Herb's Portland Oregon Real Estate Blog your RE/MAX Agent

A quick cute story. I had taken a Sign call fairly early in the morning some years ago on a Home that I had Listed in the Piedmont Neighborhood of Portland Oregon. The call had been placed by a fellow that I would guess was about 35 years old or so. He had asked if I could pick him and his Grandmother up and take them to see the house.

Beaming over the phoneI said that I would be Delighted. I went right into my qualifications spiel asking them my standard set of questions. Amongst the questions that I like to ask is " would you have time to look at other properties as well. " I generally would pick a couple of more homes close by. The man said that he thought that would be a great Idea.

Promptly at 3pm I picked up the man and his Grandmother and took them to the house. As we walked through the Grandson asked a variety of questions and I returned the favor by answering and following up with a series of questions of my own. Grandmother chose to walk through the home without making any comments at all even when I asked her questions she mostly nodded and moved on.

The Grandson seemed to be asking enough questionsfor the both of them. And as Grandmother did not seem the least annoyed or interested in contributing to the conversation I pretty much left it at that. The next two homes were literally a replay of the first home. That of the Grandson asking a lot of questions and Grandmother walking and nodding when required.

We had spent at least 45 minutes in each of the housesand I wondered if Grandmother was getting little tired. Before I could ask them if they wanted a brake, the Grandson said that he would like to take a closer look at the first house again. We spent a least another 30 minutes there the second time. The entire time Grandmother wandered and I answered questions.

Driving them towards the house the Grandson suddenly had the presence of mind to ask his Grandmother if she was hungry. After being with them for almost 3 hours Grandmother made her first and only statement.

" I'm so hungry I could Eat a Raw Dog ! "

Herb Hamilton is a real estate Broker associated with RE/MAX Preferred Inc. Realtors in Portland Oregon

" A Real Estate Experience with Herb is one YOU will Profit from "

With all the negative press about Real Estate sales across this great country of ours it has caused some what of a stagnation. The interesting thing is that Prices did not slide here in Portland just the amount of Pending Sales and Closed Sales.

While Real Estate Agents have been working as hard as ever the listing inventory has also soared. If you do the math that is not a good thing for Seller's. More inventory less sales. That was until about 6 weeks ago. It was about the same time one of my Long term Clients was discussing putting one of his rentals on the market.

I researched the comps throughly and we discussed them at length. Now my Seller is no idiot and has been involved with Real Estate Sales for a good 20 some years. He tends to analyze well and normally will price his properties on the cutting edge preferring to be the First Sold rather than the last sold.

The sign went up, the ads went out, the property was placed in the RMLS ( Portland's MLS ). Within  one hour the Phone started to ring and a full price offer was written and accepted by the end of the day.

Building on that success I contacted another Investor of mine who had been nosing around and thinking about Selling a Fixer that he had. Same results Gone for over full price on the third day of being listed. Not wanting to lose this momentum I began working hard on the Blogs and posting to Localism.

About 2 weeks ago I was contacted by a fellow who had read one of my Real Estate Blogs about Fixers, Flips, and Rehabs in Portland Oregon. He subsequently drove past the two homes that I had listed and sold within hours then gave me a call. The results of this are 2 Listings that I have placed on the market here in Portland Oregon in the Alberta Arts District.

429 NE Webster A_Duplex_in_Alberta_Arts  and another Old PDX home next door  at 437_NE_Webster .

****** UPDATE ****** 429 & 437 NE Webster are Sold *****

I placed the Internet ads, Loaded them onto the RMLS, wrote the Localism  and the phone and emails have not stopped pouring in. Several agent's have expressed an interest in writing offer's on the 2 side by side properties. Access to view is a problem. The soonest will be this Sunday. I expect to have a pretty good turn out.

If your looking to Buy or Sell a Fixer in the Portland Oregon Market , NOW IS THE TIME !

                                                     The market is Hot in Portland Oregon.

Herb' main business is working with Investors in the Purchase and Sale of Fixers, Flips, and Rehabs.

"A Real Estate Experience with Herb is one YOU will Profit from "

www.portlandrealproperty.com  a Web site with Portland Oregon Information, Property Listings and Searches .

http://www.portlandflips.com/ a Web site for the Investor Let Your Next Project Find You !

http://www.househuntportland.com/ a Web site for the Home Buyer Choose your search Criteria Like an Agent !

