Are you diving into the world of real estate investment? If so, understanding the crucial difference between capital expenditures (CapEx) and maintenance is key to your success. In this comprehensive guide, we’ll break down these terms, show you how to calculate them, and teach you how to forecast them when analyzing potential deals. Let’s get started!
CapEx refers to significant, long-term investments made to improve or increase the value of a rental property. These are typically big-ticket items such as:
Maintenance involves routine tasks that keep the property in optimal condition. These are usually more frequent and less costly expenses, including:
When evaluating potential real estate investments, it’s crucial to distinguish between CapEx and maintenance. Here’s a step-by-step approach:
The amount you allocate to reserve funds depends on your risk tolerance:
For a detailed understanding of CapEx, create a spreadsheet using this formula:
Monthly Cost = Replacement Cost / Lifespan (in years) x 12
Understanding the nuances between CapEx and maintenance is crucial for effective property management and investment planning. By accurately forecasting these expenses, you’ll make more informed decisions and build a robust real estate portfolio that stands the test of time.
If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.
For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.
It hasn’t been the easiest time to be a buyer. Buyers have been facing high rates, low inventory, new commission structures, and houses that need lots of repairs. In the end, it all adds up to $$$! What buyers need is a bit of relief. And when a brave buyer takes the plunge with a house, the hardest day of the transaction is often the home inspection day. This is often the day when the $$$ needed to move forward on a home seems insurmountable. Having a great buyer’s agent on your side to walk you through negotiating with the Seller is critical. Agents can end up saving you thousands of dollars in the end with great professionalism and negotiation strategies. And really what is it that a Buyer wants? A new place to call home. If you are ready to take the plunge and buy a house, contact us today.
Deciding whether to sell your house or rent it out is a significant decision, especially when planning to purchase another home. In this blog post, we’ll explore the benefits and challenges of each option, helping you make an informed choice. Here is the video if you prefer to watch as well!
Before deciding, it’s crucial to crunch the numbers to see if renting out your home makes financial sense. Consider using tools like Rentometer to estimate potential rental income and compare it against your mortgage and maintenance costs. Don’t forget to factor in expenses for property management, vacancy rates, and potential major repairs.
Alternatively, selling your home might be the better choice if the financials don’t favor renting it out, or if you prefer not to deal with the complexities of being a landlord. Selling can provide a lump sum of money which could be used to pay down debt, invest, or purchase another property without the responsibilities of managing a rental.
To help you make a well-informed decision, I offer a detailed calculator that projects the financial outcomes of renting vs. selling your home. This tool can be invaluable in visualizing the long-term impacts of each choice. If you’re interested in a more personalized approach, consider booking a strategy session with me through my link. Together, we can explore all aspects of your situation to find the best path forward.
Each strategy has its merits and challenges. The best choice depends on your financial situation, lifestyle preferences, and long-term goals. If you’re considering renting out your home as part of your investment strategy, make sure to consult with a real estate professional to fully understand the implications and opportunities.
For more personalized advice or to utilize my rental vs. selling calculator, please reach out to schedule a strategy session. Together, we can ensure you make the best decision based on comprehensive analysis and tailored advice.
Thank you for reading, and if you found this information helpful, don’t forget to check out more of my content on Youtube and Instagram for further real estate insights and tips.
If you are considering adding a separate living space to our property, The Portland ADU TOUR is for you! Come see several ways to add an ADU to your property whether attached, detached, custom, pre-fab, big, or small. Stop by and say hi to our favorite realtors and ADU specialists from team Aryne + Dulcinea, a.k.a the Property Mavens!
And if you can’t make it, reach out to us for more great ADU information. Continue reading “REAL ESTATE NEWS: THE PORTLAND ADU TOUR”
If you’re involved in real estate transactions, especially those with multi-family properties or tenants, you’ve likely heard the term “estoppel.” But what exactly is an estoppel, and why is it important in real estate?
An estoppel is a legal document provided by a tenant during a real estate transaction. It outlines key details about the lease agreements, including the tenant’s rights and responsibilities, as well as other relevant information. Think of it as a written confirmation from the tenant that details the terms of the lease, which can be crucial in preventing future disputes.
Some key details typically included in an estoppel are:
Estoppels are voluntary, meaning a tenant isn’t required to fill one out. However, they are in the tenant’s best interest because they bring any unwritten rules or expectations to light. This can be particularly important if there are verbal agreements between the tenant and the landlord that aren’t documented in the lease.
