Tag: gay real estate agent

The Right Project House for First Time Buyers

Posted on by Bobby Curtis

Right now, when it feels like there is 1 house for every 10 buyers out there, many buyers are having to adjust their expectation in a house. And if they see something they think will meet their needs, they are often writing an offer. Interestingly many of these buyers may have started off with a laundry list of what their needs are. As their offers have been rejected, they have boiled that list down to what their true needs are. In doing that, some buyers are considering houses that have the prime elements they are looking for, and then rely on the future renovation projects they will do to get it the rest of the way there.

Best Bang For Your Buck

Here are my thoughts on what projects new buyers should focus on. Buy something you can move right into (or move in within 60 days). Most traditional loans require buyers move in within 2 months, so find something that is livable. When it comes to projects to take on, consider the things that traditionally increase the value of the house. The kitchen and baths are a great start.

If you’re willing to do more updates, consider something that doesn’t need structural changes, or changes that will require an architect. Pulling in an architect increases costs exponentially. It also usually means city building permits are necessary in order to make those improvements. Many cities are back-logged right now, and might not even be able to look at those plans for 3 months. Stick to surface updates like paint, flooring, and lighting. For a handy person, those are even things you can do yourself. Thoughtfully updating these, along with the kitchen and baths, will typically bring back a high return for what you investment.

More Than Cosmetics

While I recommend generally staying away from houses with structural issues, making updates to the electrical can be easy enough, and is one of the most important upgrades to make when it comes to safety. Do yourself a favor though and hire a licensed electrician. If you find a home you love that has 2 prong outlets, no GFCI protection in kitchen or baths, or has an unsafe electric panel, these are prime for upgrading. Not only will it be safer, it adds modern conveniences. You will need these kinds of upgrades later down the road anyway to make further improvements in the house that you really want. While this electric project could average between $7,500 – $10,000 or more, if you’re buying in a market where the average cost of a house is over $500,000, that doesn’t feel like too much.

Looking for more of a project? Here are some tips for something more extensive: Click Here.

 

Some good news from Portland Water Bureau.

Posted on by Living Room Realty

, Portland Water Bureau

Portland Water Bureau response to COVID-19

We’re all in this together. That’s not just a catchy saying to us, it’s part of our ethos. It guides every decision we make. Many Portlanders are struggling right now as we all adjust our lives and respond to COVID-19, here’s what we’ve done to help: No customer will have their water shut off. No late fees for non-payment. Our Customer Service team is staffed to answer any questions. It’s best to reach out by email for a quicker response at PWBCustomerService@portlandoregon.gov. We offer crisis vouchers and have programs for income-qualified customers. We’re all in this together. You can stay update on how we’re responding to COVID-19 here: https://bit.ly/2VEwDWK

Your water: Safe and available during the COVID-19 crisis

Official web site of the City of Portland Water Bureau

portlandoregon.gov

Firehouse Row – Living History

Posted on by Bonnie Roseman

Brendan and Mary landed a piece of the past!

Victorian in SE Portland
A Portland original

At the corner of SE Harrison and 7th Avenue a number of Victorian era homes have been carefully preserved. Originally built in 1893 as rental homes, shortly after East Portland was annexed by the booming City of Portland. One of the renters, Lee G. Holden, designed the adjacent fire station (circa 1913) and these houses were often home to firefighters who worked at Engine No. 23 and their families. The firehouse itself later made history as Oregon’s first medical cannabis dispensary and now their bud tenders offer medical and recreational weed.  They have maintained the original facade and some of the other architectural features of the old station. Commonly called Firehouse Row, the official name of this little enclave of Queen Anne lovely ladies, added to the National Historic Registry in 1989, is The George P. Lent Investment Properties. George, who was born in Portland in 1852 to the eponymous Lents family, of the Lents neighborhood, built the now famed homes.

Then and Now

When Brendan and Mary described their wish list for a first home of their own, this beauty with its turret, colored glass and other historic architectural details came right to mind. It was love at first sight. Navigating a VA loan, with all the extra requirements regarding property conditions, on an 1893 historic home, was a bit of a battle. Also, the home was being used as a short term rental, further complicating inspections and repairs, because we had to schedule all of our appointments around guest bookings. In the end we got it all successfully squared away.

Gracing the walls of the Airbnb, the sellers had some very old mounted photos of the house and neighborhood on display. As a wonderful gesture they left them for Brendan and Mary to enjoy. A very sweet gift! The block is still intact, providing a rare site of old, old Portland housing.

