All Forum Posts by: Ryan Heltemes

I am looking for recommendation for a good lawyer to set up an LLC for a storage unit property that I am looking to purchase. I am new to the LLC side of things, but currently have two houses and a duplex, so I would like to create a relationship for future problems that may involve a lawyer. Does anyone have any recommendations in the Vancouver or Portland area that has experience with creating an LLC for Washington.

@Jay Hinrichs thanks Jay, I really appreciate your time. My  broker ran the comps last night and came up with a range between 360-410k with a recommended list price of 400k. Since most of these comps are based off of new homes, what do you think I could expect for a home that is older? Is there a percentage or rule of thumb?

We rented in downtown Sherwood for five months, and walked by the house and neighborhood countless times. The school ratings and low crime rate is what attracted us to the Sherwood area.

We made an offer on the house originally to be the house that we live in. Originally we were not looking for a flip, we were making the offer based on the fact we would end up with a little sweat equity in the end. Since then, we aquires another property in the Tigard area, and that is why I am considering whether to flip the property. Without being a cash buyer and the market being crazy makes the 70% rule seem almost impossible. I know some people are finding these deals, but I am also looking to learn on what would be my first flip. Therefore, I understand the deal is pretty skinny, but is it worth taking less profit for the education?

The house is definitely the oldest house in the neighborhood, and also doesn't have many good comparables within the area. When that is the case, do you go of the price of newer houses that are selling in the area with the same square footage? I'm having a tough time coming up with the comps for ARV.

The house is located in Sherwood Oregon. We got our offer accepted on the house in February of this year on the short sale. Since then we bought another house in the Tigard area, but they are saying approval on the short sale is coming very soon. Below are the details:

4 bed-2bath-1742 sqft

Built in 1915

Updated kitchen and upstairs bathroom

Large 0.2 acre lot with detached garage.

We currently have the house under contract for $305,000 with all closing costs paid. The house will need a few things before selling: outside painted, carpet in 3 bedrooms upstairs, and some other minor things. The problem I am having is getting comparable properties within the area. The houses around the property are 400k plus, and much newer. At a minimum, I believe the house is worth around 350k and potentially upwards of 375k. The location of the property is great, but I am a little worried about the Portland market. I read somewhere that the terms of most short sales are that you can not flip the house within three months of closing. This would give us time to fix the things that need done before selling the house. Any feedback is greatly appreciated.

My wife and I just moved to Portland and are currently looking for a multi-family home. We are looking for a good real estate agent, any recommendations?