Tag: real estate investment

The 85% Rule: Your Key to Overcoming Analysis Paralysis in Home Buying

Posted on by Will Sing

Hey future homeowners!

Ever find yourself stuck in a loop, analyzing every little detail while hunting for your dream home? Well, I’ve got a golden rule to share with you that might just be your game-changer: The 85% Rule. Let’s dive into it!

What is the 85% Rule?

In the home-buying journey, it’s easy to get caught up in the whirlpool of options and details, leading to what we call ‘analysis paralysis’. This is where the 85% rule comes into play. It’s a simple yet fantastic rule to guide you in making decisive actions.

How Does it Work?

The rule is pretty straightforward. When you’re looking at potential homes, aim for one that meets about 85% of your criteria. Yes, it doesn’t have to tick every single box on your list.

Why 85% and Not 100%?

Here’s the thing, finding a home that has 100% of what you’re looking for is like finding a unicorn – it’s a beautiful thought but nearly impossible. Even those who have had their homes custom-built find themselves wishing for changes five or ten years down the line.

Embrace the Imperfections

Remember, it’s absolutely okay for a home not to be perfect. What matters is that it’s perfect for you at this moment in your life. The small imperfections? They are opportunities for you to add your personal touch down the line.

Conclusion

So, the next time you find yourself stuck in the home-buying process, remember the 85% rule. It’s not about settling for less; it’s about embracing a home that meets most of your needs and holds the potential for you to make it truly yours over time.

Reach out to talk further now!

📞 Call Me – (503) 303-0822
✉️ Email Me – hello@agentlivinginpdx.com

Maximizing Your Property’s Potential: Should You Sell or Rent Out Your Home?

Posted on by Will Sing

Deciding whether to sell your house or rent it out is a significant decision, especially when planning to purchase another home. In this blog post, we’ll explore the benefits and challenges of each option, helping you make an informed choice. Here is the video if you prefer to watch as well!

Pros of Renting Out Your Home

  1. Additional Income: Renting out your current home can provide a steady income stream, which may help offset your debt-to-income ratio when purchasing your next house.
  2. Tax Advantages: Owning rental property may offer tax benefits, including deductions for depreciation, property taxes, and maintenance expenses.
  3. Growing Your Real Estate Portfolio: Keeping your current home as a rental property can be a fantastic way to expand your investment portfolio and build long-term wealth.

Cons of Renting Out Your Home

  1. Becoming a Landlord: Managing a rental property requires time and effort. From finding tenants to handling maintenance requests and managing property finances, it involves a significant commitment.
  2. Navigating Landlord-Tenant Laws: Laws and regulations affecting landlords can be complex and vary by location. Staying compliant requires keeping up-to-date with ongoing legal changes, which can be particularly challenging in states with stringent tenant protections.
  3. Market Volatility: The rental market can fluctuate, affecting your ability to rent out the property consistently and at a profitable rate.

Financial Considerations

Before deciding, it’s crucial to crunch the numbers to see if renting out your home makes financial sense. Consider using tools like Rentometer to estimate potential rental income and compare it against your mortgage and maintenance costs. Don’t forget to factor in expenses for property management, vacancy rates, and potential major repairs.

Selling Your Home

Alternatively, selling your home might be the better choice if the financials don’t favor renting it out, or if you prefer not to deal with the complexities of being a landlord. Selling can provide a lump sum of money which could be used to pay down debt, invest, or purchase another property without the responsibilities of managing a rental.

Tools to Help You Decide

To help you make a well-informed decision, I offer a detailed calculator that projects the financial outcomes of renting vs. selling your home. This tool can be invaluable in visualizing the long-term impacts of each choice. If you’re interested in a more personalized approach, consider booking a strategy session with me through my link. Together, we can explore all aspects of your situation to find the best path forward.

Final Thoughts

Each strategy has its merits and challenges. The best choice depends on your financial situation, lifestyle preferences, and long-term goals. If you’re considering renting out your home as part of your investment strategy, make sure to consult with a real estate professional to fully understand the implications and opportunities.

For more personalized advice or to utilize my rental vs. selling calculator, please reach out to schedule a strategy session. Together, we can ensure you make the best decision based on comprehensive analysis and tailored advice.

Thank you for reading, and if you found this information helpful, don’t forget to check out more of my content on Youtube and Instagram for further real estate insights and tips.

House Hacking in Portland: How Jason Found His Perfect Investment Home

Posted on by Will Sing

Let me share with you a heartwarming story from my recent adventure as a buyer agent, helping out my client, Jason, in the vibrant and competitive Portland real estate market.

