In 2010 I did a short-term work assignment in Switzerland with the company I was working for at the time. I lived and worked there for about five months. For someone like myself who loves to travel, it was ideal. I temporarily left Indianapolis, where I lived at the time, packed a few bags, and rented a fully furnished flat in a walkable area of Geneva. I was walkable to downtown, Lake Geneva, and the train station where I took a short train to work.
The furnished apartment was a little like corporate housing. Inside it was fairly basic. They provided all of the essentials, but nothing stood out as exceptional about the place itself. Today, corporate housing looks different, and has expanded to more people. They are better known as midterm rentals, and have platforms like Airbnb, VRBO, and Furnished Finder. Because of that it’s easier for home owners to rent their own properties out for a month or longer. Plus, these places tend to have much more style and character. These property owners are enchanting their guests to come stay at their place for a few months with their Pinterest-quality posts.
With the pandemic, came many people working from home for the first time ever. For some that meant all-day zoom meetings, kids and dogs hijacking calls, and not enough in person socialization. Some were eager to get back to the office. While others thrived with the work flexibility and getting more accomplished in their own working environment, wherever that happened to be. As most of us realize now, many have been called back to the office, but just how many haven’t been?
Mckinsey and Company, one of the largest global management consulting firms, published a study in June 2022 based on a survey of 25,000 Americans in the Spring 2022. Respondents worked in all kinds of jobs, in every part of the country and sector of the economy, including traditionally labeled “blue collar” jobs that might be expected to demand on-site labor as well as “white collar” professions, and found that 35% of job holders could work from home fulltime. You can read the full article here.
With that new found knowledge, several people are moving or moving temporarily, and staying in a midterm rental. A friend of mine working for Nike moved to Mexico just for fun when she found out she didn’t have to return to the corporate office in Beaverton. I had clients from Durango, CO, this year who work for Tesla, who were able to move parttime to Portland, close to their daughter and new grandchild because of their new work flexibility. Interestingly, I met these clients because they found my own midterm rental online last summer, and rented it for a couple of months while they were exploring Portland.
In 2020 I decided to renovate side by side townhouses, furnish them, and rent them out for month or longer stays. Since that time, it has been rented about 95% of the time it’s been available. There are many advantages to midterm rentals. Less turn over, and fewer guests to coordinate is one of the biggest ones. But, it can also be available for personal or friend/family use, and there are some good tax advantages that you can talk with your accountant about.
That first year, I had just 5 guests ranging from one to five months, and was able to block out time for personal use if I wanted. Providing a place in a great area of NE Portland, the Alberta Arts area, these townhouses have attracted not just people who can work from home or another location; but those moving to Portland who need short term housing while they look for something permanent, locals renovating their current home, even students who are able to study remotely and traveling healthcare professionals.
As an investor, myself, I stay on top of what is happening in real estate. From house flipping to long term rentals, to short and now midterm rentals. In my opinion, this newer type of investment strategy is in the beginning stages of taking off.
To see more on the side by side townhouses I remodeled, and now rent as midterm rentals, check it out here.
Bright, Spacious Corner Unit Across From Greenspace In Beaverton! No Rental Cap! Upon Entrance, You Are Greeted With A Charming Fenced Patio Front Yard. A Home To Enjoy In All Seasons. Nest Thermostat Making Life A Breeze. Enjoy A Newer AC During The Summer Heat & Cozy Up To A Newly Installed Electric Fireplace During The Winter & Fall Season. Updated Kitchen Features Include New Dishwasher & Deep Set Walk-In Pantry. Work From Home Made Convenient With Cat 6 Wired Internet To Loft Space Upstairs. Primary Bedroom Ensuite Bathroom With Jetted Soak Tub & Walk-In Closet. Second Bedroom With Vaulted Ceilings & Deep Set Closet. Unit Includes Laundry With Washer & Dryer. Parking Made Easy With Street Parking Out Front Along With Spacious 2 Car Garage. Great Location In Arbor Reserve! Easy Access to Bethany, Nike, Hwy-26, Intel, Shopping At Tanasbourne Village, Restaurants, Parks, Claremont Golf Club, Bronson Creek Greenway, Bars, Coffee Shops & More!
What’s up with cosmetic fixers? What are they? What’s the difference between a “fixer” and a “cosmetic fixer”? Here is a quick guide to cosmetic fixers. I’ll answer these questions and talk a bit about how buying one could be the best way to get into a busy market and what to look for.
First, let me explain what I mean by a “cosmetic fixer”. These are homes that structurally and mechanically are in good shape but look outdated, dirty, or generally unattractive. Cosmetic fixers can be condos, townhouses, single-family or multi-family homes.
