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We have been asked every question imaginable from where to shop, send kids to daycare, crime statistics, home repairs, dog walkers, you name it. We do our best to connect our clients with the right people, answers and services when they need our help.
We have created a resource guide full of the people and phone numbers we turn to when we need those answers. Feel free to download a copy and please let us know if you have a business you think deserves a space within those pages. We update the guide once a year and would be happy to check out your referral.
Living Room Realtors Resource Guide

Sweet Mid-Century Fixer, Ready for Restoration

If you have ever searched for a great mid-century modern fixer, you know that grandma’s have all the best houses. Whenever I hear “same owner for 40 years” I run right over, and right there among the sugar-free candy and family photos, I usually find great mid-century details such as mahogany paneling, green slate floors, and brick fireplaces.

Ben and Meredith were looking for a mid-century house that they could turn into an incredible modern home, when they found this great ranch. Owned by a very sweet lady, the house had not seen much renovation in many years. However, the great layout, clean lines, and mid-century features were all there, just waiting for Ben and Meredith to bring back to life.

This solid home sold for $295,000.

Tim Pitts
503-317-4312
tim@livingroomrealtors.com

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My New Portland Investment Property

I am a big believer in real estate as a short- and long-term investment strategy. I don’t need to go into all of the reasons why, but in a nutshell, I think owning rental property is a great way to invest for the future, since you have fairly fixed costs (your mortgage payment won’t go up) and rents should steadily increase.

My partner and I own a few rental properties, and the best example of rental property working as my retirement fund is a fourplex I bought a few years back. I bought this Alberta fourplex when I was 30. It was grossing around $3000 a month (basically covering the mortgage payment). I quickly realized that in 30 years, I would be 60, and that would be the payoff of the mortgage. So, inflation and rent increases aside, I would start earning $3000 a month at age 60. This seemed like a no-brainer to me, since I thought I could, today, live on $3000 a month, so why couldn’t I at age 60? (Again, inflation will take its toll, but the rents should increase accordingly.) It would be great to retire at 60 and live off this $3000 a month, but I thought, if only I could accumulate more property, I could be making good money off of them well before 60. Ever since, my partner and I have been obsessed with the goal of acquiring as many rentals as possible.

Two weeks ago, I saw a great new listing in Arbor Lodge, near the bluff and U of P. This cute 1966 duplex is in great shape, with each unit featuring two good-sized bedrooms, a big kitchen with slider to a patio, big living room, and washer/dryer hookups, plus a garage. Located on North Greeley Avenue, it’s got buses running right outside (a benefit for a rental) and lots of restaurants, services, and food carts nearby. Of course, the rents are way below market and it needs a cosmetic overhaul, but it’s a totally solid duplex that could be very cute.

The owner was willing to provide financing, so we only needed to pay a down payment and set up a payment schedule to pay off the remainder of the debt. We get the title to the property, but owe the owner a monthly payment, just as we would owe a bank if we took out a mortgage. Best of all, the owner was motivated to sell, so we got it at a great price, $188,000.

On a month-to-month basis, it is breaking even right away. We plan to make some improvements and raise the rents so that it becomes a money-maker soon.

If you are curious about investment property, please call or email. I am always happy to share my personal experiences to help people see how the numbers and process work.

Tim Pitts
503-317-4312
tim@livingroomrealtors.com

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Solid Portland Investment Property, Bought for $115,000

Nick and Tasha had a bit of cash and they were looking to invest in Portland real estate. Although they live in the Los Angeles area, they have plans to potentially move to Portland one day, so they thought now was a great time to buy a house as an investment that they may eventually live in themselves.

We looked at a lot of houses, most of which were in need of some serious repairs. They got offers accepted on two different properties, but both houses fell through due to inspection issues that were way outside of Nick and Tasha’s comfort zone. The pressure was on to find something more solid so that we could make the third one stick.

We found a great three bedroom house in close-in Northeast Portland that seemed to have everything they were looking for. Originally a tiny old house, it was remodeled and enlarged a few years back, and the contractors seemingly did a good job. Once their offer was accepted, inspections were once again the moment of truth. This house inspected very well–only a few minor issues popped up in what was determined to be a very solid house. The house was already rented, so Nick and Tasha don’t even have to find a tenant, giving them a good start to their investment. Sold for $115,000.

