All Forum Posts by: Mike Savage

sounds like a cool plan Jared.  we too have been looking for a new primary residence that fits our current lifestyle.  do you plan on selling your primary residence or convert it into a rental?  we really like having our rentals and honestly never plan on selling them unless it would be to trade up for a multi.   

So i've been traveling a lot and thinking about significant equity in our properties while on the road.  Since the Portland market has been on fire and we've owned 4 properties for 10 plus years we have some very nice equity built up.  I feel good about the timing and the type of property we've bought but i'm wondering about things like opportunity cost and other real estate strategies based on our equity.  I'm ready to be comfortable with financial freedom and want to see if we could make some relatively simple steps to feel good about early retirement.  I would say my biggest roadblock is how expensive our RE market is.  My thought is if we were to sell a property or two and 1031 exch. we'd be buying into super high market in multi's for example.  Our total net worth seems pretty good but lots of that is tied up in the walls of our properties.  My goal is $10k month passive income from rentals to feel FI while leaving our retirement portfolio alone.  We are around $3k+ now on our 3 rentals.  A musician friend in LA bought into Realty Shares and likes that hands off freedom when he is in studio or on the road.   But I'm  very risk averse so not sure this would be  goo d fit

let's discuss and see if I'm missing the forest for the trees.  would love to hear some options from the community.  It certainly seems like we can squeeze more cash out of our good investment decisions.  

true this is a personal passion primarily but i'm not so sure it can't be turned into a viable investment strategy if we look at it from a different angle.  when I see paintings and sculptures selling at auction for 20x stock market returns I wonder if there is a way to make this work.  PS.  just back from LA.  Visited the Broad Museum.  wow.  That guy picked an incredible collection.  There was a room of 5 Basquiats paintings that would sell for $500 million today

we decided it was not worth moving from our house.  in the meantime our friend has 8 offers well over asking price and will probably sell the house to the cash offer w no inspection.  wow.

I've been an architectural enthusiast since I was 7 years old when I  first saw Frank Lloyd Wrights' Falling Water.  Since then I've made numerous architectural pilgrimages to important houses like the Gropius house in Lincoln, Ma.  The Eames house in Pacific Palisades, Taliesen West in Scottsdale, Maison de Verre, Paris etc.  These houses have turned into interpretive learning centers and often open for tours.  Many have been carefully restored to original condition and are worth prices much higher than the typical sale comps in their geographic area.  I wonder if anyone on the BP forum has experience buying or selling architecturally significant properties designed by or owned by famous architects.  I sometimes see sales on auction sites online but would like to learn more about how these transactions happen and how to comp houses that are truly exceptional and unusual for assorted reasons.  I know there is tons of nuance but would be happy to invest in these type of properties someday.  

Thanks  Mr. Greg Parker for your thoughts.  

Thanks for the encouragement Ms. Lynn M. I will let you know how it goes! My primary motivation for getting my license is access to the MLS and the lockboxes on properties, writing my own offers and lastly saving on the buyers commission. I'm a buy and hold investor looking for premium properties with high quality tenants. Any thing I buy would have to be worthy that I would move in since we just might do that someday! Trying to do analysis and see if premium properties can pay out enough cash flow to be worth the purchase price and the potential difficulty in financing. Maybe i'm way off here but I like when Brendan Turner talks about how whats right for one investor may not be right for another and that's Ok! I tend to be very conservative but looking back we've bought very high quality properties based on our patience. We bought them as primary residence and then traded up every few years. My experience has been great with a series of qualified long term tenants and very little drama. We've also have terrific appreciation in the Portland market and the best part that always blows my mind is SOMEONE ELSE IS PAYING THE MORTGAGE!! A childhood friends' quote is "buy, hold and get old" nice right?

Thanks Mr. Minerick for your suggestions,  I lived in S.D. (Del Mar and P.B.) in the early 90's and gotta admit that's where I got the RE bug.  What a lovely part of the country.  I haven't been back  in 10 years but will look forward to see how the market has changed.  We still have friends there in L.J.

Thanks for the info Mr. Hinrichs.  It's an honor to hear from you.  I listened to you on the BP podcast a few months ago and was blown away.  Hope to meet you in person someday and learn more of your skills. Much respect,  Mike S.  

Hey Mike Cumbie, Thanks for reaching out. Glad to hear your thoughts are in check seeing as you far away on the other side of the country. I gotta tell you that you are way off on your estimation and so are most of the other posts. Our house is no Brady bunch but a period correct architectural gem. Designed and lived in by the original owner architect for 50 years until we bought it from his estate. (we are 2nd owners) We have the original drawings, receipts, build specs, landscape plans, plumbing receipts, original paint colors, build photos and much more documentation from his family who we've become very close with. Houses in our market are selling well over asking price if they are remarkable properties. The trend is very interesting. When something exceptional comes on the market the feeding frenzy poodle fight begins. Cash offers, over asking price, no inspection etc. Not sure if you saw my other post but we were looking to buy our friends house but decided to pass. It just wasn't make me move worthy and we decided we would have to sell our house rather than keep it as a rental. Since Monday our friend has 8 offers and probably will accept the cash over asking no inspection offer tomorrow. I am not surprised in the least at the frenzy. With the tools available on line, Portland premium buyers are so patient for a deal when it's their primary residence. Buyers are looking for good schools, great views, close in location and a steep price discount for many of the new arrivals moving from other very expensive markets like S.F., NYC, Boston, L.A. (why we see cash offers) We are hyper aware of the kind of property we own and what the trends are in MCM design. Open plan, lots of glazing, straight clean lines, oversized rooms, cork floors, exceptional build quality. I still plan on getting my license when I can carve out the time to study for it because i'm very interested in REI and very bullish on Portland. Someone once told me there's a seat for every ***. or is it an *** for every seat? Either way it's no matter and no surprises here just a special home built in the glory years the old way by the greatest generation. Guys returning from war. My only regret is that I didn't meet the owner and builder. They had incredible vision and skill and will always be my inspiration whether i become an agent or design and develop. Looking forward to making more connections on the BP platform. Best regards to you all, Mike