Hold 'em or Fold 'em?

April 4th, 2012 by Heather Lamkins

Today’s investor needs to be on their toes. As Kenny would have said, “You got to know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run.” Real estate is absolutely no exception to these fine words spoken by, let’s face it, a very Portland appropriate looking gentleman. And yes, investing is indeed a calculated gamble–the higher the risk, the higher the reward.

Yet, the most obvious rule always applies: buy when it’s low and sell when it’s high. Easy, right? Well it is for some. Ultimately, an investor purchasing a rental project needs to have a certain sensibility in seeing a fixer’s potential and an understanding of their final goal. If you are buying a rental, then who is your target tenant? Who would you like to provide a home to? What kind of person is that and what is their lifestyle? This will in turn provide you with pertinent buying criteria about: space, bedroom & bathroom count, school districts, and lot size. Think about the whole picture and detach yourself from unproductive emotional tendencies. Make smart decisions based on the amount of livable square footage, types of building materials, and how much rent you can fetch accordingly. After your purchase, dial in your mechanicals for the health and endurance of the home. Count on all touchable surfaces seeing heavy wear and tear. No one will treat your home like you would, and if they do, then they are likely to be a short term tenant who will buy their own home soon. Do I sound pessimistic?–perhaps. Do I sound realistic?–definitely!

This straightforward home just sold to one savvy investor and is a slam dunk– pleasant SE neighborhood, decent school district, on a bike path, great neighboring homes & neighbors, no (leaky) basement, newer roof, a little yard (but not too much!), off street parking, double garage, 3 bedrooms, great layout with open kitchen and nice sized dining room, a roomy living room and a very very very reasonable price. Just add some cleaning up, updating of plumbing & heating, fresh paint & then rent it! Watch your sturdy investment grow through the years as sales prices are already on the incline!

Looking to invest? Contact Heather at (971)255-9868.

Heather Lamkins | Living Room Realtor | www.pdxrealestatebroker.com | pdxrealestatebroker@gmail.com | 971.255.9868

The Search for South Facing

April 2nd, 2012 by Laura Wood

The Search for South Facing

My buyers had moved to Portland from New York City (by way of Ann Arbor – Michigan’s version of Portland) and wanted a lot of things from their first home. The list included: good deal, close-in hood, room for a garden and the yet to be actualized dog, hardwood floors, fireplace, a kitchen that hadn’t been granitized and cherry-cabineted within an inch of its life and a south facing roof ready for solar. We looked a long time – dabbled in different price ranges and different areas, entertained ideas of moving away (them, not me, I’m a lifer) and circled right back around to where we started. Yard ready for garden and dog, all the particulars in place inside (plus some extras) and a south facing roof, ready for sun. Now we just need to hang on until July (ONLY kidding – Portland has sun enough for solar!).

Laura Wood
Broker
Cell: 503.545.9912
laurawood@livingroomrealtors.com
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Must Have Flashlight

March 19th, 2012 by Kari McGee

One of the first things that told us the market was on it’s way back up, was the presence of cash investors in the market again. Experienced investor clients with liquid funds keep the market moving. Repeatedly they buy, they sell, they renovate (tastefully, if they work with Living Room Realtor Agents!). When the price is right, they take on those neighborhood eye sores that have sat for years, empty and neglected. They take in stride issues that cause most buyers to tremble and quake. And they help bring stability and renewed energy to parts of town that have perhaps been overlooked in recent years.

So hail to our Living Room Realtor Investor Clients who are repairing roofs and large foundation cracks, banishing termites and rodents, and creating curb appeal when all hope of such possibility had seemingly vanished.

Interested in getting in the game? Call your favorite Living Room Realtor Agent and make sure those flashlight batteries are charged and ready to go.

Kari McGee, Broker

971.322.6612

The Fixer Vs. The Project House

March 16th, 2012 by Gavin Shettler

Travis and Maureen's New Digs in Eastmoreland

I had the great pleasure of working with Maureen and Travis in helping find the right home for them. They were looking for a house that they could fix up and really make their own. They also wanted the house to be move-in ready, where some major issue made the house unlivable until it was fixed. They wanted a project house, not a fixer.

What’s the difference you may ask? The biggest difference is livability on purchase. The fixer has major issues—a kitchen that is for all intensive purposes not usable because of the wood burning stove past owners have used to cook on that is installed in the middle of the room; all the flooring has to be completely redone because they are covered in 1972 shag carpet that multiple renters have soaked with food, parties, children, pets, and God knows what else over the decades; the second floor bedrooms where converted into grow rooms for medical marijuana; no working toilets anywhere in the house…you get the idea. Who ever buys this house, is not going to be able to live in some parts of the house for extended periods of time.