Do you know how to Analyze a Fixer Project ? Check this Out !  Fixer_Analysis

Herb Hamilton is an associate Broker with      RE/MAX Preferred Inc. Realtors      Working in Portland Oregon

So? What did Rhonda have to say? Chris stared at the ground for a while. Finally he blurted out, Ok Ok let's flip the Cosmetic Fixer! The Big old Burned house with the potential for a huge profit margin was just to good to turn down. Without the flip there would not be enough money to do the work.

Gearing up to sell a flip house without the Seller doing a thing requires planning and execution. The Closing on the Cosmetic Fixer house was just 2 days away. When executed correctly a seamless transfer can happen on the following day. These type of flips are much better than the ones that drag out for a month or so. The longer you own a property the more justification it seems the lender wants as to the disparity in what you just paid and now want to get. Odd as it may seem, when you flip a house and make a profit in less than 6 months, lenders want to know why.

Fortunately I have an extensive data base of potential buyers to draw from. It is just a matter of going through the list. By the end of the day I had almost exhausted my list and had only had a couple of mildly interested parties. Just as I was about to give up, the phone rang, Bob a Portland Oregon Real Estate Investor had heard from Jim ( one of my clients on the list ) that I might have a Cosmetic fixer for sale.

Bob only had one day left to identify a property for his 1031 exchange. The following morning I met Bob at the property and by lunch time we had struck the deal. Bob had needed this home to meet the requirements of the 1031 exchange for value. The other property that he had purchased was not quite enough money. The cosmetic fixer put him over the top. The Good news for all was the other property was going to sit for 3 months before they would be able to work on it. A quick closing for the Cosmetic fixer was in order and bob then would have a project to work on over the 3 month lay over.

In less than a weeks time Chris and Rhonda had completed the flip and put a tidy $25,000 in there pocket. Now Chris had 2 fairly large projects        to work on. The very first house in Alberta Arts District with the Holes in the ceilings and the open basement door.

    And the Burned house in the Mississippi District of Portland Oregon. Chris did not have enough crew to them both.  The decision to let the Burned house sit was made as the work load was staggering. It would be another few weeks before I was to see Chris and Rhonda again. When I arrived at the Alberta Arts House I could not believe my eyes .....  (next time, you better get cracking )

Herb's Real Estate Business  centers on Fixers Flips and Rehabs in Portland Oregon

" A Real Estate Expierience with Herb is one YOU will Profit from "

Investor's let your next fixer find you . http://www.portlandflips.com/

For more information regarding Portland neighborhoods and the market check out www.portlandrealproperty.com  

Great opportunity is knocking. Check this out. After a Long Winter the Fixers,flips, and Rehabs ( renovation projects ) are finally coming out on the Market. This great Old Pdx style home Built in 1912 is Located in the Alberta Arts District of Portland Oregon   Renovation of these Classic old Portland Oregon Homes has been going on for some years now. Don't miss out on your opportunity, once there gone there gone.

                                                    437 NE Webster in Alberta Arts District Portland Oregon 97211

              ******* UPDATE : SOLD*********                     $239,000.00

Located only 1/2 block from Vanport_Square a new urban retail development on MLK Blvd. In close in Portland as shown here on Portland_Maps including zoning information and aerial views etc.

Investor's are you looking for Fixers, flips, and Rehabs the hard way? Stop beating your head against the wall. Let your Next Portland Oregon Fixer find you at http://www.portlandflips.com/

New to Fixers or looking to be more Proficient ? Follow this step by step 4 part series of a Fixer project from beginning to end. Fixers_Flips_and_Rehabs_Part_1

Looking to Double your Pleasure? Duplex next door also for sale  429_NE_Webster

This Property presented by Herb Hamilton associate Broker with

RE/MAX Preferred Inc. Realtors   " A Real Estate Experience with Herb is one You will Profit from "

Spring has Sprung and the Fixers, Flips, and Rehabs are finally coming on to the Market.

Like this 1907 OLD PDX Style   Located in the Alberta Arts District in Close in Portland Oregon. Renovationof this neighborhood is in Full swing, don't' wait.

                                        429 NE Webster Alberta Arts Duplex Fixer in Portland Oregon

 ******* Update :429 NE Webster is Sold*****  offered at $259,000.00 SOLD at $269,000

Renovation of homes in the Alberta Arts district have been going Full swing now for the past several years. Finding great Fixers is becoming harder and harder.  Many savvy Investors have been picking up these classic old homes with an eye to the Future.

