All Forum Posts by: Micah Shelton

Hello,

I have a 4 plex that has not hit the market yet in Salem, OR. It is currently under valued in rents (3 @ $800/month, and 1 @ $750). All are 2:1 units with covered off street parking space. Owner has updated 3 of the 4 units with new furnaces, and water heaters. Each unit has own WD.

I tried to pull funds together to buy myself but due to a few projects already under way I have come up short. Looking to see if anyone is interested in it, and/or teaming up on it.

Owner has not listed it and has given me an opportunity to put something together. He is asking $375k. Each unit is on its own electric. Current owner pays water and garbage.

I've run comps and current rents should be at or above $900/month. The area where home is located is slated for a street renovation with shops and amenities in the near future.

What Im looking for: Someone to buy it and take me along for the educational ride. I have been primarily doing fix-n-flips and want to get into buy and holds. Would love to learn. A finders fee would be great but Ill take the education...I am a licensed realtor in Oregon so can help on that end as needed.

DM me or call for more details 503-488-9476

Are you looking for someone to visit properties or just draft up the agreements?

I would love the info micah@northpeakpg.com

Would any of you recommend more aggressive off market marketing to sell a fix n flip? HSBO and cut out the realtor costs? One thing that troubles me is the increasing pricing of fixers. Banks, private wholesalers, etc want higher prices for homes in really rough shape. Banking on over asking sale price is dangerous.

@Derrick Aragon thanks for the input...

Do you think the condo idea is better or the fix n hold?

I'll be there!

If the are month to month can't you just give them notice with no implication?

bigger pockets assessment

I found a 5 plex in the Portland Metro area that could use some TLC. It is in a very desirable neighborhood and would be great as condos or an updated rental property. At present I think I can get the property for around 1.125k and it would take only 60k to renovate the property (for a rental). The tenants are all month-month and are aware of a future buyers intentions. The current rents are way under value at a total of $2400 and based on current values would increase to over 8k? 

Option 2 is to completely renovate and convert into condos and individually sell the units. This option would potentially net us around 300k but a substantial amount of permits and work to pull it off...

Thoughts on either option? Anyone interested in putting up $300,000 for the purchase and I will fund the renovation? Then refi it and pay you back?

@Jay Hinrichs