For instance, if a tenant has a verbal agreement with the landlord that the landlord will handle lawn maintenance, but the lease doesn’t reflect this, the estoppel provides an opportunity to clarify such arrangements. This helps both the buyer and tenant understand the full scope of their obligations and rights.
One of the biggest advantages of using an estoppel is that it helps eliminate potential disputes down the road. By having everything documented, both the buyer and tenant are protected. For the buyer, it’s an added layer of security, ensuring there are no surprises after the deal is closed. It also helps in understanding the tenant’s expectations, which is crucial for maintaining a good landlord-tenant relationship.
Additionally, an estoppel can serve as a defense if a tenant later claims that certain agreements were in place with the previous landlord. With an estoppel in hand, you have written proof of what was agreed upon at the time of purchase.
While estoppels offer significant benefits, there are a few potential downsides to consider. First, because they are voluntary, tenants may refuse to fill them out or may delay doing so until after the inspection period. This can be frustrating, especially if you’re trying to finalize the details of your purchase.
Another potential downside is that an estoppel might reveal unfavorable terms or conditions that you weren’t aware of before. While this can be disheartening, it’s better to know these details upfront rather than being blindsided later.
In real estate, especially when dealing with properties that have tenants, an estoppel is a valuable tool that can help clarify lease terms and protect both buyers and tenants. While there are some limitations to what an estoppel can accomplish, its ability to document and confirm lease details makes it a crucial element in many transactions.
If you’ve encountered estoppels in your own transactions or have any tips to share, I’d love to hear about your experiences in the comments below. If you found this post helpful, be sure to check out the full video on my YouTube channel: Avoid These Real Estate Mistakes: The Truth About Estoppel. And, of course, don’t forget to like, subscribe, and share this content if you think it could help others navigate their real estate journeys!
Connect with me on YouTube, Instagram, or Facebook for more insights into real estate. If you’re looking for personalized advice, feel free to schedule a free strategy session here. Don’t forget to grab your free Homebuyer’s Guide here to make your real estate journey even smoother!
Disclaimer: Please note, I am not a lawyer. The information provided in this blog post is based on my experience as a real estate professional and is intended for educational purposes only. For legal advice, please consult a qualified attorney.
Let me share with you a heartwarming story from my recent adventure as a buyer agent, helping out my client, Jason, in the vibrant and competitive Portland real estate market.
Jason had a clear vision: find an investment property under $400k where he could not only live but also house hack. Now, you might be wondering, what is house hacking? It’s a savvy strategy where you live in one of the multiple units of your property and rent out the others, effectively reducing or even eliminating your housing costs. In Jason’s case, we were finding a single-family home for him to rent out multiple rooms.
In the bustling Portland market, finding a home in this price range meant facing stiff competition. But Jason had a secret weapon – his background in construction. He was ready and willing to roll up his sleeves and turn a fixer-upper into a dream home.
Our journey took us all around Portland, putting in several offers, and keeping our spirits high. Jason’s patience and determination paid off when we found “the one” in North Portland. Despite competing against four other offers, we came out on top, a testament to Jason’s vision and our strategic approach.
Entering the transaction phase, we discovered a few hiccups — issues with the home that needed addressing. But guess what? They were manageable, and we tackled them head-on. From getting the seller to decommission an oil tank found during inspections to negotiating a sweet deal where the seller covered a whopping 11k in closing costs, plus adding a home warranty for that extra peace of mind.
Fast forward to a month later, and we were at the closing table, all smiles and ready for Jason to start his new chapter. Now, with keys in hand, he’s busy adding not one but potentially two additional bedrooms, a move that could skyrocket the home’s value by over $50k.
Here is what Jason had to say about the Experience:
Will went above and beyond to help me find the right home for my budget. The home search, buying, and closing process was executed perfectly. I am confident that Will’s personality, local knowledge, and understanding of the client’s needs would be a perfect fit for anyone looking to purchase property. He went above and beyond gathering repair quotes from multiple contractors, negotiating closing credit, and handling the coordination between my lender, escrow, and my self. I will defiantly be reaching out to Will in the future for my next property purchase.
Ready to take the next step in your home-buying journey?