On their project list is repainting the exterior. Mary and Brendan contacted Bob Buckner, famed color expert of The Painted Ladies Revisited and other works on Victorian homes and he coded photos of the house to guide them through how to get the paint job just right. I cannot wait to see it!

References: Multnomah Pioneer Obituaries, Wikipedia, Placeandsee.com, https://www.cannablissandco.com/firestation-23-portland-or

Not a Murderer!

Posted on by Living Room Realty

I got a strange text from someone on a Sunday afternoon saying they were looking for a REALTOR® that was responsive and flexible with their time, was that me?  I said yes and they asked me to meet them at this vacant house the next morning.  I was a more than a little creeped out by their tone but I looked them up on Facebook and saw we had one mutual friend so I agreed to meet.  I told my business partner  the address and that if she didn’t hear from me by 10:30am to call the police.  Luckily, she was exactly what her profile picture looked like and not a murderer but you can never be too careful in my line of work.  I’ve seen and heard of some crazy shit!

She had gone to the open house that Sunday with friends and loved it but when we walked through it together and I pointed out the amount of work it needed she decided to pass.  I was relieved because it looked like a nightmare deal.  Hours later she called again and wanted to make an offer so I wrote it up.  The agent on the other end is an agent I’ve had several deals with and we have a good rapport.  We acknowledged off the bat that getting this house to finance and the amount of repairs needed would be very tricky, but we both committed to gather all the bids and do all the legwork to keep it alive.

This house might be the roughest one yet.  The only inspections we got lucky on were sewer and radon but the rest were enough to make a buyer run far away.  This particular buyer had been looking in her price range for close to a year and was using a first-time buyer program that was expiring so we had to make this work if possible.  We got bids on bids on bids and just asked for the world.  We knew we wouldn’t get it all but we knew what we needed to have to stay in the deal.Over several days of back and forth nail biting negotiations we got what we needed to make it work.

This year has been the year of really tough deals.  As the market is shifting, buyers have some negotiating power again.  It’s a good time to try to buy if you are on the edge of thinking you may have to rent forever.  Let me get you there.

This Family Caught the House Bug.

Posted on by Living Room Realty

Amy and Luis were along for the ride last month when Amy’s sister Kara bought her house.  Two weeks after that house closed, Luis texted me with a house he wanted to see for a rental.  The idea was to either buy a house that Amy and Kara’s parents can move into, or just a house they can hold onto for a long term investment.  We hung out for an hour at a really beat up bungalow.  It had been a rental forever and the tenants had a weed operation in the basement.  The location was cool, but the house needed a minimum of $100k to bring it back to life.

As we were standing by our cars talking about the offer we were going to write, I mentioned that I’d really like to see them buy a mid-century instead of an old bungalow for an investment.  Even if it were a grandma ranch, the bones would be a lot more solid and it would likely only need cosmetics.  I had a house on my radar that I was meaning to check out for myself so I showed them photos of it online.  Ten minutes later we were there.

The house had been on the market for two weeks at $625k.  I really think the only reason it didn’t fly off the shelf was because it came on during a holiday weekend.  The history of it was that it had been in the same family for 50 years and when the mom died recently, the daughter came up from Florida and updated all the systems.  She replaced the roof, electrical, furnace, painted, remodeled a bathroom, and added an egress to the basement family room.  It was important to her to honor her mother and the home she grew up in and get it ready for market.  It was immaculate and bright with pass-through picture windows that look out into the large landscaped back yard.  She left all the mid-century details untouched and did all the right things to make it modern.

Because this house has a full basement with egress and it’s own entrance separate from the main house, it would be very easy to convert to a duplex.  Everyone left in love and an hour later Luis called to tell me to write it up.  Because it wasn’t going to be his home and there’s less emotional attachment with a rental and there were no other offers, he offered $25k under asking.  The next day the seller accepted.

There wasn’t much to negotiate on this deal because everything had already been done.  The only tricky part was the sewer line but we were able to get the seller to replace it before closing.  The timing worked out perfectly because  Amy and Luis married last Saturday and Amy’s parents were still in town Monday when it closed to check out their potential new home.  I love these clients and I LOVE when deals go super smooth.  Congrats Amy and Luis!!!

Cabin Fever in The City

Posted on by Bobby Curtis

Check out my latest remodeled Portland bungalow tucked in the trees of St Johns. When you open the front doors, you will be greeted with the warm, spacious living room with 12 ft cathedral ceilings and pine shiplap walls.

