Blog Buyer Duplex Dreams in Wonderland

Duplex Dreams in Wonderland

By Scott Shoji, June 10, 2019

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

Scott Shoji

Broker

Hello! My name is Scott Shoji and I am a licensed Oregon Real Estate Broker. I began my journey into Real Estate in 2005 specializing in new development mixed-use buildings & condos in Portland’s urban core. I was part of the sales teams for the Eliot Tower and The Westerly while at Debbie Thomas Real Estate, gaining first-hand knowledge of how a high-rise building is constructed from the ground up. Seeing all phases of the design, build, and sales process for condominium development helped frame my knowledge of the condo market. I am very familiar with most condo buildings in Portland and have published extensive market research on them for years. Before joining Living Room Realty, I worked with a top producing team that eventually became a boutique brokerage based out of the South Waterfront. This opportunity allowed me to expand my knowledge of not only the residential buildings in the area, but the ethos and vision of the community. I unequivocally loved being a condo owner and living in the heart of Downtown Portland where I took advantage of walking to farmers’ markets, concerts, festivals and food carts. Now living in a single-family home in the west-side suburbs of Portland, I enjoy watching my daughter ride her bike and my wife attempt to weed our garden. I feel like I can truly speak to the different experiences that each can offer and relate to buyers and sellers no matter what lifestyle they choose. I am a California transplant, having trekked North to earn degrees in English Literature & Business at the University of Oregon. (Go Ducks!) I have lived in Oregon on and off since 1996 and permanently made Portland my home in 2005. It is the love of this city that has welcomed me into its quirky arms that fuels my desire to help others find the same. Why Portland? The seasons! Leaves changing colors, the crisp winter air, lush green forests that convince you of another adventure. A thriving food scene where every other corner celebrates an up-and-coming chef, barista, or brewer. There is something so very accessible about Portland that charms and endears me. It feels intimate and easily accessed for a “big“ city. Where walking and cycling are embraced as popular modes of transportation and you are a short drive from the ocean, mountains, rivers and forests. What are you doing in your free time? You can usually find me artfully dodging or skillfully kicking rubber balls in my adult Dodgeball and Kickball leagues. I try and keep youthful at heart and these leagues help with that. Otherwise, I can be found tackling my untamable garden, improving my photography skills, or hiking the Pacific Northwest with my wife, Chelsea, and daughter, Elora. Favorite Place Traveled To? This is probably a tie between Mürren, Switzerland, a picturesque mountain town deep in the Swiss Alps where I proposed to my wife, or Cambodia, where I experienced one of the most vibrant cultures traveling with my brother and sister. What can always be found close to you? A cup of black coffee and my computer. Why Real Estate? I have always loved the feeling of home. It is both a sense of place and a feeling of comfort. I find immense enjoyment in being able to help people find their home, whether that is handing over the keys to that very first home purchase, or helping someone take the next steps in life by selling the place that memories were made in. Not many careers can give that sense of satisfaction at the end of the day.
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  • T: 503-927-3900
  • s.shoji@livingroomre.com

Scott Shoji

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