The project house is ready to live in. All systems are good. You can live in it comfortably from day one. OK, so your going to add a door to the yard here, and get rid of those French doors with sheet rock to create an actual bedroom out of that study before you move in. The difference is, those improvements are done at your own pace. They are not essentials to existing in the home, like the house has no heating system beyond a semi-functioning fireplace.

Maureen and Travis have big plans for their new project house: a new kitchen, adding a bathroom, and building some rooms in the basement just to name a few. They are excited, because with their new project home, improvements are undertaken without the pressure of necessity, but with the luxury of time and desire.

Gavin Shettler
Broker
Cell: 503.481.7450
gavin@livingroomrealtors.com
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Going, Going, Gone! Another Duplex Goes Pending with Multiple Offers

February 21st, 2012 by Jaime Arb Haessig

As a child who grew up with an auctioneer for a father, I am quiet familiar with the reaction from the crowd when a highly desired item is announced to the crowd. They tighten towards the item for sale, asking questions in rapid fire, there’s always one or two who can’t contain their enthusiasm and quickly bid in hopes this with thwart others. Listing this Boise-Elliot duplex was a flash back in time. Buyers swarmed, most of who are investor ready to take advantage of the low mortgage interest rates and the high rental rates. The current inventory is extremely low for quality investment plexes in desirable neighborhoods. I’ve heard rumor of other plexes that hit the market the same week having gone 50-75k OVER asking price! These stories bring back imagines of auctions and eager buyers fighting for that final bid.

After just three short days on the market, I sat down with a very happy seller to present not one but four offers all over asking price! I helped her dissect the offers one by one to fully understand the terms that make each offer slightly different although all offers were quite good, there could only be one winning bid. If only I had three more of these duplexes to sell…So if you’re a seller and you’ve been thinking maybe it might be time to sell your multifamily plex property, give me a call, I would be excited to do my best and recreate the events of the past week. There really are some childhood flashbacks worth reliving.

List Price: $299,900 *** built in 1906 *** $1235 annual taxes*** 2 Units both 1 bedroom and 1 bathroom, approximately 730 sq ft. renting at $900 and $975/month.

Updates include: new sewer, new commercial grade hot water heater, newer furnaces, updated bathrooms and kitchens, insulation blown in between ceiling of lower unit and floor of upper, and gas clothing dryer.

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Park Your Money Here!

February 9th, 2012 by Jaime Arb Haessig

Let’s say you’re an investor and a US citizen, and you’ve decided to do what some folks only dream about, live in a foreign country. When the need to invest arises, but it simply doesn’t make sense to buy property there, it’s time to explore your options. And I couldn’t have been happier to help Todd do so.

Todd was referred to me by his sister, an old friend of mine, who lives here in Portland and who was more than willing to assist in the hunt for the right property. The search began on-line and after less than a month we hit the pavement to preview properties together. Our outings turned up some good possibilities and during this past holiday season Todd flew into town and we spent a day looking at ten different options. By the end, he decided his best investment was a duplex in vibrant SE Portland along Division. This charming duplex, has 2 spacious 3 bedroom, 1 bath units. Each unit has a private patio, a fireplace, a 1 car garage and a partially finished basement. Add on the new roof built last year, and you’ve got something worth investing in.

With all that these units have to offer, and renting out at $1195 each, it comes as no surprise that there are tenants already in place. Todd is pleased to have a turnkey investment here in Portland, and being an out of country investor he’s going to hand the reigns over to Living Room Rental for property management services upon closing. Then he’s going to sit back while his investment pays for itself in rent.

The best park was Todd’s smile after signing the purchase paperwork at closing knowing he’s that much closer to early retirement!

And yes, it really is just that easy.

A $100k house in Portland?

February 1st, 2012 by Gavin Shettler

All this and a bag of chips for 100k!

Looking for that $100,000 house? Why yes, you can find it right now. Of coarse most of them are short sales or bank owned, but not all of them. And no worries, short sales and bank owned sales are getting easier and easier to close. Okay, so your not exactly going to find these little gems in close in Portland. You will be surprised that they are not that far out either. Many of these houses can be found along the NE 82nd Ave corridor (come on, 82nd is not that scary anymore, you can get to the 82nd Ave. exit on the Banfield from downtown in 10 minutes). Montavilla and Lents are totally up-and-coming neighborhoods)–Madison, Montavilla, and Lents, though some can be found in North Portland as well. No you say, I don’t want a fixer. Hey, many of these little houses are ready to go. Perfect for a first home, an investment, or, as my current clients are looking, a cheap way to provide student housing for their son attending PSU. Buying a little house is cheaper than the dorms!