In short, a fixer is a property that needs A LOT of work and may not even be livable (lacking heat, missing flooring, open walls, mold/mildew, etc). They are priced significantly under the average price for a similar property in the same area that is “move-in ready”. Fixers often require cash to purchase the home as lenders may not provide financing for them. A cosmetic fixer is a home that has “good bones” meaning its main systems are functioning well and it’s livable, but it may need a deep clean and some minor t0 significant updates to the cosmetics. Cosmetic updates might include things like carpet, paint, countertops, cabinetry, fixtures, tile, and the list goes on… It can also generally be financed as well because while it may need a deep clean and updating it is still in liveable condition.
If you’re looking for a cosmetic fixer, you will need to look past a home’s popcorn ceilings, chipping vinyl floors, or dirty, threadbare carpeting and take a good look at the functional aspects of the home. The structural components of the home, like the roof, gutters, siding, windows, and doors should be in generally good to average condition. The mechanical components of the home, like the furnace, ac, plumbing, electrical panel, and ventilation should also be in good to average condition. Your realtor can point out things to take note of and share their experiences, but you should always rely on the expertise of a home inspector and/or trusted contractors to verify the condition.
Whether you are a first-time buyer looking to get into the market, someone looking to buy a second home, or an experienced investor, there are some things to consider first. Mainly, does your budget allow you to make the needed repairs? If you’re getting a loan to buy the house, you’ll want to look at the funds you have available after your downpayment and closing costs. Do you have enough money to make the repairs you want to do? How big is the home?
If you only have enough to cover new paint, some new hardware for cabinets, and an appliance or two, maybe a “light” cosmetic fixer or a more modest-sized home is best. If you have enough cash to replace all the cabinetry, re-do the bathrooms, replace light fixtures and flooring, you’ll have more options.
A way to stretch your budget as a first-time buyer, or someone who intends to live in the home as they fix it up, is to prioritize your repairs. Decide what needs fixing or replacing before you move in, what items you can do in the first year, and what things you can live with for a few years while you save up for the next project. Does the carpet need replacing or does the asbestos popcorn ceiling need to be removed? You might decide to do these items before you move all your stuff in and live with the 1970s kitchen for a while. If you go this route, keep in mind that you’ll also have regular home maintenance things to budget for as well. You may be saving for a new bathroom, but don’t forget to put a few dollars away to re-caulk and touch up paint the exterior next fall or to have your ac and furnace serviced regularly.
Well, if you’ve read this far, I think it could be! Deciding to buy a cosmetic fixer means that you have the vision for what a home could be with some TLC. It also means that you’re committing to a bit of a project. Cosmetic fixers can work for many types of buyers. Maybe you’re handy, you like a DIY project and plan to live in the home as you fix it up. Or maybe you’re planning to hire someone to do all the updates right away so you can move in and enjoy the freshly updated space. You might have an eye for design and see a cosmetic fixer as an opportunity to choose your own finishes and make a space your own vs buying something in great shape that doesn’t match your style. Maybe you see it as an investment opportunity and plan to fix it up to be more desirable to more people and sell it for a profit. Whatever your plan is, cosmetic fixers can be a good option for lots of buyers!
If you’re ready to start shopping for a cosmetic fixer in Portland or the surrounding areas, give me a call. I’ll happily show you homes with potential that just need a little TLC. I love a design project and can discuss how to meet your goals and make a place your own.
Hi Readers!
If you have a sibling, remember saying, “Get out of my room!” as a kid?
For the Su family, they’re going to get to the chance to experience this as adults. Josh and Grace currently live in the Bay Area. Daniel is here in Portland. 2020 showed them the flexibility of remote working, and they made the smart choice to take advantage of terrific interest rates and programs for first time homebuyers to purchase their first home, together, in Tigard. Combined, their purchase power was more than double what Daniel was looking at for a purchase on his own.
We viewed several properties together, ranging from attached homes with HOAs to the home they ultimately decided to purchase. We put together a very strong offer and beat out 10 other offers. Its appreciated value is strong, it’s a very solid investment for them to begin their real estate portfolio.
To top it off, they are a great group who will make for great roommates…again.
Congratulations, gang! Thanks for choosing me to be your partner on this important journey.