Feel free to reach out to me for personalized guidance and expertise. Whether you have questions or are ready to find your dream home in Portland, I am here to assist you every step of the way.
📧 Email Me – hello@agentlivinginpdx.com
Want to know more? CONTACT US today – we are your ADU experts!
Pride celebrations are kicking off all over the country. At Living Room, we kicked off Pride with a celebration including rainbow-inspired, plant-based food, a jazz trio, and lots of merriment! And this was all before 9:30 in the morning! We also had an impactful presentation from local lender, Percy Wise about the experiences of LGBTQIA+ buyers, sellers, and homeowners.
In case you are wondering when Portland’s big PRIDE festival takes place this year, it’s in JULY! July 15-16 to be exact. Read more about events HERE.
We could not be more excited to get back outside in our yards and gardens and plant, dig, beautify and breathe it all in. If you are interested in installing some new beds, but don’t want them to be ground level or just want to design spaces with garden boxes, CLICK THROUGH the images to see some of our favorite beds + boxes for your new project!
Continue reading “STYLE EDIT: A Fresh Look at Velvet Armchairs”
Continue reading “PORTLAND LIFE: Hot Gingery Drinks to Sip While We Wait for Spring Weather”
Continue reading “PORTLAND LIFE: Domestica’s Top Spring Cleaning Tips!”
Continue reading “PORTLAND LIFE: PORTLAND WINTER LIGHT FESTIVAL 2023”
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped hundreds of clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
In 2010 I did a short-term work assignment in Switzerland with the company I was working for at the time. I lived and worked there for about five months. For someone like myself who loves to travel, it was ideal. I temporarily left Indianapolis, where I lived at the time, packed a few bags, and rented a fully furnished flat in a walkable area of Geneva. I was walkable to downtown, Lake Geneva, and the train station where I took a short train to work.
The furnished apartment was a little like corporate housing. Inside it was fairly basic. They provided all of the essentials, but nothing stood out as exceptional about the place itself. Today, corporate housing looks different, and has expanded to more people. They are better known as midterm rentals, and have platforms like Airbnb, VRBO, and Furnished Finder. Because of that it’s easier for home owners to rent their own properties out for a month or longer. Plus, these places tend to have much more style and character. These property owners are enchanting their guests to come stay at their place for a few months with their Pinterest-quality posts.
With the pandemic, came many people working from home for the first time ever. For some that meant all-day zoom meetings, kids and dogs hijacking calls, and not enough in person socialization. Some were eager to get back to the office. While others thrived with the work flexibility and getting more accomplished in their own working environment, wherever that happened to be. As most of us realize now, many have been called back to the office, but just how many haven’t been?
Mckinsey and Company, one of the largest global management consulting firms, published a study in June 2022 based on a survey of 25,000 Americans in the Spring 2022. Respondents worked in all kinds of jobs, in every part of the country and sector of the economy, including traditionally labeled “blue collar” jobs that might be expected to demand on-site labor as well as “white collar” professions, and found that 35% of job holders could work from home fulltime. You can read the full article here.
With that new found knowledge, several people are moving or moving temporarily, and staying in a midterm rental. A friend of mine working for Nike moved to Mexico just for fun when she found out she didn’t have to return to the corporate office in Beaverton. I had clients from Durango, CO, this year who work for Tesla, who were able to move parttime to Portland, close to their daughter and new grandchild because of their new work flexibility. Interestingly, I met these clients because they found my own midterm rental online last summer, and rented it for a couple of months while they were exploring Portland.
In 2020 I decided to renovate side by side townhouses, furnish them, and rent them out for month or longer stays. Since that time, it has been rented about 95% of the time it’s been available. There are many advantages to midterm rentals. Less turn over, and fewer guests to coordinate is one of the biggest ones. But, it can also be available for personal or friend/family use, and there are some good tax advantages that you can talk with your accountant about.
That first year, I had just 5 guests ranging from one to five months, and was able to block out time for personal use if I wanted. Providing a place in a great area of NE Portland, the Alberta Arts area, these townhouses have attracted not just people who can work from home or another location; but those moving to Portland who need short term housing while they look for something permanent, locals renovating their current home, even students who are able to study remotely and traveling healthcare professionals.
As an investor, myself, I stay on top of what is happening in real estate. From house flipping to long term rentals, to short and now midterm rentals. In my opinion, this newer type of investment strategy is in the beginning stages of taking off.
