By Bobby Curtis, August 31, 2020
Today I talked with Kara from Afternoon Live about multifamily houses in Portland. To see the full 7 minute video, click here
Here’s an example of a duplex that was for sale in Portland that I thought was a great long term investment.
- 1950s side by side 2 BR/1 BA multifamily (duplex) with Tuck-under garages.
- It was already vacant and in extreme disrepair when we bought it.
- NE Portland- Alberta Arts area.
- Current 2 Bedroom rentals are roughly $1600-$2200
- Current 3 Bedroom rentals are roughly $2500-$3000/month.
- We decided to finish the lower level, adding additional bath, bedroom, and bonus living space. Each unit will now be 3 BR/ 2 BA.
- Better use of space (more people can live in the property)
- By adding this additional finished space, it will bring in more rental income to cover the cost of the renovation work
- That extra monthly income will pay for the additional renovation work over 8-10 years.
- By updating everything, there will be few if any large maintenance expenses within the first 7 years. This makes profit and loss a little more predictable.
Not in the buying market or interested in multifamily, but thinking of selling your home? Check out my tips here.
Bobby Curtis
Principal Broker | OR
He/Him
Meet Bobby Curtis. Buying agent. Listing agent. Renovator.
A down-to-earth Midwesterner, Bobby graduated from the University of Michigan, and headed to Portland in 2004. He began a career in the pharmaceutical industry focusing on sales, marketing, and consulting. In those five years, he was even lucky enough to roam around Europe for short assignment in Switzerland. When he came back to Portland he took some time to discover what he was really interested in. Homes. More specifically, architecture, restoration, and entrepreneurship. After getting his real estate license in 2011, he purchased his first house in Portland to restore, redesign, then sell. Bobby rolled up his sleeves and started in on what would become his real career interest – transforming distressed houses into stand out homes by discovering the beauty of each unique property. Since that time Bobby has bought and restored several houses each year in Portland, both large and small, with great success. Armed with extensive first-hand knowledge of restoration, Bobby offers his clients an exceptional eye to pinpoint property potential and value. Whether you are searching for a complete fixer property, or a shining, buttoned-up stunner, he is skilled and enjoys guiding clients through the process of finding the perfect place. If you are selling your home or investment property, Bobby showcases his clients homes like he was selling his own. That kind of attention to detail will present all of the property’s best features. It's because he has bought and sold properties of his own each year, that he better understands what it’s like to be in his clients shoes, and to navigate through the current real estate market. As an experienced broker and professional, Bobby is able to negotiate the best price and terms for his clients. If you’re looking to get a sneak peak of Bobby in action, you can watch him on an episode of First Time Flippers on the DIY Network, where he helped his mom flip her first house. Or you can catch him on KATU’s Afternoon Live daytime talk show once a month, discussing Portland Real Estate and House Restoration. Check it out here Contact Bobby at: 503-502-3066 bobby@livingroomre.com Licensed Contractor #215071- T: 503-502-3066
- bobby@livingroomre.com