Tim Pitts
tim@livingroomrealtors.com
503-317-4312

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Award Winning Architect Ben Waechter Makes National & International Mark

J-Tea International Eugene, Oregon

Portland architect Ben Waechter, has captured local, national and international attention with J-Tea International’s new tea house, in Eugene, Oregon.  Most recently, Waechter received a 2011 Portland American Institute of Architects (AIA) Honor Award for J-Tea, the highest design award granted. Notably, the project has also been covered in DWELL, Gray Magazine and numerous online sources. In October 2011, J-Tea’s building was featured in Delicate: New Food Culture, a book of international food culture and design recently published by Gestalten in Berlin.

Four elements drove J-Tea’s transformation from a small residential bungalow to a modern, visually poignant commercial space, according the AIA jury. “[J-Tea consists of] only four components, each rendered beautifully: The canopy, the porch, the tea-walls and the tea-bar are all equally and carefully considered in relationship to the experience of tea.” White aluminum louvers create a cloud-like canopy above the entryway and the cedar laminate aperture-like opening draws customers in from the street. Inside, patrons can sample tea around a sleek, customized tea bar in space flooded by natural light from a series of skylights. Three tea walls line the interior, featuring colorful packaged tea and delicate tea ware. The AIA jury also noted that, “The plainer quality of the assemblage makes it feel like you are walking through the layers of a painting. [The building is] lively and light with minimal means.”

Ben is a Eugene native and grandson of the late architect Heinrich Waechter who emigrated to the U.S. from Germany in 1941.  As an architect, city planner and educator Heinrich Waechter contributed much to Eugene and other cities across the country. His early career in Germany during the Bauhaus movement and under the mentorship of Bruno Taut allowed him to contribute uniquely as an innovator and modernist.  Ben Waechter continues this tradition of innovation and rigorous design.  After graduating from University of Oregon’s School of Architecture in 1995, Ben went on to work at Allied Works Architecture in Portland, Oregon.  In 1999, he moved to Italy and worked for world-renowned architect Renzo Piano.  Ben was the recipient of the Ion Lewis Fellowship in 2005, which enabled him to immerse himself in Swiss modernism by meeting with leading Swiss architects and touring their buildings.  In 2008, Ben completed his first solo project, the Z-Haus, which won a 2010 Portland AIA design award and was published in Urban Land Magazine, DWELL Magazine and the cover of Oregon Home Magazine. Ben maintains a practice in Northeast Portland and has experience in commercial, residential and cultural projects.

Upcoming Event: Meet the Architect, Saturday November 26, 2-5 pm, J-Tea International, Eugene
Learn about the design principles behind J-Tea’s transformation from a residential house to a modern tea house as well as Ben Waechter’s AIA award-winning residential and commercial projects in Portland. Drop in to meet Ben and sample special release teas from 2-5 pm, with an architectural tour at 3 pm. This is a free event.

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Alberta Park Fixer: Developers are Back!

Ugly lil' bugger isn't it? Just you wait....

 

The single family home flipper has been gone a while so it is a really good sign to see them back in the market.  The fact that there is room for investors to purchase fixers, fix them up,  and then still sell them for cheap is good news for everybody. Our hope is always that they don;t do a “Home Depot” remodel.  I set them up with lots of examples of period appropriate fixtures and finishes, some good books, and an open phone line for any questions./  We should have a cute mid-century ranch fronting Alberta Park ready for the market after the New Year.  Stay tuned for updates on the progress or give a call if a house with some swagger sounds up your alley…

Jake Goodson
Broker
Cell: 503.730.8677
jake@livingroomrealtors.com
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Modern Fixer in Portland’s West Hills

I have a real soft spot in my heart for this west hills neighborhood. Both my parents grew up a few blocks from here and my Grandmother still lives just a block form this fantastic home on 4205 SW Altadena. Council Crest/Healy heights has a lot to offer. Great schools, close-in to downtown and some of the best modern architecture in town. My smart clients Barb & Jason snatched this deal up for $345,000. I can’t wait to see what they do with this beauty. Vaulted ceilings, wood floors, valley views, this is a gem!