To see more on the side by side townhouses I remodeled, and now rent as midterm rentals, check it out here.
This versatile, charming, and income-generating bungalow offers countless living options! Perched above the Ainsworth park blocks, vintage charm is preserved in the details: the hobbit door, coved and tray ceilings, original hardwoods, and penny tile floors.
The kitchen features a gas stove, large dining space with picture window maximizing natural lighting, wooden cabinets, granite counters, stainless steel appliances, and newer light fixtures. The kitchen and dining space open to an ample living room, the focal point of the home. Curl up with a book or host game night here, enjoying the cozy warmth of the wood-burning fireplace.
Continue on to 2 bedrooms (one accommodating a king size bed and the other with a custom Murphy bed) and darling shared bathroom. The basement features a large flex space with kitchenette, bedroom with egress window, a full bathroom, and separate utility room with laundry. With direct access from the main house and additional exterior entry to the basement, the options are endless. Entertaining, work from home, guest space, or a potential second ADU? You choose!
The large 2-car garage was completed in 2020. Above it is a design-forward 400sqft ADU with all the goodies: custom woodworking, engineered maple hardwoods, quartz counters, Ikea cabinets with semi-handmade faces, Fisher Paykel refrigerator, dish drawer, and gas stove + Bosch washer and dryer, subway tile in shower, instant hot water heater (gas), double paned wood windows, and air-sourced heat pump for heating and cooling for year-round comfort.
The fenced backyard features raised beds and a newer paver patio for summer evenings under the stars. A wide gate provides direct alley access. Oh, and did I mention there’s a sauna? Come fall in love!
3 bed | 3 bath | 2 car garage + ADU | 2298 total sq ft | 0.11 acres | built 1928
702 NE Ainsworth St, Portland, OR 97211 | MLS#: 22221306
Offered at $725,000 | Click for more photos!
With a little luck, lots of perseverance and trust, buyers are still picking up keys to beach houses in Manzanita. As I write this my clients are stuck in Friday traffic on 217, contemplating a long line of cars all the way West. But it’s no rental awaiting them today, no friend’s extra room. They will have their own beach house. Are you ready? We can do this! Hans Tonjes hans@livingroomre.com 503-936-4244.
KUDOS to Bill and Sara for closing on this property with HUGE potential. Bill was on his way to pick up his son from golf lessons when he stumbled across three adjoining properties for sale. Bill immediately saw the potential and called his wife Sara. Well, actually first he called us, and then he called his wife, Sara, but he sounds like a much better husband the first way. We were able to help him get an offer accepted right away (despite multiple offers from other buyers — beginners’ luck!).
Bill is “two thumbs up” excited! Sara? Maybe a tepid one thumbs up, but she is taking a leap of faith and believes in Bill’s vision. We know that this property will shine when they have completed their vision. We are looking forward to seeing the end results. Does this all sound a little vague and mysterious? Well, that’s because the first rule of rehab club is . . . . Well, you know!
Are you looking for inspiration? Have dared to let yourself dream about investment opportunities? We want to help make your most daring dreams come true. Call us!
As if on cue the rain has pulled back this morning and the following week promises sun and white fluffy clouds on the coast. There is slight inventory here but transactions are happening. Maybe head down and take a look around? Pick a neighborhood or village to watch? Some buyers give up and some new buyers sneak in and show up at the right place at the right time. I’m here to help! Hans Tonjes hans@livingroomre.com 503-936-4244.
2020 flipped most of us upside-down, and in doing that, we got a different perspective. That was the case for Dylan and Steven. Like many of us over this past year, they took the new perspective and used it as opportunity to reassess where they want to live. That brought them to Portland.
Admittedly, when they first reached out to talk about moving here, they were unsure if they would make that move. Not to mention, the idea of buying a house across the country in a busy real estate market was a tad overwhelming. We talked through the ins and outs of the Portland real estate market, the neighborhoods that might be a good fit for them, and what the process would be like looking at houses from 2000 miles away.
Not surprising to me, it didn’t take long for them to become confident in their decision to move to Portland. After that, working together to find a great house was actually pretty easy. I work with many people who move to Portland from out of state. I did that at one point too, so I know what it’s like. And once we start talking about considerations, and why the move here, it seems to become clear. I don’t talk people into moving to Portland. I let them decide that on their own. But I do talk with them about what it has to offer, and what they can expect. If they decide against the move, I at least feel helpful in giving them some additional information to make a great decision for themselves. These guys just arrived, and are off on a new adventure.
