If you need assistance, please call 503-941-0276

Where it all started

Friday, September 13, 2019   /   by AJ Shepard

Where it all started

where it all started.jpg


Investment Info:


Single-family residence
buy & hold an investment in Portland.
 
Purchase price: $132,000
Cash invested: $15,000
 
Contributors:
@AJ Shepard @ Chris Shepard

 

This was the first project that my brother and I did together. This is where it all started for us. I think I have some pictures of us both actually working and demoing out a floor somewhere. We've come a long way in 10 years, but it's been all worth it.

What made you interested in investing in this type of deal?

We saw that housing prices had dropped if not to an all-time low very close as well as financing. One of our goals, which many may not think about, was to obtain as much debt as possible in a quick amount of time. Granted, we wanted it to be good, working debt. Still is a goal that we think about today.

How did you find this deal and how did you negotiate it?

MLS - Bank owned property at the time.


How did you finance this deal?

Bank of DAD for purchase, our finances for rehab. Refinance afterward pay Bank of DAD off.


How did you add value to the deal?

The utility room in the back was huge, way bigger than needed. It was bordered by one of the bedrooms and door to the kitchen. We cut it in half and turned 1/2 into a master bath for the bed and then the other half for a normal size utility room.


What was the outcome?

Great value ad, the appraisal came in for 195k and we pulled most if not all of our money out of the deal. I am closing on a new refinance for it this week actually, the appraisal came in at 340k and our debt owed on the property was about 100k. We've already got the funds earmarked for another deal we are now in contract for.

 
Lessons learned? Challenges?

Getting in and getting your hands dirty can make you appreciate how the work needs to get done, as well it doesn't allow contractors to pull the wool over your eyes. If you know how long it should take because you have done it before, you are able to negotiate a lot better.


Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

 Eric Martinez as a broker on the buy-side and Guild mortgage for the lending at the time. The new lender is Liz Soucie with Fairway Mortgage.

where it all started.jpg1.jpg2.jpgwhere it all started.jpg1.jpg


To learn more about property management, click here.

 


Uptown Properties
Chris Shepard
3526 SW Troy
Portland, OR 97219
503-941-0276
Fairway Independent Mortgage Corporation
Mike Maier
5410 SW Macadam Ave, Ste 100
Portland, OR 97239
503-545-9879

The vendor(s) appearing on this website has entered into an agreement with the RealtorĀ® to share advertising costs and expenses for this website. As such, the vendor(s) has paid to be placed on this website
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS(TM) of Portland, Oregon. Real estate listings held by brokerage firms other than AJ Shepard - Uptown Properties are marked with the RMLS(TM) logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright Ā© RMLS(TM), Portland, Oregon.

All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated 12/5/2020 12:01 AM CST. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

This site powered by CINC: www.cincpro.com