Are you a first time buyer looking to double-down on your purchase power? Let’s talk about options. #callgab
Till then, high fives,
Sweet Opportunity on nearly 1 Acre. Arnold Creek Neighborhood Beautiful Buildable Site a few miles from Lewis & Clark, PCC, the Willamette River and Lake Oswego. Incredible setting near Tryon Creek, Maricara, Loll Wildwood & Kerr Natural Areas. SW Palatine Street Lots back up to undeveloped land. Zoned R20c (conservation overlay)
Bright and spacious townhome with convenient SW location. Lovely end unit features large windows throughout. Hardwoods in the living areas give it a warm, homey feel. Kitchen with modern appliances, island and desk. One bedroom downstairs, plus two bedroom suites and laundry upstairs! Not one, but two balconies facing east and west. Garage for easy winter parking. Near Multnomah Village, Hillsdale, OHSU, and just 10 mins to downtown PDX!
This classic colonial duplex in the heart of Brooklyn offers two huge bright units. My clients just closed on the property near the historic Aladdin Theater. Upper level features an open concept 2 bedroom 1 bath unit with cork floors, large master & Mt Hood views from the deck. Lower unit has 4 beds, 2 baths, a charming covered front porch, large deck and 1 car garage. Let me know if I can help you find your ideal investment!
I just helped my clients sell this well-maintained, professionally managed duplex will have 3 br and 2 1/2 bathrooms on EACH side. I’d love to help you find your ideal investment!
Excellent opportunity to set down roots or build an investment portfolio. This ranch home has a versatile layout potential with two large common spaces. Located on a full-sized lot on a quiet dead-end street with privacy, just 1/2 mile from the vibrant Dekum Triangle business district and beautiful Woodlawn Park. Bright, wide French doors in the kitchen open to a fenced patio space waiting to be reinvigorated. Full driveway + large parking area for boats/RV. 96% efficient furnace installed in 2014, and all appliances included. Steadily rented for $1900/month.
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ANDY MEEKS
Living Room Realty
Licensed Oregon Broker | Earth Advantage REALTOR®
andy@livingroomre.com | 971.400.0195 | PDX
Your referrals are at the heart of my business,
and always greatly appreciated. Thank you.
Bright, sunny open floor plan in River Terrace. Wood flooring, gourmet kitchen w/breakfast bar, pantry, stainless, stone & tile finishes. Gorgeous master en suite w/soaking tub and walk-in closet. Traditional, covered front porch & back patio. Gas fireplace, surround speakers, EcoBee thermostat & Central A/C. Community amenities: walking trails, parks & playgrounds, fitness center, sport courts, pool & meeting rooms.
Contemporary Craftsman w/ADU. Whole house renovation in 2006. Systems & finishes updated throughout. Permitted basement ADU w/private outside entrance. Glorious ceiling height, incredible light, great garden spaces and designer finishes. Vintage character w/modern amenities & style for miles. Three bedrooms upstairs include large master with private balcony. Formal dining and breakfast bar in south-facing kitchen on the main. Ample closets and storage, detached garage, established landscaping. At the intersection of Alberta, Woodlawn & Concordia neighborhoods.
Stunning Craftsman Renovation. Gorgeous new 2nd story with vaulted ceilings, skylights, flooded with light. Master en suite; built-ins, tile, heated floor, West Hills views. Chef’s kitchen with breakfast bar, island, dining nook & custom pantry. Oak flooring, custom lighting & mouldings throughout. New systems; A/C, electrical, cable, plumb, insulation, earthquake, etc. Tall basement with family room, tiled bath, 5th bed, 2nd laundry & ADU potential.
“Cinder” is the name of the very lucky cat who will be inhabiting my most recent sale. His new home will be a studio condo in a vintage building in NW Portland. It comes with four big, sunny windows that overlook a courtyard. Perfect for lounging in sun spots and spying on birds from. He hopes his mom, Sylvia, will build him a shelf with a rope to climb up to the top of the 9.5 ft tall ceilings. Now that she has a parking spot, she can get home from work quickly to play and give pets. Since there’s a storage unit too, he expects they will never run out of cat treats and toys, as she can keep it well stocked for him.
Unfortunately, I have not had the pleasure of meeting Cinder just yet. I have thoroughly enjoyed working with his family though. I helped his owner, Sylvia, and her parents Katelyn and Michael, buy his new home. We looked all over NW Portland for a building with 1920s vintage charm. Sylvia loves the vibe of these old buildings with their high ceilings and ornate lobbies. Katelyn and Michael love that they are able to secure Sylvia (and Cinder) a nice place she can make her own.
After not being able to reach an agreement with the seller of a condo in another building, I was thrilled to see they found one that was an even better fit! The location is incredible, and other residents of the building we met all had great things to say about living there. When Katelyn, Sylvia, and I met at this place, I knew it was the right one. I took finding this one as a reminder that while a sale falling apart, is a bummer, it usually means there is another place out that’s even better!
