All Forum Posts by: Ross Johnson

Thanks everyone for the great advice!

@Jim Sestito  I've read Brandon's house hacking book now, thanks for posting. May I ask how you found the motivated sellers on your first 2-plex? 

@Scott E. I have heard a lot about the 203k loan, and have a quick question: can I still take out a 203k loan if the house is financed through a private lender? Or is it only available through traditional financing? Sorry if that's a dumb question! Your HUD idea is great in theory, but for some reason it is slim pickens in Oregon, especially the Portland metro counties. I'll take your advice and monitor it every day.

@Frank Fiore Jr  Your question is a difficult one, as we are buying a house  for ourselves and also as an investment.  I don't necessarily want to buy property that I don't want to live in myself.  We are certainly willing to compromise quite a bit but we also want to comfortable and feel safe.  I have begun looking at other areas surrounding Portland, including across the river in Vancouver, WA, but am still in the preliminary process of finding the "sweet spot" in terms of buying criteria.  Thanks for the great advice.

@Justin Green Wow, I can't thank you enough for the local insight. It's ideal to be close in N/NE/SE (it's where we both work) but as I mentioned above we are willing to compromise. While it depends on the property, I definitely prefer a traditional duplex instead of a converted SFR. Also I mentioned above, it's possible I can pay cash through a private lender but it depends on timing and price. It would be great if you hear of any duplexes coming available to let me know--assuming you don't want to buy them yourself! Again, thanks for your help.

@Mike Nuss  Great idea on the direct marketing, thanks.

Again, thanks to everyone for taking the time to respond!

Hi all, 

I'm new to BiggerPockets, although I've been listening to the podcasts for a while trying to learn as much as possible.  I live in Portland, OR, which as many know is an extremely hot and expensive real estate market.  From preliminary meetings with a few realtors, properties are scooped up quickly, often at prices greater than the original asking price.  This is due to Portland being (among other things) a very desirable city to live, new tech jobs, etc.

My preferred first purchase is a live-in duplex: my wife and I don't have kids yet and are willing to share space with tenants in order to reduce/eliminate mortgage payments.  This will allow us to save and purchase our next house in a few years' time and keep the duplex as a long-term investment.

I have been scouring the usual websites for listings, and am becoming increasing concerned that purchasing a property in the area we want to live will become a liability.  We would certainly be "approved" for loans on some of the asking prices but I don't want to be strapped financially.

My question is a fundamental one: Is it a sound financial decision to purchase a live-in multi-family property in seemingly peak market conditions?  Even more to the point, is it smart to purchase any property in peak conditions?  For the more experienced investors here, what would be your strategy as a first time buyer?  Should I simply continue renting until the market stabilizes? 

Thanks very much for the input, I'm very much looking forward to diving in here at BP!