All Forum Posts by: Tim Richardson

@Brent Coombs That's true, but you only get your purchase price back out, not your rehab costs. All I'm finding is that there is a 6 month requirement to get purchase price AND rehab costs back out.

Has anyone started a bed and breakfast in their home? My wife and I found our perfect country home on acreage outside of Silverton, Oregon (Silver Falls State Park and Oregon Gardens tourism - near Salem and south/southeast of Portland). We want to use an extra bedroom as a bed and breakfast / vacation rental, not necessarily to live off the income but to supplement a little, create some chores for our kids, and just meet lots of people from around the country. I'm wondering if here is a way to purchase the property in a unique way or zone it any differently to increase yield. Any unforeseen regulations or roadblocks to be aware of? Thanks for any advice.

@David Wiggers

Thank you. Can I ask which lender you use?

@Justin Fox

@Brent Chauvin

Do they do this within a few weeks of the purchase?

Hi creative real estate investors. I am trying to pursue the BRRRR strategy for both single family and a multifamily 4 plex here in Salem, Oregon, but am running into the refi issues. I'm wanting to pay cash for a property, fix up, but lenders are telling me they can only loan up to the initial purchase price (assuming it is only up to 70% apprased value), even if the appraisal comes in well over that. So I'm still left with cash in when the refi takes place. Has anyone successfully used this method and gotten their cash back? I'm all ears.

Do you have a lender that will work with you to get purchase AND rehab costs back at refi? Thanks.

Looking at my first rehab project in Salem, Oregon. Does anyone have a favorite interior paint color or colors for rentals that seems to draw people in?

Does anyone have a recommendation for a property manager in Salem Oregon? I'm looking at buying two 4 plexes next to each other and would like some help knowing what I'm getting into. Thanks!

@Jesse Rolla

Probably just single family, possibly duplex for starters. I'm looking at a couple parcels that have been used as large yards in neighborhoods until now.

Hi everyone. I'm looking at purchasing a small parcel in the Salem, Oregon area and then build to rent (or sell if the numbers work better). But I am unfamiliar with costs aside from the purchase price and then the actual home build. Assuming water, sewer and electricity are accessible at the street, what costs do you look at other than purchase and build? 

Hi Scott! I'm a fellow Silvertonian, moved here in 2013. I'm also new to real estate but have been wanting to do it for over a decade. I'm kind of in the same boat, I now have some time outside of work to devote to it. I put in my first couple of offers last week. Message me if you want to meet up sometime.