The Quest for the Perfect Investment Property

Jason had a clear vision: find an investment property under $400k where he could not only live but also house hack. Now, you might be wondering, what is house hacking? It’s a savvy strategy where you live in one of the multiple units of your property and rent out the others, effectively reducing or even eliminating your housing costs. In Jason’s case, we were finding a single-family home for him to rent out multiple rooms.

In the bustling Portland market, finding a home in this price range meant facing stiff competition. But Jason had a secret weapon – his background in construction. He was ready and willing to roll up his sleeves and turn a fixer-upper into a dream home.

The Hunt and the Happy Find in North Portland

Our journey took us all around Portland, putting in several offers, and keeping our spirits high. Jason’s patience and determination paid off when we found “the one” in North Portland. Despite competing against four other offers, we came out on top, a testament to Jason’s vision and our strategic approach.

Navigating the Transaction with Expertise

Entering the transaction phase, we discovered a few hiccups — issues with the home that needed addressing. But guess what? They were manageable, and we tackled them head-on. From getting the seller to decommission an oil tank found during inspections to negotiating a sweet deal where the seller covered a whopping 11k in closing costs, plus adding a home warranty for that extra peace of mind.

A Happy Ending and a New Beginning

Fast forward to a month later, and we were at the closing table, all smiles and ready for Jason to start his new chapter. Now, with keys in hand, he’s busy adding not one but potentially two additional bedrooms, a move that could skyrocket the home’s value by over $50k.

Here is what Jason had to say about the Experience:

Will went above and beyond to help me find the right home for my budget. The home search, buying, and closing process was executed perfectly. I am confident that Will’s personality, local knowledge, and understanding of the client’s needs would be a perfect fit for anyone looking to purchase property. He went above and beyond gathering repair quotes from multiple contractors, negotiating closing credit, and handling the coordination between my lender, escrow, and my self. I will defiantly be reaching out to Will in the future for my next property purchase.

Ready to take the next step in your home-buying journey?

Feel free to reach out to me for personalized guidance and expertise. Whether you have questions or are ready to find your dream home in Portland, I am here to assist you every step of the way.

📞 Call Now – 503-303-0822

📧 Email Me – hello@agentlivinginpdx.com

Navigating the Portland Real Estate Market: September 2023 Update

Posted on by Will Sing

Hello, fellow Portlandians and prospective home buyers and sellers! It’s Will here, bringing you the latest scoop on the Portland real estate market as we step into September 2023. Buckle up as we dive deep into the current trends, predictions, and some golden advice for both buyers and sellers in the vibrant Portland market. Don’t forget to hit that like and subscribe button for more real estate insights!

Current Market Dynamics

First things first, let’s talk numbers. The interest rates have been hovering around the mid to low-sevens, and while core inflation has ticked down slightly, the overall inflation has seen an uptick. The median sales price has decreased by about 2.7% compared to last year, and we are witnessing a competitive market in the $300,000 to $700,000 price range.

Predicting the Market’s Path

As we venture further into 2023, there are a few scenarios we might see unfolding in the Portland market:

  1. Interest Rates Decreasing: This would be a boon for buyers, potentially bringing about 5 million new buyers nationally. However, it could spur a demand-supply imbalance, pushing the prices up.
  2. Steady Interest Rates: If the rates remain unchanged, we might be looking at a stable market for the next 12 to 18 months, albeit with a persistent demand in the affordable first-time homebuyer range. This is the most likely scenario of the three.
  3. Interest Rates Increasing: Not the best news for buyers as affordability would take a hit. Sellers might have to get creative with offers to attract buyers. We may also see a slight decrease in pricing but not 20-30% drops.

Golden Advice for Buyers

If you are a first-time homebuyer eyeing properties in the $300,000 to $600,000 range, brace yourself for some competition. But hey, don’t lose heart; you might just snag some cool concessions from the sellers, including a 2-1 rate buy down or additional closing costs assistance.

Seller’s Corner

Sellers, it’s time to put on your aggressive hats when it comes to pricing. With fewer buyers in the market, you might want to keep a close eye on comparable listings to price your property competitively. And if you are selling a condo, patience is key as the days on the market have increased.

Let’s Connect

Got questions or need personalized advice? Feel free to reach out; I am here to guide you in your real estate journey in Portland. And before you go, do hit that like and subscribe button to stay updated with the latest in the Portland real estate world.