All Forum Posts by: Say Teoh

Hi Peter and Annie, welcome! BP is a great place to be, I must say I myself have no fully utilized what it has to offer! I am a part time realtor and starting my RE investment also. I see you almost have a flip under your belt already, so you are ahead already... :) I am having a hard time getting a property to flip, online auctions and RMLS stuff gets bid up like crazy. Did you get yours from sheriff or trustee auction? Sheriff's scare me a bit because of the redemption 

Anyway, welcome!

@Ian Brown, sorry for replying late, been busy with trying to get myself a house to flip... but always got out bid.... anyway, I got license through online class, which I see you are doing that already. The thing about online class is that it is self pace, so you need lots of discipline. With a full time job, and 2 kids, it took me 1 year to finish! When I finish the last chapter 1 year later, I forgot what I learn in the first 6 months... :) So advice is to do it fast as fast as you can and go for the test, while all the information still fresh in your mind....

Welcome! You seems to be doing quite well already in your RE investment. I am just starting, and lots to learn!

Hi Elijah:

I am not sure about central Oregon market. For Portland area, I think it is very doable if you are trying to replace 30k of income. Starting going to be slow, but if you join a team with good base of customers, you are can definitely get some income by helping as a showing assistant, assistant buying agent etc. After you spend 1 or 2 years building your database, you can go solo. Ofcourse, the RE market goes in cycle, it is feast and famine, right now it is full course seafood buffet, but there will be years of nothing to eat.

I have a full time job, but also an agent. I would join a team if I currently does not have a full time job that pays quite very well.

HI Ian:

How about a job as RE agent? This way you get the best of both worlds, you get income as an agent (starting going to be slow), but also a chance to grow your knowledge in real estate, you get to see lots of properties, the more you see, the more you know. My brokerage actually encourage us new agents to go pre-viewing atleast 5 houses a week, even we have no clients.  Also a RE agent license is very valuable in your flipping activity. 

I have a full time job, but also have Oregon license and also in rehab activity.

Thanks

Welcome Sean, I am also a investor in training from Portland. Let me know when you are in town, we can go for coffee and share experience.

Thanks

Say

I was thinking about this more. Do you think you will qualify for a conventional loan for this? Quick calculation, Assume 20% down,  interest on $640k is about $28k if you hold for 1 year. Will this work?

Hi Donn, I wish I have an aunt like yours... :) Anyway, 50/50 sounds about right. I have 2 investments in Austin, TX as the equity partner, and I get 50% of the profit. My partner puts in no $ but finds the deals and does all the work. It involves tearing down and rebuilding completely, so its alot of work for my partner. 

Welcome Jeff. Just like you I am learning as much as I can on REI, and BP is a great site to do so and connect with people with the same interest. There many experience folks that are very willing to share what they know and give a word of advice which I find very valuable.

Say

Hi Denny:

I think it is also worthwhile to find out what liens are on the properties, you can check with the owner on his mortgage, home equity loan, HELOC etc. Can also check with the county. If he owns more than what you are offering, you will have an issue with the liens holders.

Thanks

Say