Check out the property location here On_Portland_Mapswhere you will find zoning maps aerial views and more. Current zoning for the property is General Commercial. Property is located just across the street from the   Vanport_Square_Retail_Development on MLK Blvd. Get in on the Action.

Stake your Claim in one of Portland Oregons fastet growing urban renewal projects.

Contact Herb today Don't miss out. h.hamilton@remax.net  check us out www.portlandrealproperty.com

Investors: want to be informed first on exciting fixer projects in the greater Portland Oregon Metro area ?

http://www.portlandflips.com/ let your next rehab project find you!

Are you new to Fixer's? Read this step by step evaluation process on how to Identify and evaluate a Fixer !

Check_out_Fixers_Flips_Who's_Your_Competition .

This Portland Oregon Alberta Arts District Property presented By Herb Hamilton associate Broker with

RE/MAX Preferred Inc. Realtors     " A Real Estate Transaction with Herb is one You will Profit from "

Yesterday while browsing through AR I came across an interesting post. I will not mention the Post as it is not important to this discussion. While reading through the post and looking at all the pictures I became aware of some familiarities. Suddenly I realized that the familiarity was with the photo's that I was looking at.

I recognized the building the interior and exterior. The photo's posted had  fairly good detail. I was amazed because these pictures could have been taken last week in a subdivision in Portland Oregon that I had been previewing. Except for one thing. We are in different states. I know what your thinking, lots of houses look alike.

These are not cookie cutter homes that you can purchase the plans for off of the Internet. In fact if you were to read the descriptions by the two different builders you would be left with the impression that these were unique homes. In fact people viewing the Homes commented on there Unique One-of-a-kind Character.

My question is this :

If the Purchaser was buying with the belief that they were buying a unique custom home, would you be required in your state to disclose the fact that there were similar projects elsewhere. 

 (My principal broker has given me his opinion as to  Oregon's_View_on_the_Subject )

What is your opinion of Liability in your state.

Has it been a Month already. I can't believe how time flies. It seems like only a day or two ago since I had met Chris and Rhonda. The Fixer market in Portland Oregon has always been pretty good. But there are times when the fixers seem to dry up. Finding a good project is hard (_See_Finding_The_Right_Project_) you may look for months without seeing anything and then Bam, 2 or 3 will show up all at once.

Today looks like a good day, there were several prospects on the HOT SHEET, and Chris is raring to go. When I picked him up I asked, so how did it go with the Lenders. Good news he said, I have been talking to a hard money lender, Toby Smith (name changed to protect the innocent) do you know him? Yes I do as a matter of fact. I have done a few deals with him, and I have had several clients who have used him. Be cautious with this guy, make sure that you read all of the fine print. Is there something wrong with him? The only problem anyone has had with him was, they did not pay close enough attention to the fine print. Just be cautious I said.

We are going to close on those 2 properties that Rhonda bought in another 3 days. I would like to have another house under contract by that time Chris said. So let me understand this correctly I said. We have not closed on Rhonda's 2 house's, yet and you want to buy another house which will be financed by Toby is that correct? Yup. Is Toby planning on lending you any fix up money? Nope.

Toby Smith's loans are typically for only 6 months, did he give you longer than that. No was Chris's short answer. So do you intend to just let Rhonda's homes sit? Because if you buy another Fixer and you use Toby and Don't pay him on time, I have heard that the penalties can be severe. Thanks for looking out for me Chris said but I know what I am doing. I know how yo feel a bout Flips, but the Cosmetic Fixer that Rhonda is buying would be a good one, to Flip I offered. I don't really want to flip any houses.

If Chris and Rhonda were to become as good as Rehab clients as they had indicated, they would have to do better with there money management. Once again I offered. If you Rehab the cosmetic fixer and do a credible job it will probably cost you $ 50,000 or so. If you add in the carrying costs and resale costs, you will probably make a little money or you could just brake even with that type of rehab. If on the other hand we Flip that house You can make a quick $20,000 for just mopping up.

You would have thought the Town Siren had gone off. He definitely was not interested in hearing about the flip option. Steam was pouring out of his ears as he cut loose with a locker room full of obscenities. I decided to change the subject and move on to friendlier ground, that of looking at homes.

