All Forum Posts by: Mike Nuss

@Alex F. those are great commuting hours, you shouldn't have any problem coming over either bridge at those times. I-5 (west bridge), is by far worse than I-205, although that gets stacked up for miles as well in rush hour. As long as you're not in the rush hour time, you won't have a problem. 10:00am would meet that and you won't see many people on the road at 4:30am.

You should come by our real estate office when you're in town. Competition is stiff here, but if you can buy off market you'll have a much better chance of finding a truly cash flowing rental in Portland. 

All BPers in the Portland area, tomorrow (Thursday) night is a chance to meet the one and only @Jay Hinrichs live and in person. Don't be the first one to line up and offer to buy him a beer!

@Sarah Szuhay how big is your large lot and what is the zoning? An ADU may not be the best financial play on that property, depending on those two factors. I'm happy to help you brainstorm highest and best for your property if you'd like. I've seen homeowners make financial mistakes by building an adu on the wrong property. An adu is great if you don't have additional density. It could easily become an "under improvement" and not the best financial move if you do.

@Steve B. we definitely have a housing shortage. @Mathew Wray was spot on that it's like a trick card game, the way the city skews their #'s, especially when they through out rent burden #'s without considering other subsidies for those income brackets. However, we truly have more house holds than housing and that's getting worse by the year. We were behind in housing before the crash, built nothing during the crash and not enough since. I'm seeing softening in my urban core portfolio as well, especially for my higher end remodeled units, but it is unit type specific. I'm not seeing softening in single family at all. Also, when you go past 82nd ave, competition is stiff. I've purchased out there recently and have had clients purchase out their recently.....that submarket is entirely different than inner submarkets. Supply and demand is way out of whack out there (not enough supply given the demand increase) where as it's the opposite in the urban core (too much new one/studio supply, more supply in general, higher pricing, more options for renters, etc..). The underlying population patterns and income are huge factors. The migration east of 82nd is pretty strong right now due to pricing west of 82nd and the household growth in the 100K+ households that can afford the inner markets (forcing lower income households east or out of Portland). 

@Caroline Hutton send me an dm and I will give you a referral for a gal I use and refer to for full service airbnb management. 

@Matt Lowery man sorry to hear about your gf's health. I love how you're thinking "how can I make this work", keep up that mindset. 

As far as airbnb rules go, as long as you'll live there for 270 days per year, legally you can get a license to do that. As @Brad Hammond mentioned, you'll need to have the property owner's support in that and they will have to sign the permit application, so finding a mom and pop type landlord will probably be your best bet to find an owner willing to allow that. 

Side note on the tiny house....Portland made a public announcement a while back that they are not enforcing RV laws in single family zones. So, even though it's against the law to park a tiny home on a lot (or an RV, or 5th wheel, etc..), the city is not enforcing those laws. So you could purchase and park a tiny house, put that house in the yard, live in the tiny house and airbnb out the main house as well. Just an added thought there. Or, you can purchase a tiny home and "rent" a yard or driveway like space rent in a moho park. 

The Pivot: Adapting Business Models in the Changing Market

Speaker: @Jay Hinrichs

Join the RareBird Investor Network for our July meeting with a presentation by Jay Hinrichs, master of real estate and BiggerPockets celebrity. When the market shifts, most people run for the hills – Jay will share his advice on how you can adapt your business model to weather the storm.

THE EVERGREEN - 618 SE ALDER ST, PORTLAND, OR 97214

Networking begins at 6 PM! Presentation starts at 7 PM!

Your first beer is on the house thanks to our July sponsor. Additional drinks will be available at our cash bar. Food can be ordered before the meeting downstairs at Loyal Legion. Place your food order at the Loyal Legion Bar, head upstairs to check in, and the staff will bring your food to you upstairs. 

FYI - July's meeting takes place during Portland Burger Week - Loyal Legion will be especially busy. Please consider bringing outside food or eating before the meeting to avoid long wait times. 

New to the Investor Network? Come and check out a meeting, your first time is always FREE! OR Join Here!

@Robert McEachern for sure, your amazing attitude is always welcome!

July 11th

6pm - Networking

7-7:20 - Market update

7:20 - Jay's presentation

8:30ish - Networking

We're at The Evergreen in the Central Eastside. It's right above Loyal Legion (710 SE 6th Ave). You can order food at Loyal Legion and they'll deliver upstairs. We have our own two bar tenders for drinks upstairs. 

@Jay Hinrichs I love it. Right now is the time to be thinking doing something different in my opinion. Although affordability is going to keep 2019 a solid residential market here locally. 

Thanks @Jay Hinrichs

@Adam Bishop we run by far the most active and locally informative real estate meetings in Portland metro (I'm obviously a little biased in that statement), and we buy your first beer (also only meeting to have a personal bartender for the group). Let me know if you would like more details on our meetings. In fact, Jay Hinrichs is flying in and will be our speaker in July. That would be a great meeting to go to as Jay is probably the most knowledgable real estate investor I know personally. Decades of experience. 

Join the RareBird Investor Network on Thursday, July 11 at 9 AM for our master class, Wholesaling – The Good, The Bad, and The Ugly. RareBird’s Tyler Combs will discuss the pros and cons of wholesaling as a business model and give answers to critical questions including…

• What pitfalls do I need to avoid?
• What paperwork is required?
• Is it legal without a license?
• Will principal brokers allow it?

CE Certificates are available for licensed attendees.

Space is limited, so please RSVP using the link here: http://rarebirdinvestors.com/masterclass/

Our Master Classes are designed as deep-dive educational opportunities for our RareBird Investor Network Members!

New to the Investor Network? Come and check out a meeting, your first time is always FREE! OR Join Here: https://rarebirdinvestors.com/join/