I was so excited to meet the whole family yesterday evening. We went up to the condo to set up a little wine and cheese plate to welcome Sylvia home with. She met us there and we cheers to their closing on this charming vintage studio!
From what I’ve heard, Cinder will love it.
Vintage Irvington Condo … Gorgeous 2 bedroom loaded with period charm; millwork, hardwoods, tile and fireplace. Master bedroom with bonus space. Covered East-facing balcony for quiet morning coffee. Closets, built-ins and basement storage & laundry. Systems updates; furnace, water heater, building roof & drainage system. Blocks from the Irvington goodies; cafes, restaurants, transit, parks.
Jorge is the kind of guy that things just work out for. I have been helping him buy and sell investment property for years and I have literally never seen him upset. That isn’t to say that we haven’t been in some tough situations; we definitely have. But every time I see Jorge he has a smile on his face. He’s the kind of guy who makes his own luck.
I helped Jorge buy a house to renovate and sell a couple of months ago. Instead of going on the market he decided to try to sell for under market value to some friends of his that needed a new home. He customized the house for their needs and did everything in his power to make this purchase work for them. Unfortunately, it didn’t. Which left Jorge in the position of having to list his investment in an inferior market, just because he had been trying to be a nice guy and help someone out. Did that stress him out? If it did he certainly didn’t act like it. He was nothing but smiles and positive energy as we prepped the home for market.
One day I got a phone call from someone standing outside of the property who had seen the sign in the yard. He was really interested in taking a look. Because I don’t represent both sides on principal I reached out to one of my amazing colleagues at Living Room and put them in touch. A few days later we had an offer: all cash, no contingencies. And could we please close in five days? I presented it to Jorge. “Sounds good.”
It turns out that this family who loved the house had had some hard times of their own. Having this property would allow them to stay in the same school district. It would be an amazing thing on a number of levels. So Jorge put the intention out there of renovating this property to help a family out and that’s what he got. What a cool experience!
South Tabor Mid Century. Remodeled one-level with open floorplan. Flooded with light, views of established landscaping throughout. Gorgeous oak floors, wood burning fireplace, attached garage, updated kitchen & bathroom. Dining room opens to private, covered patio. Tucked away on a quiet street, a retreat-like setting w/secret sauna & shower room. Blocks from Mt Tabor, Bike routes & Division goodies.
Powell Butte Contemporary offers quiet cul-de-sac living with modern updates, blocks from Powell Butte Nature Area trails. Stellar layout; 3 bedrooms and 2 bathrooms upstairs, open floorplan on the main with formal dining and breakfast bar. Remodeled kitchen features granite, new cabinets & stainless appliances. Indoor/outdoor living; sliding doors, covered patio & side yard with established flora. Two car garage, A/C and ample storage throughout. Ready to move in and start nesting.
Here’s the Photo Slideshow.
Arnold Creek Neighborhood Buildable Site(s) a few miles from Lewis & Clark, PCC, the Willamette River and Lake Oswego. Incredible setting near Tryon Creek, Maricara, Loll & Kerr Natural Areas. SW Palatine Street Lots back up to undeveloped land.
This Milwaukie Retreat is set on an incredible lot with over half of an acre of land; garden beds, established flora, natives, trees & entertainment spaces. Expansive floorplan with 4 bedrooms on the main; including a master en suite, vaulted ceilings, open great room with breakfast bar, indoor/outdoor dining, fireplace and views of the beautiful yard. Lower level includes a huge family room with patio walk-out & craft/storage room. Attached garage as well as detached shop/garage and RV parking. Bright spaces, open layout, amazing land and move-in ready.
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I had the privilege to represent my buyers on their first investment purchase. They settled on a great home with a full basement apartment. Because my clients were looking for both future appreciation and immediate cash flow, finding the right property was a bit more challenging. I always enjoy working with investors, especially first-timers, even though it brings up a whole new set of challenges. Investing in real estate is a great way to build wealth, but the process is not for everyone. It’s important your buyers understand the expectations and commitment before they dive in.
Success in real estate investing is a partnership between the agent and investor. The agent needs to not only understand the current market, but take into consideration their client’s skill set, financial situation, and future goals. It’s not just a numbers game, it’s also crucial to evaluate each client’s individual needs closely, advise them on all their options, and of course have patience for the hunt.
