the winter as far as your occupancy rate?

-Matt

Hi Everyone,

I'm an investor out of Portland, OR that owns a handful of properties locally as well as in the midwest. I am a MASSIVE Packers fan and made my first trip to Green Bay for a game back in December. Needless to say, it is extremely expensive to get a place to stay on weekends during the football season. It is definitely a goal of mine to own a property in Green Bay that I can use to stay at when I attend games and then Air BnB out and make some money when I'm not using it. Anyone on here own an Air BnB in Green Bay and have experience renting it out to Packer fans? I'd love to pick your brain to understand exactly what comes with owning property in Green Bay. Thanks!