Step down into the large and cozy bedroom with pine wainscoting. Look out to the Evergreen in the front yard with a 7 foot wide tree trunk. Yep, you will feel like you’re in a luxury treehouse.

 

Continuing through the living room to the new custom kitchen with breakfast bar and quartz counters.

Dine in or step out to the large, private deck where you can BBQ, host friends, or have a cup of coffee in the morning.

Head downstairs to the inviting finished lower level with guest bedroom. Out the back door to the newer 392 SF garage with 9 ft ceilings and city approvable architectural plans for ADU conversion included. Friendly neighborhood and quick commute access.

For more info on this house, check out the listing here. Not quite right for you? If you’re interested in finding a remodeled house like this, or a fixer that can be restored, give me a call. I’m happy to help you in your search.

On the flip side, if you’re looking to sell your current home or investment property, I’m happy to get together for a coffee or whatever you drink to talk about your plans, and what’s important to you.

Bobby Curtis
Principle Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066

Flipping Houses: Interview with Bobby Curtis Part 2

Posted on by Bobby Curtis

Bobby Curtis was recently interviewed on how he finds good houses to flip. Here’s the second part of what he had to say.

1. What are the key financial considerations real estate flippers should think about before they begin a new project?

Make sure you have a reliable financial source that will bring you all the way through the project. Be financially okay to keep the house longer than you need to so you don’t run out of money. Only dip into your own money that you’re willing to lose. I normally don’t recommend using retirement money, or your personal home as collateral.

2. How do you determine a budget when it comes to flipping a property?

First I figure out what work the house needs, and then I figure out what I can buy it for.

A good general rule is that you can purchase a property for 75% of the after repair value (or what you’re going to sell it for) minus the cost of repairs. For example, if I can sell a house for $400,000 after I put $50,000 into it, ($400,000 * 75% – $50,000 = $250,000).

3. Why is project management so important in house flipping?

Timelines, schedules, budgets and great communication with your contractors can make or break how successful your flip is. You or another project manager who has your same interests down to core should be there every day there is work being done. Not all day long, but checking in. I recently took a 5 day trip to Alaska Ain the middle of a project. Even with a crew I’ve worked with for a while, things get handled differently (better) when someone in charge is there to check in, make decisions and overcome challenges.

4. What are some key mistakes that can make house flipping a flop?

Interesting you should ask. I did an interview answering just this question. Click Here.

Here are the nuts and bolts:
A. Putting in materials and finishes that don’t work. Make sure people are already buying houses with the design ideas you are using.
B. Buying a house with no good comparable houses
C. Putting a house up for sale before it’s 100% complete
D. All D-I-Y work
E. Taking too long

5. Anything else to add?

You can only do so much thinking about it and research. If you want to flip houses, you have to get things in place, buy a house and get started. You will learn things along the way. When things get tough, bring in experts in the area you are struggling in. It will be one of the best decisions you make. Miss part 1? Check it out here.

Bobby Curtis
Principle Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066

Flipping Houses: Interview with Bobby Curtis Part 1

Posted on by Bobby Curtis

Bobby Curtis was recently interviewed on how he finds good houses to flip. Here’s what he had to say.

House flip – stately home in NW Portland

1. How do you find a good flip?

I find a good flip by keeping my eyes and mind open. It’s not just about finding a distressed house that needs work. There are many people out there flipping houses. I’ve discovered I need find something that presents a challenge that other people (flippers) don’t want. And I have to get creative to solve a problem in a way many end buyers will love.

2. What are the key steps to successfully flipping houses?

The key steps are:

A. First, hire a great real estate agent who is an expert in the area you’re looking in, and knows a thing or two about fixer uppers
B. Buy a fixer upper at the right price, and make sure there are good comparable houses for the price you plan to sell if for fixed up.
C. Get solid estimates for the work that needs to be done, and hire dependable contractors to do the work

D. Hire a cost-effective designer, or be one yourself. This is not a time to try out your super specific design ideas. You want something that will appeal to most
E. Get it done, and do it quickly without compromising quality. My goal is 4-8 weeks. If this is your first flip, don’t go over 3 months. Ideally you want to buy the fixer and sell the fixed up house in the same market.
G. And finally, sell it. Don’t nickel and dime the buyer who places their offer. You will often give more than you want to. That’s okay if you’re making enough money on it.

3. What should real estate flippers have in place to make sure the process runs smoothly

A great real estate agent, dependable contractors, a personal support network, and a reliable financial source.

