All Forum Posts by: Steve Dunford

Trying to source a bookkeeper that specializes in STR and vacation rentals. How are people finding and verifying a bookkeeper that works with individuals that run multiple STR's. Gresham Oregon is the area. Tax preparer doesn't like the shoebox of receipts anymore. Thank you for anyone's ideas

We recently purchased a fixer home in a beach town on the Oregon Coast. Recently painted every square inch on the inside getting ready for all new windows. Window company started installing windows and was stopped and sited by the CCB for not testing for lead and having the proper paper work on hand. The window company never told us about the positive lead test and proceeded to finish the job. After spending a weekend with my wife and to kids we noticed nail gun holes around every window in the drywall, ceiling, and new vinyl floor. The holes were for hanging plastic inside and outside to prevent lead dust getting out. With the failure to tell us about lead and all the damage left behind. What is a reasonable solution for the window company to handle this. How would any of you BP people’s deal with this if it was your family investment. We haven’t paid the bill yet and are waiting for them to offer a resolution.

2. Last question is regarding future projects. I’m leaning towards painting the exterior myself so paint contractor doesn’t get a visit from the CCB and we will be renting it out as a short term rental in the future. Is there any concerns of home owner doing there own painting and prep of old lead based paint, mainly from a city code violation threat. And am I obligated to declare lead paint for guest or renting it out for short term rental. Thank you for any stories or advice in this matter

I am a new single family home investor. I have recently purchased a home in Lincoln City Oregon. I believe it will be a successful short term rental vacation home. The home needs to be rehabbed to meet city VRD requirements. I have run home not a problem that I did not plan for. “Coast Time” is a real thing that every local contractor seems to set there watch to. I am on 3 months of trying lock in a contractor to do Plumbing, electrical, and some framing. Everyone I call over promises, no shows, no estimates just verbal and other reasons for not locking in a job. All trades on the Oregon coast say they are 2-3 months out on even doing work. Materials available are the other issue. I’m looking for advice on different ways to talk to contractors to get them out to my job vs all the others. Of course any plumber, electrician, framing reference for Lincoln City would be great but I dint won’t to try same approach on getting estimates. My goal is to have the house up for vacation rent by May 1st now or sooner. Thanks for any advice on sourcing contractors on the Oregon Coast

Should I work with a CPA for short term and long term rentals? I am currently managing both myself and feel I am missing out on tax advantages or throwing money away. Does a good CPA help someone with single family rentals. What are a few things that a good CPA should be able to do?

We have been looking for homes to brrrr around Gresham, Oregon but finding it very tuff. So we have now started looking on the Oregon coast. Home prices are more reasonable and look to be something that may work. Has anyone ever started there investment portfolio with a vacation rental with success? We are looking for advice on pros and cons of vacation rental on Oregon Coast. Good or Bad idea?

Thank you for all the advice. For a first time post, I really have received a lot of info to crunch and process. I think wholesaling is not going to be my direction. I am how ever going to try and set up “porch time” with off market sellers and be honest with them about my intentions and see where it gets me. I will probably rely on a good realtor to help with first deal as well. 

I am also wondering if anyone has a good set of questions that they have set aside when some calls back from direct mail letters. I was a little nervous talking with my last responder about there house and wished I had asked more strategic questions.

Steve

Thank you for all the advice. For a first time post, I really have received a lot of info to crunch and process. I think wholesaling is not going to be my direction. I am how ever going to try and set up “porch time” with off market sellers and be honest with them about my intentions and see where it gets me. I will probably rely on a good realtor to help with first deal as well. I am also wondering if anyone has a good set of questions that they have set aside when some calls back from direct mail letters. I was a little nervous talking with my last responder about there house and wished I had asked more strategic questions. Steve

Hello everyone, I recently sent out a few direct mail letters to a specific neighborhood I would like to invest in. I’m searching for my first BRRRR home in Portland, Oregon area. I have received 2 very pleasant home owners telling me they are interested in selling possibly. I’m not sure the best way to approach the topic of wanting to buy there home for investment purposes and under market value. Some questions I have. 1. What point do I get a realtor involved to handle the process? 2. Is it really possible to purchase a home lower than market value? 3. Tips on what to say or do next after some one calls you back from your letter? 4. If the numbers don’t work for cash flow, can I wholesale it since I have found an off market seller? 5. I’m currently preaproved for $150k conventional loan, but the homes are in $200-$250k range. Any tips to not let an opportunity pass by and negotiate closer to $150k or am I dreaming? I am surprised that only 11 letters sent out resulted in 2 call backs of interested sellers in the 1st day. I feel like I may be close to something but don’t want to waist it. I’ve been studying up the last 9 months and glued to the BiggerPockets podcast. First time posting hear, thanks for any support or tips. Steve

Hello everyone, I recently sent out a few direct mail letters to a specific neighborhood I would like to invest in. I’m searching for my first BRRRR home in Portland, Oregon area. I have received 2 very pleasant home owners telling me they are interested in selling possibly. I’m not sure the best way to approach the topic of wanting to buy there home for investment purposes and under market value. Some questions I have. 1. What point do I get a realtor involved to handle the process? 2. Is it really possible to purchase a home lower than market value? 3. Tips on what to say or do next after some one calls you back from your letter? 4. If the numbers don’t work for cash flow, can I wholesale it since I have found an off market seller? 5. I’m currently preaproved for $150k conventional loan, but the homes are in $200-$250k range. Any tips to not let an opportunity pass by and negotiate closer to $150k or am I dreaming? I am surprised that only 11 letters sent out resulted in 2 call backs of interested sellers in the 1st day. I feel like I may be close to something but don’t want to waist it. I’ve been studying up the last 9 months and glued to the BiggerPockets podcast. First time posting hear, thanks for any support or tips. Steve