All Forum Posts by: William Graves

@Todd Powell Thank you for this advice I appreciate it!

@Todd Powell Could you elaborate on finding off-market deals? What is the best way to go about that? Sounds like your son got an awesome deal!!!

@Matt K. Would that work not fall upon the seller instead of the buyer? Or does it just depend on how the sale is setup?

@Matt K. Definitely a good idea to cover your bases, I myself like to do the same and plan to over estimate every aspect of my first deal once I find it. Could you elaborate on what you mean by the appraisal being a bit of an issue? Do you just mean that by doing some of the rehab myself I could kick myself in the behind if I’m not careful?

@Chace Fraser Makes sense. Would you say it just boils down to finding a good deal and waiting to jump on it then? Duplexes in PDX I’ve noticed are either out of my budget or in need of some serious labor. Maybe it’s more of a patience thing. I would be more than happy to connect and gain some insight on what the next maneuver is. Thanks for your reply.

@Matt K. Is there a general rule of thumb in terms of calculating closing costs as well or does it vary depending on area/brokerage?

@Russell Brazil How do you feel about using the same 20-30k down payment in an area where it would bring me to that cash flow positive level? Maybe moving down south to an area where I can get the same 2bed 1bath for say $200-250k? Would you recommend moving areas to accommodate or is it just better to stay where I know?

@Russell Brazil Good point, thank you for your response. So it would be better for me to just develop some equity on my own place for awhile so I can come up with a larger down payment to put me in a better cash flow position?

@Jaysen Medhurst 4-Units are very hard to come across and are way out of budget when they appear. I thought about a duplex as well, they are also rare and the ones that appear need a lot of work. Would it be worthwhile to find a run down one and spend the extra money to rehab or would I just be digging myself into a money pit?

@Jaysen Medhurst I haven’t fully explored bringing a partner on yet, and am just starting now to network and get in touch with brokers to help me out in this process. My budget is around $300k in Portland, OR, and that is even a little high. I think house hacking might be the best way to do it. The problem I face with house hacking is, for 300k it’s very difficult to find anything more than a 2 bed 1 bath that isn’t entirely run down and needing a full seismic and cosmetic upgrade. I am a carpenter and worked for house flippers in the past so I can do a lot of work myself but would prefer to keep it minimal. Here’s an example of what I come across looking for deals: -2 bed 1 bath SF in a little bit of a less desirable area -Asking price is $270k. -10% down -Monthly mortgage: $1,699 -planning on setting a budget of about 20-30k for rehab put into it over the span of 6mo to a year -after rehab, home only rents out for $1,500 (less desirable area/2bed1b/) Now I’m -$199 monthly besides the equity I’m getting. Am I just looking at this all wrong? Is that a good position to be in? I would like to be cash positive. I run into this type of deal a lot. What would be the benefits of a partner? Where could I start in terms of finding one? Thanks