Charming starter bungalow with with loads of potential, and ready for personal touches. Bright space with hardwood floors and period molding. Practical floorplan with main bedroom in the back, Jack and Jill bath, and front bedroom with French doors- for an ideal home office. Throw a space heater in the partially finished garage/studio, and enjoy a great additional flex space. Dynamic backyard with covered patio, chicken coup, garden with mature perennials, and an outdoor shower/clawfoot tub.
2 bed | 1 bath | 916 sq. ft.
MLS# 21068036 | Taxes: $2209 | Lot Size: .11 Acre
$350,000
“It’s like riding a bicycle…” Will we remember how to eat next to strangers? Share entertainment, space, place, travel? I think so. In the meanwhile, there is lots of elbow room at the beach. Demand is high, supply is low, but the world keeps turning. If you are realizing that you can work away from an office, maybe even long term, the Coast offers a great home office demeanor. Time to start pedaling! Call Hans Tonjes – 503-936-4244 – hans@livingroomre.com
A sweet price for a sweet home! Classic Portland bungalow complete with an open concept main space, gleaming hardwoods throughout, big windows for lots of natural light, a well-appointed galley kitchen with newer appliances, and a bonus room. A big yard with a garden is perfect for green thumbs and outdoor hangouts. Updates throughout include appliances, furnace and water heater new in 2006, and a new roof in 2013. In the heart of St. Johns, this home is on a quiet tree-lined street, with a bike score of 97!
Or at least that’s how it felt… Duplex, Triplex, and ADU were the costume themes for this ball, but what lay underneath was non-confirming units, no permits, and much much more. The process involved a lot of researching and educating our client on the risk he would be taking on and the impact this has on value. We do not take this process lightly and our client saw that. As an agent who prides herself on education and helping a client see potential pitfalls, constantly poo-pooing options felt daunting… The search felt like a game of line them up and knock them down UNTIL we came across an amazing property with historic character intact and permits! This home was as it seemed… a place for our client to settle into, that would also provide income. Way to be patient!
In 2018, Tasa, reached out to me because she wanted to flip a house. I didn’t know it would lead to this, but since then, we have spent many hours talking about house remodeling, key improvements, and how to ensure a profitable investment. Just finishing up her third successful home remodel, I wanted to share some of her work with Kara Mack on Afternoon Live. Below are a few before and after photos. For the full 8 minute segment, and more of the work she did to the house, check out the link below.
My Client, Tasa’s, Third House Flip
Recent transplants from Brooklyn, Sha and Matt are loving their new neighborhood of Grant Park. So much so that 6 months in they started looking for another property. With their eyes on several neighborhoods through out Portland, they landed on this solid Cape Cod just across from Grant High School. Conveniently in’t also a few blocks from their house.
With 4 bedrooms, 2 baths and an unfinished basement, there is plenty of room here. The hardwood floors were recently finished, along with interior paint. It has bonus improvements like newer, fully owned solar panels on the roof of the garage, and seismic earthquakes straps. As an investment property, it is solid enough to be rented out as is right around $3,000/month, but also has room to make improvement over the years…cut to the kitchen and bath. 🙂 And at a pricepoint under $700k, there will be some upside if they make smart improvements over the years.
Keep your eyes open for the 5 bedroom, 3 bath house in Argay Terrace that will come back to market sometime this Fall with a sweet new look. My client, Tasa, just restored a mid-century house in Milwaukie earlier this year, and we found this very solid split level that just needs a fresh perspective. After photos to come.
I’m not a financial advisor, but I’ve been witness to some very smart investments over the years. I’m impressed by this adorable couple purchasing a retirement home in Vancouver, Washington. They decided that the Couve’ is their destination for retirement(Noted as the one of the best places to retire in the US, by Forbes). They flew in from California a month ago and we previewed several homes, fell in love with a great townhome. Vancouver average home price is $291k, has a good economy, and rests on the Columbia river gorge- with breathtaking views and countless activities to do outdoors. The Couve'(Vancouver) has been voted ‘best place to retire‘ many years in a row, on many lists.
