By Mel Dorman, August 13, 2020
In March of 2019 I helped this amazing 24-year-old couple buy a home. They had 0% down, using a VA loan. Even all their closing costs were rolled into the financing. This year, less than 18 months later, with no major renovations, they just sold the same home and made a $22,000 (5%) profit… That’s after 7% in closing costs and cost of sale!
That’s 12% appreciation in 18 months folks!
$22,000 might seem like a small number when you are selling a home, sure. But when you think about the fact that the average income of a Portland Resident is $32,438, that’s almost a whole year’s wages! And again, since this couple used a VA loan, that was no money out of pocket to start. Look at it this way… the money they would have spent on rent came right back to them.
Every day I hear people say, “I’m waiting to buy when the housing market goes down.” Can I tell you, that is no time soon? This is the second couple I’ve helped do an 18-month sale during COVID and made a 5% profit. Portland’s market is so hot, in 18 months you can sell and make a profit. Feel free to sit on the sidelines…. I’m gonna keep buying!
Mel Dorman
Broker | OR & WA
She/They
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
Read More
- T: 503-567-4697
- melissa@livingroomre.com
