All Forum Posts by: Patrick James

@Kiki Helland as @Steve B. and @Lisa Thoele have stated, Radon testing is becoming the norm up here. It is the new must have test, much like lead-based paint was. There are several hot areas around Portland and many medium risk level areas. The following link can get you, probably, more information then you are looking for Oregon Health Authority : Radon you can search by map or zip code. The test can be a nuisance for sellers since it is a minimum of 48 hours of testing. During this time, doors and windows should be kept closed, except for normal use. The measurement used and defined by the EPA is picocuries, at a level of 4.0 the EPA recommends mitigation should be performed. New construction is required to have a Radon mitigation system installed. As with any repairs in a transaction the mitigation is negotiable, just because the buyer asks for it, it does not mean the seller will pay for it. Case Study: buyer has a company test for Radon, who also performs the mitigation. Results came in high so the buyer asked for repairs to be done. Seller questions results so goes out and has their own test done, by a company that does not perform mitigation. Result? Came in much lower, well below the 4.0 pCi/L. 

Keep in mind, for those who love granite or any natural stone countertops/flooring, Radon is naturally occurring. These products will release Radon, albeit, low levels but still releasing Radon into the house.

As for your question on testing, the longer the test sampling period the better the result will be reality. 48 hours is about the minimum and what is performed in most if not all real estate transactions.

@Blake Edwards We've been using RentPrep, there are a few different tiers you can choose from. It does have a verify employment and you can get a full credit report. The Platinum, which we use, does not give you their score but you set the acceptable range and it'll tell you if they fall into it. We've been happy with it so far, but are always on the lookout for a better one.

@Ben Stevenson No regrets at all! Just a few minor issues as others have stated above. Underestimating the scope of work to be done being the biggest. Fortunately we went the live-in route with 3.5% FHA. We did most of the improvements ourselves, except for the capital items that needed to be done. We paid $260k+, put about $60k into it in 1.5yrs, refi'd w/ appraisal value at $500k. Then went and got a HELOC from our credit union, turned around and bought a rental that cash flows nicely. If you find the right house, typically the ugliest in a nice neighborhood, do a lot of work yourself the payoff can be awesome.

If I could go back in time, I would probably have hired contractors to do some of the work to speed up the timeline of moving to the next house. We wanted to do it in two years but it took about three, so now we are in our second live-in BRRRR if you will.

If it is your first time, I cannot stress enough how important it is to attend the inspections and ask questions. Most of them get annoyed when you follow them around, but it is the only way you are going to get your eyes on what they are looking for and at. The knowledge you gain for down the road inspections is invaluable. $0.02

@Jaison Emmanuel I'm reading through the posts above and one important number I'm not seeing is your list price. If your list price is $132k, but you do not have comps to back that up then you're in a pickle. If your list price is closer to $125k and the offers came in higher, then an addendum to the prospective buyer would be they must make up the difference between appraisal and their offer $ or you take the hit. If the appraisal is coming in under your list and you feel it is priced correctly then fight it with the appraiser, but it sounds like you do not have the comps to support, lesson learned it sounds like.

It is a common occurrence up here with our low inventory, if you are solid on your numbers then the buyer needs to make up the difference, assuming it appraises at or above list. It also falls on the buyers agent comping the house and making sure their offer can withstand.

Just my two cents...

@Erik Derenne Welcome to the BP community.

@Neal Collins We have a couple detached single family rentals. I'm currently working on our live-in BRRRR that we'll rent out next year and keeping an eye out for a 4-plex, but they are like unicorns here as you know.

Thanks for the Welcomes @Andrew Syrios, @George Blower, @Skylar Simpson,@Jason S.and the patience as I work through the process of posting.

We have a couple detached single family rentals. I'm currently working on our live-in BRRRR that we'll rent out next year and keeping an eye out for a 4-plex, but they are like unicorns here as you know.

Thanks for the Welcomes.

Thanks, I'm even closer than you think. One of our rentals is in West Salem.

Good Morning to all you BiggerPockets members,

While I have been a member for a little while now, I am getting around to being more active on the site. So, hello from West Linn, Oregon. I am a Realtor here and we do have a couple rentals already. My original goal of becoming a Realtor was to help get a leg up on rentals and be able to realize the annual tax savings in owning rentals.

My wife and I are looking to expand our portfolio and really dive into the passive income side of real estate to pursue our financial freedom. In order to do this I'll be researching the wealth of knowledge and experience that can be found within BiggerPockets and upgrading to "Pro" here pretty soon of course. While our main focus will be in the BRRRR realm, we are not opposed to flips or wholesaling.

What I'll be focusing my research on is new areas to invest, even out of state and using hard money to do so. Thank you for your time and I look forward to interacting with you all.

Cheers~