4. What’s your best advice for working with and managing contractors? How do you cut ties with a bad contractor legally?

Very good question. I’m professional, and I hire professionals. That doesn’t mean the best price, because WHEN shit hits the fan, you want to know you can count on them. I hire a mix of contractors who do the work themselves, and larger companies who have crews. Equally as important is I work with people who specialize in fixers, not new construction.

I’m in this for the long haul, and most people who want to get into flipping houses usually want to do more than one. So, if I cut ties with a contractor, I usually give them more than I think they deserve and just agree not to work together again.

Lastly, reputation is important, and frankly you’re very exposed when you flip a house. If they want to make things difficult for you, they can. Most of the time when you want to part ways, they do too. So, shake hands and agree to be done.

Interested in Part 2? Check it out here.

Bobby Curtis
Principle Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066

 

The End of the Milwaukie Era.

Posted on by Living Room Realty

When my friends, Chey and Naomi, sold their North Portland house to find a house in the burbs I thought they were nuts until we found this mid-century in Milwaukie with an pool.  It was a time capsule of 60’s well built perfection with a spacious open floor plan and a party basement.  We had so many parties and so much fun in this house the last few summers.

But when the seasons start to change the drive feels impossible and becomes less frequent from the friends.  Naomi was driving up to work in North Portland 5 days a week and was growing tired of the commute.  Most of our friends have kids now and it’s so hard to get together for spur of the moment hang outs with them so far away.

When they told me they were ready to sell and move back to North I was thrilled but also panicked because no one else has a pool.  They won’t be having their big 4th of July pool party this year but they are they have found a new home in Kenton!  More on that purchase soon, it’s been a giant project.

Not a bad paycheck!

Posted on by Living Room Realty

Our client, Kelly, came to us 4 years ago as she was just starting her plumbing apprenticeship.  She knew Portland probably wasn’t her forever home, but she knew she’d have to be here for at least 4 years.  She pulled out her savings and scoured the market for a cute small house in the not yet blown out neighborhood of Foster Powell.

In the short time she’s owned it, a community garden went in a block away, several cool restaurants and coffee shops, and they built a bike lane on Powell to slow the traffic.  Her mortgage was affordable enough that she was able to host refugees through Catholic Charities without having to charge them rent.

Now 4 years later, she’s a licensed plumber and wants to take off to Antarctica to scuba dive for a year.  She spruced up the paint and yard and listed it this spring.  Multitple offers came in and she made $80k over what she bought it for.

I can’t stress enough how real estate is,  in my opinion, the best tool for the working class.  It can create awesome rewards for short or long term investments and provide security for your future.  If you have to pay rent anyway, why not pay yourself?  There are several programs right  now to assist with low down payments.  Call me if you want help getting on a path to home ownership.  Love to help!

Best of Both Neighborhoods!!!

Posted on by Living Room Realty

Nestled between FoPo and Woodstock, you get the best of both neighborhoods! Remodeled bungalow on a corner lot with updates galore! Newer roof, panel, furnace, AC, paint, and windows. HUGE kitchen, proper dining room, master up with bath, fireplace, hardwoods, garage, and basement for storage. Yard is fully fenced with awesome southern light! Great walk score and food and shops at your fingertips. Open Houses Saturday 11-1, Sun 1-3pm.  Call me to see! 508-340-1456

The C-Word (in Real Estate)

Posted on by Bobby Curtis

The C-word is showing up in more real estate conversations lately. Well actually a few c-words: Cooling. Creative. CONTINGENT.

Yes, the hot seller’s market is now cooler. Higher interest rates and feelings of market uncertainty have contributed to a slower real estate market, and it’s time to adjust expectations. Buyers have the luxury of getting a little more creative with their offers, like including contingencies, and sellers may find themselves needing to be just as creative when marketing their properties. Let’s look at this from a couple of perspectives.

Sellers: Time to start getting creative. We’re moving into a more balanced market. There are more houses for sale, which means buyers have more choices and they feel they have more time to find the perfect match. The days of selling your house for cash in 24 hours with 10 offers are gone for now.

Make sure you’re working with an experienced agent who knows your neighborhood, and can offer an educated perspetive on what to expect in the coming months. This will help appropriately price and market your house, and it will sell more quickly. If you get one, consider looking at those contingent offers. Keep in mind many of those buyers are also motivated sellers themselves. Have your agent find out if the buyers want to buy your house as much as you want to sell it, first. If you go this route, have some patience. To get the highest price and best terms in this scenario, you’ll likely need to wait it out a couple of months for them to sell their house first.