Remodeled one-level duplex, blocks from the Woodstock goodies; transit, library, cafes, parks, Farmer’s Market. Updated throughout; appliances, flooring, modern lighting & hardware, exterior paint, laundry, new electrical panels, fireplaces. Super sweet backyard patio; fenced with fire pit seating, raised garden beds, alley access and two storage units. Cap rate of 6%, with excellent rental history.
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Come build your dreams here! Charming 1940’s bungalow on .96 acres of prime, dividable, Willamette riverfront property. Enjoy stunning views overlooking your own, over 100 feet of river frontage. Amazing, close in location near boat ramp. Great opportunity on huge lot with endless possibilities to divide, build or remodel. Buyer to verify all information.
In my career I have helped a lot of investors buy and sell properties. I have watched incredible successes, like the time my client Paul bought a condo at auction. He bought it sight-unseen, not knowing what he was going to find when he got inside. Upon opening the door he discovered that it needed paint and new flooring and was otherwise in perfect condition! After selling it in a multiple offer situation he made an incredible return on investment. This money was used to help his mom retire and it was a wonderful experience! I have also witnessed epic failures in the investment world, like the time some clients of mine rehabbed a home in a high-end area. I knew what they wanted to sell the place for and therefore had expectations of what the design must look like. When I drove up to the property I realized how far off the design was from the mark they needed to hit! They had let their contractor pick the finishes and the final product was a big disappointment. They sold the place so far below what they were expecting that it was an awful experience for everyone.
So what makes an investor successful? Is there a trait that the savvy ones seem to share with each other? From my observations: yes, there sure is. And it’s what makes anyone good at anything: a constant quest to be better. When I meet a new investor who wants to work with me I pay a lot of attention to their attitude, regardless of experience. Are they cocky? Do they feel like they have a fail-proof formula? Do they feel like there’s a code to investing and they alone have cracked it? If the answer is yes to any of those questions alarm bells go off in my head.
Here’s the thing about real estate: it’s always changing. What’s on trend now is going to be different in a year. Interest rates are constantly in flux. The economy shifts the way buyers act. So there is no formula to success that doesn’t include constant learning. But this isn’t something that you need to do on your own! Employing a savvy team of experts and leaning on them for advice is a big help. Do you want to know what’s happening in the market? Ask a REALTOR®. Ask your investor friends. Do you want to know what’s happening with rates and how that might affect the market? As a lender you trust. Do you want to know what finishes to put in your flip? Walk through some open houses or, better yet, ask a designer (or your real estate agent) what people want right now. You don’t have to do this on your own but you do have to realize that you don’t learn to be a good investor in a class and there is no formula that’s going to give you unwavering success. Real life experience is what it takes! And real life experience involves constant self-improvement.
I wish you the best in reaching your investment goals!
Modern era home with great spaces, oversized garage, established yard and garden beds. 3 bedrooms on one level, bamboo floors, bathroom w/skylight, ample storage, good southern light. Open kitchen with pantry, dining room and artful side patio. Central to bike routes, cart pods, cafes, restaurants; blocks from the Foster Powell amenities. A charming SE starter home or investment.
For a slideshow of the photos click HERE
Chic, remodeled Cape Cod in trendy Dekum Triangle welcomes you home! Modern finishes compliment the original character traits like built-ins, doorknobs, and the huge yard with raised beds. The designer kitchen features new stainless steel appliances including a gas range to take your cooking to the next level. Open shelving, butcher block countertops, and custom cabinets top off the space. Two spacious bedrooms and renovated full bath with refinished hardwoods sweep the main floor. Roomy common areas with coved ceilings and a beautifully tiled wood burning fireplace to keep you warm. The full basement with separate access from the backyard has the potential for a third bedroom and second full bath including laundry hookups for an ADU or space to continue growing into. Additional laundry hookups in the garage on main make separate living quarters in the basement all the more feasible. New updates include interior & exterior paint, light fixtures, roof & gutters, sewer line, a freshly landscaped yard in front and back, updated plumbing, newer furnace, H2O heater, double pane windows & more!
Take a stroll through the neighborhood and find yourself at Woodlawn City Park, featuring a splash pad, an amphitheater with summer movies, and a community garden. Or make your way to any of the beloved Portland favorites for a bite or a pint at Grand Army Tavern for their infamous Sunday pasta nights, Firehouse for wood-fired pizza, Tamale Boy, or Ranch for delicious pan pizza! Enroll at Drishti Yoga for low-key Hatha and Vinyasa classes and when you’re done grab a brew at Breakside Brewery or head over to P’s & Q’s Market for yummy local fare. There’s tons more fun to explore in this neighborhood!