After they went into contract, they flew back to California. I’ve attended the inspections on their behalf, coordinated contractors, completed final walkthroughs, communicated all details of the transaction with them- all while they are residing in California. Most people still have to go about their life and work during the real estate process and I love being able to communicate all the details long distance on their behalf! We coordinated the closing details so they could keep their travel plans to Paris. What a relief to know that everything is taken care of while you’re away. The plan is to rent the home for the next 5 years or so, building equity, and watch that nest egg grow! I’m honored to help you through this process. Congrats Anne and Marshall! C’est l’heure de fêter ça!
Making a make to the Pacific Northwest? Give me a call! I’ll plan a tour of both Portland and Vancouver, to help you make smart move.
Julia Robertson | Licensed in Oregon & Washington | Living Room Realty
julia@rebyjulia.com | 541-505-1111
Congratulations to my clients Edna and Rich, on their sweet duplex purchase on SW Cheshire Rd. in Beaverton!
When I was originally approached by one of my client’s informing me that her mother was interested purchasing a duplex in the greater Portland area and was open to anywhere from Gresham to Forest Grove, my eyes got a little wide thinking about where to start. After some strategizing, I realized that the large scope of area simply opened up our possibilities in finding the perfect place. Her mother, Edna, had recently relocated from Hawaii, was living with her family, and was hoping to eventually move in to the property down the line. Not only did we need to find a property that had investment income and potential, but it needed to work for Edna’s purposes at some point as well. Fast forward to the Tour de Portland Multifamily and if you have never gone down this path, I will be brief. You are lucky to get in to see a property before you have to write an offer. Many properties have extensive deferred maintenance issues that will need to be addressed. You are lucky to get accurate financial information and you need to look at CAP (capitalization) rate information with a fair amount of skepticism concerning their accuracy. Realizing we needed to increase our potential purchase price to net better properties, Edna brought on an investment partner from Hawaii, and it is here where Rich enters the picture. Now sporting an increased purchase price ability, we increased our search parameters and began seeing more appealing properties as a result.
After several written offers on properties that were “Subject to Interior Inspection” and promptly running the other way, we found this gem of a 6 Bedroom, 2 Bathroom located in an area of Beaverton some folks refer to as “Wonderland” or the Looking Glass Neighborhood, due to the colorful street names in the area, such as Mad Hatter Lane, Alice Lane and Cheshire Rd. This property was a corner lot on SW Cheshire Rd. that featured a newer roof, newer sewer line, and was great shape compared to many of the properties we had looked at previously. We had some competition to get this one in the form of offers including one aggressive competing cash offer, but my client’s listened to my advice, stepped up to the plate and put their both feet forward and it paid off! We were in contract and now began the process of evaluating the investment information, began the inspection process, all while navigating around tenant’s who were hoping nothing dramatic would change as ownership did. We thankfully had Edna’s daughter, EJ, as our point person for keeping us all on the same page during the transaction and things moving along. There were a few delays during the inspection process that required second opinions and some holding of our breaths, but when we made it through in once piece. Now Edna and Rich are the proud owners of this Beaverton property and a step on their way to their investment dreams.
A special thanks to Ken Kondziela at NW Premier Mortgage, Inc and his team for their calm, patient approach with my clients. Their responsiveness and communication was invaluable, especially when we the buyers are in different states (and time zones).
Mahalo Edna and Rich!
If you’re interested in buying or selling multifamily/investment property, give me a call and I would love to chat with you about it!
SCOTT SHOJI
Living Room Realty
Licensed Oregon Broker | Email: s.shoji@livingroomre.com | Phone: 503-927-3900
I love working with investors, but this family was just the sweetest! My clients, Pat and Mike, decided to buy a home for their adult children to rent back from them. Pat and Mike, live in Colorado, but their son and daughter live and work here in Portland.
Cara and Sam, “the kids”, met with me in our Alberta Office to talk about what the family’s plan was. The kids would be touring the homes with me and identifying the best ones. They would ast as the “eyes” for their parents, Pat and Mike, who would be purchasing the house. The would buy the house as an investment property and rent it back to the kids.
The type of home the family was looking for has some divided space. The kids are grown, with their own lives, and needed a home where they could have their own spaces. Because of this, we looked at homes where there were bedrooms and living room areas on different levels. Some of these homes had a separate apartment, some had a finished basement, and a few just had unique layouts that provided the separation they were looking for.