The first home was quite a bit over priced. Then we came to the home on Blandena in the Mississippi Neighborhood . It had been in a fire.     The roof was almost gone but the house was in a great neighborhood and the price was right. It was going to be an expensive rehab costing at least $75,000 perhaps $80,000. I could see the excitement in Chris's eyes. Despite the condition and the amount of work, there was an opportunity to clear $150,000 or more.

So, I began, if you take this project you know you won't have the money to work on it until you get Rhonda's 2 fixers done and sold. Chris shot me a quick look that cut clean to the soul. He pursed his lips and for now all he would say was that he would talk to Rhonda tonight. ( next time the big decision )

Herb's Real Estate Business centers on Fixers, flips, and Rehabs in Portland Oregon.

" A Real Estate Experience with Herb is one You will Profit from!"

Investors you can stay ahead of the competition with www.portlandflips.com let your next home find you!

For more information about the Portland Oregon Real Estate market  drop by www.portlandrealproperty.com

Related Articles :

Fixers_Who's_Your_Competition_Part_1

Fixers_Finding_The_Right_Project_Part_2

Fixers_Doing_The_Project_Part_3a

Fixers_Doing_The_Project_Part_3b

At the end of Episode 2 the question had been asked about Chris's interview with a lender. Like I said I think I am just fine. Well Chris I said, you know that any Seller who's home you offer to purchase is going to request some sort of verification that you have the ability to purchase. The pre-qualification request that I made of you was not a suggestion. If you intend to purchase you must have this out of the way.

If they want to sell these Fixers bad enough they will look at my offer. Chris, I said, there are at least 25 other rehabbers looking in the Mississippi and Alberta Arts neighborhoods that you are competing with. I will guarantee you that they have their ducks in a row when it comes to financing. If you were the Seller, who would you sell to?

Okay I got the Point, the guy I talked to yesterday said that Rhonda was definitely approved but for me to get a loan it would take a some work. He said that he would fax Rhonda's approval to your office by this evening. So can we still write some offers for Rhonda. As long as the lender is OK I am OK. So lets get down to work.

The first home Chris wanted to purchase was the very first home we had looked at a few hours earlier. The house with no heating system and the broken basement door. Chris and Rhonda wrot a very good offer puttting down 35% with no inspections or contingencies. The second offer was on a house that was definitely a Flip property. The Home was currently lived in by a tenant that was not paying any rent. The older couple had owned the home for many years but just did not have     the strength or will to argue with the tenants any longer.

The little house was truly a cosmetic fixer. The one requirement was Chris was to take the house as is and deal with the tenants himself. Chris, you know that the landlord tenant laws really favor the tenants here. If there not paying rent I can kick them out right, Chris asked. Eventually, but if they play the game they could drag this on for several months and it still could cost you to get them out. Ill deal with it, was Chris's reply.

The offers were made and both were accepted. A third offer was made as well but did not go through. The two were enough to chew on for the moment. You know, Chris said I would still like to Buy another house so if you see anything exciting let me know. What about that loan thing I asked. I am going to work on it this week. I also have heard of a Hard Money Lender that I want to talk to as well. OK I said but let me know who he is. I know a few and some are good and some can be kind of vicious. Ill definitely keep you in the loop, Chris said. 

See, I told you Rhonda said. Yeah, what's that I asked. I told you we were going to buy lots of property and that you and Chris were a lot alike. You know, she just might be right. The Day did finish up pretty good. I was looking forward to going out again. Chris was a lot of fun and we did see Eye to Eye. Over the next couple of weeks Chris and Rhonda used the time to settle in and to begin assembling a crew. I didn't see much of them, because I was out looking for our next project. " Next time our first argument..."

Herb's Real Estate Business centers on Fixers Flips and Rehabs in Portland Oregon.

" A Real Estate experience with Herb is one You will Profit from! "

Investor's always be ahead of the game  sign up at www.portlandflips.com

For Information on Neighborhoods and More come visit me at www.portlandrealproperty.com

Related Articles :

When I left you last Chris & I had just met. Standing in front of the Big Fixer in the Elliot Neighborhood of Portland Oregon I invited him in to take a look. As we walked through the house causally looking around, his questions were more directed at me than about the house. I answered them in turn and asked several questions of my own. Both Chris and I had been filled in about each other from Rhonda.

After a short time Chris began to loosen up and we started to strategise on a real estate portfollio buying campaign that would fit them. The Big Fixer was not quite what they were looking for just yet. I suggested that we start with something a little smaller, so that I could tell what type of rehabber they would be. I also didn't want them to be purchasing something over there heads to early on. We agreed to meet again in a couple of days.

