All Forum Posts by: Steven Schafer

Welcome Shan!

As you’ve already seen, it’s very hard to find cash flowing properties on the West side without a massive down payment.  We recently bought a duplex and are almost done remodeling it to get us to where rents need to be for that A or B class tenant.

I personally find that due to long term buy & hold in this area, it’s just enough to break even for first year or two.  Then the cash flow will slowly start.  I’m also a long term equity guy, so just having tenant pay my mortgage is enough of a deal in current climate.

On the positive rents are very high for this area and even this time of year when normally I’d see no leads for an open unit I’m seeing 1-2 a week for unit we’re remodeling.

Good luck in the search and congrats for doing it yourself.  I think it’s the only way to go, learn a lot, you care for your property the best you can, etc.

Steven

Hey Chris, I know this guy!  :)  Happy to talk 1-1 about ideas as we're finishing up our current remodel project on a duplex in Beaverton.

And good luck with the search, hoping to hear great news so I can draft off your learnings when ready for my next one!

Steven

 Hi Md, yes, happy to chat!  We're closing this week on our new duplex, I've found Beaverton to be great.  Takes a few years to really get good cash flow on a duplex, yet I find it's well worth it.  We bought our first duplex in 2016 with 100% financing (mortgage + heloc for downpayment) and are making great cash flow on it 8 years later.  Our new one will be similar and we'll be putting about $50k into it, and cash flow will be slow due to 100% financing, yet for our portfolio it's well worth it.

 Welcome Patrick!  I'm an investor in Beaverton with 1 duplex and soon to be a second duplex.  Happy to help share my knowledge and welcome to the community!

Thanks Greg, that’s my gut also.  The EV outlet at least encourages them for a small expense on our side.  I’d think most renters would have their own charger depending on the plug types used.

Until EVs are much more prevalent and the standard is 100% aligned for charger I don’t think we’ll see a lot of them except at mega complexes, and to your point it’ll probably be a manager who wants a write off for theirs.

Remodel Pics for Duplex Unit

Hoping this is the right forum to post these pics/slides in. Total cost about $35k before hopeful tax credits.   Curious thoughts on adding an EV outlet (no charger) for tenants to bring their own chargers?

Finally after 10 weeks we've finished our remodel of one side of our duplex.  Didn't move any exterior walls and added more value through converting from a 2 bed/2 bath to a 3 bed/2 bath.  Will get us a good bump in rents and added mini splits HVAC and removed the old in wall heaters that weren't very efficient.  Also added EV outlet for tenants to target those with EVs as willing to pay more in rent due to having their own charger option.

Thanks for feedback on EV outlets versus chargers!

Hi Mitch, are you interested in the purchasing side or on the renting a unit out side also?  I'm in the process of renting a recently remodeled unit for a duplex and also working on a course for local landlords to become better landlords.  Private message me and we can connect.

Love it.  Starting our own Portland BP meet up group.

Somewhat agree, I do think there are a ton of bad PM companies out there.

As a prior renter, I’ve seen my fair share of them too.  And agree there’s too many lax individual landlords that don’t hold their tenants to the lease agreements they signed.

hopefully over time we raise the bar for all.