Buyers: You can get creative too! Need to sell your house before buying? Include that contingency in your offer or ask for an extended close period. Even ask for what you want, what you really, really want. Maybe after seeing many houses you’ve found your 95% dream home. Consider asking the seller to make some concessions so you can afford to make those improvements right away, or even ask if they’ll make those improvements before it closes. It can’t hurt to ask, especially if your offer is the only one on the table.

This scenario played out on a house I sold last week. The buyers found their almost perfect home that these sellers had just remodeled. But, it was missing a few things (or rooms) to work well for their family. What sealed the deal? The extra bathroom and finished living space the buyers asked to be constructed in the the basement prior to close. Not only did the sellers come through on their wish list, this sale was contingent on the buyers house selling, too. Are you still following? So why would these sellers do that? First, they remodel houses for a living so it was in their wheelhouse. Second, the buyers were willing to hand their earnest money over to the sellers before closing so they could make these personalized updates for them.  Cool clients, contingent closings, creative considerations. All c-words on this one.

The market is changing. If you’re actively in it, you know that. Selling right now? Work with your agent to ensure you’re competitive and make sure they’re working creatively to get your house sold. If you’re buying, don’t pass up that 95% dream home. Just ask for what you want. The sellers will be glad you put a thoughtful offer together.

Bobby Curtis
Principal Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066

Living Room Realty ~ Year 1

Posted on by Bonnie Roseman

Last week marked the first anniversary of my joining Living Room Realty, which was a very big deal after nearly 26 years in the same office! Like moving to a new house after many years, changing work homes is exciting. Why’d I make a change after all of those years? Well, I decided it was time to align my workplace with my ideals.

The day I walked in for my first meeting with Jenelle Isaacson, the owner of the company, she greeted me with a warm welcome, a vegan lunch made of freshly harvested, organic greens and an invitation for Bender, my canine companion, to make himself at home.

Bender the real estate dog at work

Things I  about LRR:

  • It is a local, woman-owned company
  • Beautiful offices in awesome locations (Clinton-Division, Alberta, NW & Multnomah Village)
  • The Loving Room Fund for charitable giving (more on this in a moment)
  • It is very inclusive and gay friendly
  • It is super dog friendly
  • We are a B Corp (https://bcorporation.net/about-b-corps)
  • We recycle and even compost!
  • Awesome marketing materials to make listings fly
  • Great staff

Little things really make a difference to me. When you meet me at the office you’ll find that we use real glasses, mugs, and towels; skipping all the plastic and paper. By the way, we have a great tea selection, high quality coffee, and even soda stream bubbly. So, let me know when you want to come in and have a cup.

Did you know?

I donate 1% of every commission I earn through our fund to give back to my community. For the next three years our recipients are Rose Haven, Oregon Wild and Urban Gleaners. The really cool part is that when you buy or sell property with me, you get to pick which one of them I will donate to. Which is your favorite?

Rose Haven is a day shelter and community center serving women, children, and gender non-conforming folks experiencing trauma, poverty, and physical and mental health challenges. They restore stability and dignity for 3,500 guests annually.

Visit their website

Oregon Wild works to protect and restore the wildlands, wildlife, and waters that make Oregon the best place on Earth to live. Right now, one of their main efforts is aimed at permanently protecting over 500,000 acres of wildlands in and around Oregon’s only national park – Crater Lake – as Wilderness. They’ve also been a strong advocate for Oregon’s native wildlife such as wolverine, salmon, sea otters, and gray wolves.

Visit their website

Urban Gleaners rescues edible surplus food that would otherwise be thrown away from grocery stores, restaurants, event sites, farms, and farmers markets. They collect roughly 50,000 pounds of food each month and deliver it free of charge to hungry children and their families through their Food to Schools program here in Portland.Their mission is to reduce waste and want simultaneously.

Visit their website

Gratitude and Honors

It has been a great year and I have met many new colleagues and clients who have become friends. I am so grateful to the fabulous folks I have had the pleasure of working with this past year. Thank you for your support and your votes for me to receive the Five Star Professional Award for the 8th time-WOW- this means so much to me!

Here is the link to participate in their program. http://www.fivestarprofessional.com/homesurvey

There are many excellent agents at Living Room, so I was delighted to be recognized as one of the top ten achieving brokers in the company. As I approach my 28th year in this business, I can truly say I still love helping people find their way home, and I am glad to have found my way to my work home.

 

Happy 2019!!!