By Scott Shoji, June 10, 2019
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!
Living Room Realty
Licensed Oregon Broker | Email: firstname.lastname@example.org | Phone: 503-927-3900