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Gavin Shettler
Broker
Cell: 503.481.7450
gavin@livingroomrealtors.com
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Some Serious Design Inspiration for Stone Floors!

January 19th, 2012 by Kari McGee

OK, perhaps there’s a bit more than stone floors to this…

http://www.vatican.va/various/cappelle/sistina_vr/index.html

Use your mouse to explore every inch…

Kari McGee, Broker

971.322.6612

The Artists' Studio and the Home

January 18th, 2012 by Gavin Shettler

Artists need space to create their art. One of the most practical ways of having studio space, is to incorporate a studio into your home.

There are many factors to consider, but the first things to understand are the needs of the specific artist. How big of a studio space is needed is a primary question. Is ceiling height important? What is the medium or mediums the artist is working in? If they are a painter do they work in oil or acrylic paint? Or is the artist doing sculpture or photography? Each of the different types of art all have their own needs in terms of space. These different types of mediums may include considerations of power usage, ventilation, storage, and access to a water source to name a few.

Another consideration is the location of the studio in the house or on the property. Artists can be a particular bunch, and studio space in sometimes the artist’s most personal of spaces. Some artists want their workspace to be as accessible as possible and as close at hand. Locating their studio in a spare room, an attic, or a basement is ideal for them. Some artists need their workspace to be separate, but not far away. Converting a garage or separate unattached structure like a shed into studio space can be done in cost effect methods. A studio out-building can also be constructed new–either a permanent structure, or a temporary structure can be developed with the right planning.

Most artists need light in their work space. Many artists prefer northern light to avoid the shadows and inconsistent light that direct sun can cause. Lighting systems can be installed that do not necessarily require huge investments of money. For the basics, simple clamp lights mounted on metal conduit attached to the ceiling can suffice as the very basic. Last, there is the artist who doesn’t want their studio space anywhere near their living space. In this case, finding a home that is located close to where the artist can rent a studio space may be the best option.

Finally, having a real estate broker that understands the nuances of the artist studio space can be a real challenge. Many of my artist friends have been frustrated with their realtors in the past when they where looking to buy their home. The agent had no idea what the artist was talking about when the needs of an artist studio space where discussed. There are many great realtors in Portland who understand the unique needs of the artist. Finding one who can help you navigate the process of finding the right home and artist’s studio is essential to having a positive and fun experience.

Gavin Shettler, Broker

Living Room Realtors

The Comfort Cabin

January 11th, 2012 by Daria Crymes

The name says it all. Nestled in the trees in the Mt.Hood National Forest the open floor plan in this 1930s cabin of 1800+ sqft lives like 3,000. The floor plan is SO GENEROUS and laid out so well I seriously considered moving my family up to Welches to live in this particular house. (And if it had been up to my daughter, I would writing this from there right now!) Just off Hwy 26 on Forest Service Rd 29 Gene & Cathy Comfort’s ‘Casa di Montagna’ sits on the Zig Zag River with a full length porch riverside. 5 bedrooms, 2 full baths, with an upstairs ‘great room’/bonus room, a 1930s hearth, with a very social open floor plan for living, dining, kitchen. This mountain home is offered at $255,000 on Forest Service land.

The entry way is perfect for peeling away the ski clothes, hanging them on the wall by the hearth to dry and resting well deserving muscles in front of the fire. I am then inclined to curl up on the couch, have a tea/wine and read a book, or, in the summer months, on a hammock on the porch listening to the rushing river. Some might prefer to visit the great room upstairs and get the game on satellite tv or watch a movie. Either way, this fabulous floor plan is so accommodating and the place is so sound absorbent, everyone can do their own thing undisturbed!

Access is easy peasy from here to winter activities up or down the mountain, sledding, snow shoeing, cross country skiing, resort skiing, back country, mountaineering, & back country skiing. Summer activities such as flat or white water kayaking, alpine slide, rock climbing, mountain biking, & bungee jumping and year round events also abound in the area. ANYTHING is exceedingly accessible from this central location between Rhodie and Govy.

As the sellers are good family friends, my family has been lucky enough to have many, many fond memories formed and maintained at this lovely mountain abode over the years. From women’s weekends celebrating grandma’s birthday to a friend’s summer wedding, to easy access recuperation after a climb and ski of Hood, and myriad more mundane retreat weekends that create lasting memories. This house, like a forest mother goddess, waits to wrap her nurturing arms around the next lucky owner occupants at Casa di Montagna.

If you or someone you know maybe interested in taking advantage of this opportunity- please give me a call and I will connect you with the sellers. Come check it out! Daria Crymes 971.244.2508 (Or if you want to meet up there for some back country skiing, use this same number!)

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