Saturday morning came sooner than I thought. My phone rang about 7:30 am. It was Chris, he wanted to know how soon I would be ready. I told him we could start looking about 10:00 am. I'll have my check book ready he exclaimed. When I pulled up to the little one bedroom apartment building that they had rented, Chris and Rhonda were both out front sitting on the curb.

Let's get started they both said simultaneously. The first 30 minutes I gave them the whirlwind tour driving them through the Boise, Elliot, Alberta Arts, and Piedmont neighborhoods , pointing homes that I had sold to other rehabbers, many of who had retired or gotten out of the business.  The first house on our tour was a nice enough looking home on the outside, and sat on a corner lot.        As soon as we stepped inside you could smell the mold. Most of the ceiling was gone because of the water damage. Perfect Chris said as we walked through the almost non-exsistant kitchen. Let's take a look at the systems in the basement. I excused myself to grab a flashlight and a breath mint. Moments later we worked our way down the old broken staircase into the basement. You could feel the cool wind blowing from the open doorway to the outside.

Not much to see in the way of systems. Someone had stolen the Heating system and the Water Heater. It was obvious that they were gaining entry from the outside staircase entry. This is great Chris said lets look at another.

By mid afternoon we had pretty much exhausted the list of Fixers that we had wanted to see. When we stopped to get a little lunch Chris said that he wanted to write offers on 3 of those that we had seen that day. I'll get the paperwork I said.

How did the interview go with the lender I asked? Rhonda looked as if she had just got caught with her hand in the cookie jar. Chris said well let me first say ......

" Next time on Chris and Rhonda : Chris gets preaproved  and we make some offers "

Herb's Real Estate Business centers on Fixers Flips and Rehabs in Portland Oregon

" A Real Estate experience with Herb is one You will Profit from "

Related Articles :

Fixers,_Flips,_Rehabs_Part_1

The Fixer house that I listed on Fargo in the Elliot neighborhood was drawing a lot of traffic. Today was definitely one of those days. When the call came in from Rhonda I was just shutting the door and preparing to go home for the day. Rhonda was very upbeat and convincing so I stuck around to show her the Fixer.

The first thing I noticed was all of the Boxes and clothing in the back seat of her Nissan. She was definitely a bundle of fireworks. After a boisterous greeting she tossed her head back and let out a funny laugh as she explained to me that she was literally living out of her car. Yup she was homeless kinda. Rhonda had been living with friends for almost 2 years. Shuffling back and forth a few days here and a few days there.

Not knowing what else to say I asked her to explain how a lovely girl working in a responsible position as an optometrists assistant could find herself without a home. It appears that her boyfriend ( since grade school ) was to have moved here the previous Summer. His business manager had quit on him just as he was preparing to move here to Portland Oregon. Finally he had hired a new manager and was on his way here at this very moment.

Okay I said. So let's take a look at the house. We stepped onto the front porch and I began to unlock the Door when Rhonda exclaimed " Look at that ! " I turned to see what she was looking at . It was a mail box slot. I asked her if she was talking about the Mail box slot. Yes isn't it gorgeous. Well it was charming no doubt about it. But Gorgeous? I don't know about that.

After we went through the house, Rhonda was more excited than ever. This is going to be perfect she exclaimed. I know Chris is just going to flip over this house. Not wanting to dampen her enthusiasm, but still trying to keep it real, I told her that she should not be disappointed if Chris ( who I had not met yet ) did not share her enthusiasm.

Just wait until you meet him she said. You guys are a lot alike. Your going to get along real well you'll see. We are going to do a lot of business together. Our goal is to buy as many Fixers flips and Rehabs as we can possibly get.

Well ok then. So the appointment was set for two days later when Chris was due to arrive.

I showed up at the Big Fixer a few minutes early as usual. Around the Corner came the Big Truck andI could clearly see Rhonda in the passenger seat. The Glare of the sun made it hard to distinguish Chris. When the Truck came to a stop Rhonda jumped out first. She quickly made her way up the walk and gave me a big hug turned around and said " and this is my Chris".

" Next time on Chris and Rhonda : Chris goes on a Buying spree "

Herb's Real estate business centers around Fixers Flips and Rehabs in Portland Oregon

" A real estate expierience with Herb is one You will Profit from "

www.portlandflips.com  Where Investor's let their next real estate investment find them. Presented by your RE/MAX Portland area Broker.