All Forum Posts by: Michell P.

Hi Jordan, 

I'm starting out in multifamily too, so I'm interested to hear what everyone has to say.  

In Oregon, you can get a duplex - 5plex for about the same price you can get for a SFH. So, here if I was going to buy a $200,000 SFH the rents would be ~1,300 - $1,500, while a $200,000 duplex would bring in ~1,500 - $2,500 (Portland area). So for the same downpayment the duplex makes more sense, esp when considering you're also protected more with vacancy. But, the costs are higher - garbage, sewer, water is paid by the owner and you need to take care of the exterior maintenance. From what I can tell so far, the "45 - 50% rule" works for SFH, but for MF expect closer to 60% of income going to expenses.

Haha @Aaron Ramm - I did actually spend a few days thinking "why not just buy 50 10k homes, put 10k into them, rent them for 800 a month and make $240k a year?!" And then I woke up and realized I'm not that crazy. Last week I deleted all my research & notes into other states and decided to just focus on Oregon and Washington where the prices are higher and the ROI is lower, but at least I know the market, and I don't THINK I'll get shot at.

Of course, I did just tour a property where the PM kept his hand on his gun whenever he opened a door... 

Thanks for the welcome all!

Just another lurker delurking and say "hi" and "thanks."  So far, you all have been amazingly helpful and I'm pretty sure I would have fallen for a few so-called "deals" without this community.  

So, just passed my real estate exam in Oregon, and I plan to use my license to help us grab a few buy & holds in Oregon & maybe Washington this year.  My goal is $50k in passive income by January 1st 2016.  

Doable?  I guess I'll find out in another 10 months.  

And now I just realized its almost 1am.  'Night all