The house they bought was perfectly divided. The main floor had two bedrooms, one of which had been opened up to the living room. The basement was finished with a bedroom, bathroom, and living area with wet bar. You could also access the stairs to the basement from the back door, allowing the downstairs extra privacy.
This plan works out great for this family. The parents found a great investment property in a growing area (Foster-Powell). They could expect their home to appreciate over time, gaining equity. The kids found a house they could live in together, with their own spaces. The family would also be securing the kids a place to live where their rent wouldn’t go up while rental prices increase throughout the city.
There are so many ways families can help each other with housing, while also making a smart investment. Parents buying homes for kids in college to rent, or siblings buying duplexes, single people buying houses with an ADU to rent in the backyard, etc… If you’re like Pat and Mike, and want to invest in Portland real estate, give me a call! I can help you identify a great place that will meet your family’s needs too.
Congrats Pat, Mike, Sam and Cara on the new house!
(Oh congrats to Dudley, the handsomest chocolate lab/most fun roommate, too!)
 This home has been loved. My client bought this adorable mid-century modern ranch as their first home and absolutely loved living here. They planted fruit trees in the back yard, hosted family and friends, and spent years exploring the neighborhood and making lifelong friends. In time, as their family grew, this became their first investment property and now this investment they made many years ago is the key to buying their dream home! They lovingly updated the house with the hope the next person would love it too and it seems we’ve achieved a property love match! The new owner is a first time buyer who grew up in the area and is very excited to be close to their family.
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I’d like to share Bob and Hilda’s unique story for buying a home in Portland. Bob will be the first to say he lives in San Francisco but grew up in Eugene, Oregon. So, technically he’s an Oregonian. 🙂
They started out looking for a home in Portland because Bob’s best friend since they were 12 years old, Aaron Levi, has been priced out of San Francisco. They are currently neighbors in San Francisco.
Aaron is an artist and has a fascinating life story. https://www.si.com/nba/2015/03/04/wilt-chamberlain-aaron-levi-a-giant-shadow-son-secret
Bob and Hilda plan to rent the home to help him with the next growth stage of his life. He wants to come home to Portland and with our vibrant art community, he will certainly be welcomed.
Bob and Hilda experienced four highly competative multiple offer situations. During their visits they fell more in love with Portland, and were fascinated with Accessory Dwelling Units (ADU’s), they decided to purchase a second property with an ADU. It was a great pleasure to help them through the process of purchasing two Portland properties.
And some day, they will also return to Oregon.
Leilani & Evan hit the jackpot! Their path towards Chip & Joanna Gaines status is in motion as they receive keys to their first home and biggest investment.
After following my famed (okay not so famous) ig account @pdx_meg, Leilani contacted me to find out how they too can become part of the badass buyers club. Like a lot of my first time buyer clients this past year, Leilani & Evan paid $0 closing costs! They found this gem of a 1960’s ranch and we quickly put together their winning offer package which beat out 8 others!
What are they up to now? I’ll make a few periodic updates to their story as they tackle their first renovation. Stay tuned for more progress photos and style inspo as they make this house their first home.
Congratulations to the newest members of the badass buyers club!
503-840-2842
If you’d like help buying, selling, or small space planning, I’d love to be a part of your team too!
I met Cheryl at a recent class reunion as the new bride of a longtime friend and they’re currently building their dream home on beautiful family property in Scappoose.
Cheryl is an open, fun and caring person and it’s no surprise that Cheryl and her family decided she would be the one to care for a beloved family member. There was only one big problem. Their new home would not be completed for another six months and their current home is too small to accommodate them and a teenage son. They needed to move their beloved family member as soon as possible.
While their new home is being completed, they decided to purchase a larger home to live now, and will convert it into an investment property later next year. It’s nice to see families work together for the best care and solutions of loved ones!
Montavilla investment & development opportunity. 1914 Fixer Farmhouse-style home with 3,308 sf has vintage charm, original woodwork and built-ins on the main along with living room fireplace, wood floors, breakfast nook, stainless steel kitchen appliances; Many recent updates & hi-ceiling basement for expansion. 10,000SF Lot with R2a zoning allows 5 units per base zoning guidelines. Potential for increased units with future overlay proposal. Buyer to perform due diligence. Development packet available.
For a slideshow of all property photos click HERE
