All Forum Posts by: Neal Collins

@

@Carolina Selvaundefined

How did this shake out? Did you get the property under contract?

@Joel Arndt People make this same argument when it comes to wholesaling, flipping, buy and hold rents, etc. "My market is too hot", or "The prices are too high here to ..." 

You most likely can't wholesaling every off-market property that comes your way. Just like you can't flip every property that needs improvement. Deals do not fit perfectly into one box. They are created through the marrying of finance and negotiation to the asset.

Right now you may be feeling like there isn't much low hanging fruit on the tree. And there most likely isn't in your area, not like in the years after the recession. Financing has been cheap for a long time now.

Do yourself a favor and don't put a ceiling on your investing career at this point. If you believe that you can't buy a property, rehab it, pull out money by leveraging it at a new value, and then use the cash out proceeds to go buy another deal, then you've effectively put blinders on. The same thing happens when you tell that narrative to yourself about anything.

Good luck out there. The next deal you do may be a BRRR!

@Aimee Knier Here in Portland you’d probably land yourself straight into a lawsuit that would claim you threatened the tenant using intimidation and fear mongering.

I’m being a bit hyperbolic but there are ways you can have that conversation in a humanizing way without being a push over or too overly cold.

Is anyone doing short term rental management in Portland, Oregon? Would like to network with you because we have a couple opportunities in that space.

The temperature in the Portland area in my opinion is that many people are trying to adjust but validate. The majority are saying the same that @Brian Ploszay shared about it really not being that bad if it's capped 7% and CPI adjusted. The rationale is that they almost never have to give rental increases that large.

This is totally true and understandable, but I think we are only fooling ourselves if we think that this is the last rent-control bill at the state level. These rules typically only get stricter and I feel like this is just the tip of the iceberg.

Just talked with a lender at Director's mortgage that is geared towards investors where you don't have those tax statement and W2 hurdles as long as you put down 20% and 85% of the projected rental income would cover the nut. I wouldn't say your intention is to live in the place though! Let me know if you'd like to get connected with them if you're able to make that criteria work.

@Vicky Mak From the sounds of it I’m pretty sure that my company helped purchase and rent the unit a couple stories up from you. Would be happy to connect about our rental process, because we too were frustrated with the lack of demand at the price point I know is there in the summer months.

@Brett Ludwig If you are looking for one area for one person it isn’t a huge cost. Adding people and greater areas and it can get start getting up there. Great info though.

@Joyce Chan Bob's message above is spot on. It is a lot of work, but one of the amazing things about it is that you can have fun with it. Go out and connect with people, tell them what you do, have fun, work your sphere of influence, and don't get glued behind a keyboard everyday, all day. 

What's the plans with the current properties in Portland  @Michael K.? Looks like you've got your sights set on the midwest markets.