 

 

 

 

 

 

 

 

 

 

 

Jenelle Isaacson
Principal Broker
Cell: 503.830.9596
jenelle@livingroomrealtors.com
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Stock Market leary, try a Self Directed IRA for Real Estate Investment

So you are a little nervous about the stock market?  You like the idea of rental income? A recent client of mine decided she couldn’t take the roller coaster any more so she took charge and got creative.  With a little patience and a good eye for real estate investment she created a Self Directed IRA and I stepped in to help her find a bank owned 4 bedroom, 2 bath ranch.  Now her trust owns a great Cherry Park investment property.

This buyer now has a tangible investment to lay her eyes on knowing comfortably where her investment dollars are sitting.  If you or anyone you know would like to investigate how to move your investment dollars and buy real estate in this market give me a call.  Let me connect you to the people who can help make this happen for you and we’ll start looking for your future investment.

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Heather + Monika + Brad = Awesome Renovation!!

LRR agent Heather Lamkins writes :

The heat of the day was breaking and the unexpected chill of the evening was quickly setting in on Burning Man’s playa when I was introduced to Monika in 2001 by a dear mutual friend.  She swooped into my camp, insisting on performing her perfected bicycle aerobatic techniques across the playa on “Quinn”, our quadracycle.  And, might I add, she was indeed fantastic at the performance.  It has been many years and several cities later and still I am blessed with Monika Reti’s presence.  She has opened up a Hipcooks school in Portland at 3808 N Williams.  If you haven’t been, then you are missing out.  It is a themed one-off cooking course with so much flair you won’t know what hit your taste buds.  You should eat it up:  hipcooks Portland

So, I was charmed when Monika and her partner Brad came to me looking for the perfect fixer in inner NE Portland.  It wasn’t about what currently existed, but what used to be there and what could be there in the future.  Have you ever shopped with x-ray glasses?  Well, we have.  See to the bones–how is the neighborhood, how is the house positioned on the lot, how many sq.ft., what can be removed and what (lord o’ lord) can be added, what original details are intact and viable enough to live on?  One very extensive spreadsheet later and much negotiating and Monika scored one of the best located Alberta Arts Old Portland four-squares to be found.  Why?… because Monika Reti is a dreamer and an achiever.  And I am simply the line between the two.


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Alberta Arts Bungalow!

This bungalow is truly what the Alberta neighborhood is all about! Colorful, artistic, playful, original and so well located it begs the question, do you want to live a free spirited life in this charismatic neighborhood?  Within 4 blocks of stepping off the inviting front porch you arrive at Beast, Extracto, The Alberta Rose Theater, New Seasons, People’s Yoga or the Vita Cafe.  While staying in you enjoy the homes’ woodfloors, natural light, spacious kitchen,  full basement with sauna and high ceilings for more potential finished space. The backyard invigorates your creativity with existing garden space, grape vines, a Koi pond and large deck perfect for entertaining day or night. 

Investors, if you are looking for a turnkey property the current renters want to stay. The property currently rents for $1600 per month.

Open for viewing on 9/27 from 12-2  and  10/2 from 1-3.

Offered for $299,900**3 bedrooms and 2 full baths**2122 sq ft

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Fixer looks to a stylish new life

The Kloss / Franz family is not new to investing in real estate–they previously bought this fourplex in North Portland, getting a great deal on a multi-family property in a sweet location. Since buying the fourplex, they have renovated the property as apartments have become vacant, allowing them to raise the rents and strengthen the investment.

So it was time to get even more invested in Portland real estate. This time, they wanted a small house to renovate and resell. Chris, a talented contractor, and Beth, one of the handiest women I know, would manage the renovations, hiring a few sub-contractors but doing most of the work themselves.

We looked at a lot of houses, and Chris and Beth assembled budgets for a number of houses to find “the one.” There are a lot of fixers on the market, but very few that make sense as renovation projects, so you really have to check the numbers carefully. We made a couple of unsuccessful offers, missing out to other investors. So when this Roseway bungalow came on the market, we had to act fast.

We rushed over and checked the place out, and it seemed solid–the 1944 construction means a good structure, and the interior has a smart layout. It has good curb appeal and is located on a nice street. The budget numbers looked promising, so we made a strong offer very quickly, hoping to beat out the competition. With a clean, strong offer, the family was able to close the deal, and now Chris and Beth are turning it into a modern home. Stay tuned for the “after” photos in a few months.

Tim Pitts
tim@livingroomrealtors.com
503-317-4312

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