All Forum Posts by: Mike Nuss

@Eric Oblepias welcome to BP. Your goals are very realistic. The BRRRR model works very very well in Portland. It's very cash intensive, due to pricing in our area. However, creating enough equity to recapitalize your investment is a viable strategy in Portland. There won't be much cash flow at the end, but you'll have a significant amount of equity once the refinance is done. That is the #1 wealth building model I, and other Portland locals use.

I don't like to self promote at all, but I'm going to in this case (search key word RareBird and I'm sure you'll see some recommendations for our networking meetings here on BP) as our speakers in August are soon to be retired engineers. Blake and Jessica (for some reason my tagging isn't working) are part of our brokerage/investment team, they're both young engineers and they just liquidated their Portland (wealth building) portfolio to purchase cash flow properties in Alabama. They're retiring at a very enviable age.

You should also connect with  @Bob B. he's a recently retired engineer, focusing on personal investments and helping others do the same. I have a feeling you'll get along well, engineers typically do :)

I hope this helps!

@Jon E. give Phil Bailey a call. He's at Legacy Real Estate down there in Salem. 

Check out this video we made for our Portland, OR event!

https://vimeo.com/273980434/3cc49c3203

@Jay Hinrichs I whole heartedly agree. I know Portland like the back of my hand, so I'm here for the long term. Plus, if/when rent control becomes real here......I'll make a million $ on paper over night almost. The best part is communicating with tenant advocates. I state from the get go, that it's in my best interest "wealth wise" to have rent control, but here's why I think it's bad for tenants and the market as a whole. They just do not know how to wrap their brain around that comment. Their belief is that rent control is the magic unicorn that deflates the market everywhere. We both know that's not the case. 

@Jeffrey Lee take a look at the latest tenant protections ordinance. 

https://www.portlandoregon.gov/citycode/28481#cid_...

Specifically you'll want to look at the new exemptions effective this spring. The one unit exemption has been removed, which is what I believe you're referring to in your original post. 

On . positive note, it sounds like you are exempt via item #5.

5. a Landlord that temporarily rents out the Landlord's principal residence during the Landlord's absence of not more than 3 years;

@James Dishongh one of our brokers attended his CE class yesterday and we recorded a podcast with him yesterday. I do not doubt he's in the national top 1% for knowledge on this topic. We are blessed to have him here in Portland. And he's pretty dang cool to boot. 

@Alex Wade welcome to BP. If you're not convinced Portland is a good place for rentals....probably won't be convinced. @Jay Hinrichs (thanks for the RareBird Investor Network shout out by the way) is right, new laws are coming out left and right. I'm seeing property managers struggle to keep up, let alone private individuals. I'm on the rental services commission and I'm frequently going back to review new legislation to ensure we're doing things correctly. Come check out our Thursday night meeting next week if you have any interest of networking in person or interest on Portland's market. 

@Elliott Gansner I second @Tony Ngo about faster permits. If you're just needing help with the application process, they're the group to go to. We have multiple projects with them right now.

Also, @danni is right on about @shawn morgan. He's our go to attorney in this field. 

I'm happy to chime in on some property specific stuff too if you would like. Feel free to dm me. 

Thanks!

Kol is an ADU expert based in Portland who has helped catalyze the growth of ADUs over the last decade! He owns the Caravan - The Tiny House Hotel, organizes Portland's ADU tour, and has taught classes to thousands of homeowners and real estate agents.

@Neal Collins Mt Scott fuel site will become the future neighborhood grocery anchor. I'm willing to bet on it.