All Forum Posts by: Melissa Dorman

Welcome! I just got started as well in Portland. I would suggest setting up a direct mail campaign. I spent $300 on direct mail and got 15 off market calls. So far I converted one to get a duplex for $320,000 that appraised at $370,000. Best $300 I ever spent. If you need a great commercial buyers investor agent, I can't recommend my realtor Ben Ficker enough. He knows his numbers and has consistently talked me out of bad deals rather than just seeking a quick commission. He held my hand through my first off market deal as well. DM me if you want his contact info.

Ditto. I need a plumber, electrician, flooring, and cabinetry contractors. And I also like beer ;) let me know if you find someone. I need to do a rehab in two months from now.

If you put 5% down I'm assuming you live in it and it's an FHA loan, in which case the PMI stays for the life of the loan. I have a similar issue and will be refinancing to a conventional loan after I finish my rehab. Many conventional loans allow you to have just a 15% equity stake if it's owner occupied and the mortgage insurance automatically drops off at 20-21%. If it appraises high, you could do a cash out refi and get some money back. On Point community credit union does not sell off their loans and mortgage trust is also a great trustworthy company in Portland OR where I am at.

Hey I just moved here from LA and was fortunate to be recommended by a lender to work with Ben Ficker from equity pacific real estate. He helped me set up a direct mail campaign while he put in offers on market for me. He is incredible. Knows the numbers better than me. Owns his own rentals. And most of the time was talking me out of bad deals that I wanted to go for. My first deal I ended up getting an off market duplex from my mailers for $320,000 that appraised for $370,000 and Ben supported me through the whole process because he understands investors are a long term client and not just in it for a quick commission. DM me if you want his contact.

Funny, I get them for free now too! Once you start doing deals, title companies just hand them out hoping for more business. Develop a relationship and you can get them easy.

Thanks for the responses. The duplex is already metered so no value add there. I don't think I have the money or square footage for another bedroom. The rents are at $750 and $850 but if I clean up the units they could easily get $1,200 to $1,300. So far my plan was to add a washer and dryer (it has hook ups already), repaint, landscaping, new heaters, new water heater, new flooring, new kitchen cabinets and appliances, maybe add HVAC, new bathtub and vanity. A duplex nearby with my same sq foot and beds recently remodeled sold for $455,000. I would be thrilled with $410,000 on the reappraisal. Do you think I have a shot?

Hey so I am closing on a duplex (2 bed 2 bath each unit) in Foster Powell Portland that appraised for 50k over $320,000, which is the price of purchase. I want to live in and rehab the back unit to refinance later this year (if interest rates don't out pace my current $200 PMI per month) into a conventional loan. I want to maximize my refi appraisal and my future rents. What are some of the key cost effective ways to boost numbers for rent and refi?

Dani Z. Thanks for laying that all out. I am in the process of buying a duplex where the seller has a month to month tenant and one year lease tenant. As someone using an FHA loan, competing against cash buyers or non occupied conventional loans, this will make it even harder to convince a seller to pick me. Luckily I'm in contract already and informed the seller in advance of these potential changes. The seller said they didn't want to post 90 day notice yet, which I guess wouldn't matter since it's retroactive to pending posts. I'm curious, if I'm living in one side of the duplex, managing the other unit, does that make me exempt from this since it's only 1 unit (similar to ADU)? I need to eventually raise rents to market next February on that other unit.

Count me in!

Thanks Jessica Zolotorofe and David Miller for the help! Now I will definitely involve an attorney in creating the JV. I didn't even consider the impact of divorce, so I will be sure to include that along with the others you mentioned. Any other unique considerations I should remind my attorney to include?