Portland Real Estate Update by Janeese Jackson » renovating houses http://fabulousportland.com all about Portland Oregon including real estate, investment properties and general "of interest" Wed, 01 Sep 2010 16:13:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Portland Duplex Renovation Almost Complete! N. Mississippi/N. Williams Corridor Duplex Ready to Rent! http://fabulousportland.com/2009/09/11/portland-duplex-renovation-almost-complete-n-mississippin-williams-corridor-duplex-ready-to-rent/ http://fabulousportland.com/2009/09/11/portland-duplex-renovation-almost-complete-n-mississippin-williams-corridor-duplex-ready-to-rent/#comments Sat, 12 Sep 2009 04:11:45 +0000 Janeese Jackson http://fabulousportland.com/2009/09/11/portland-duplex-renovation-almost-complete-n-mississippin-williams-corridor-duplex-ready-to-rent/ So, it started with me taking my own advice and purchasing some local Portland, Oregon real estate while prices were challenged.  I bought a duplex between trendy N. Mississippi and the new N. Williams Corridor with an investment partner and we dove into the exciting world of renovating property (you can go back through the “blogrolls” on the lower right side of this web site to see the updates starting the first week of August 2009).  It’s not my first experience and it was everything I expected and MORE!!  There were the set-backs; ugly vinyl tiles glued down over original hardwoods with hell’s version of “super-glue”, being “tagged” by neighborhood kids, everything taking a bit more time than planned….you know, the usual!  However, we are VERY, VERY close now.  One unit is actually ready to show so I planted a “For Rent” sign in the front yard and placed an ad on Craig’s List, as well as some other rental web sites (see:  http://www.postlets.com/rts/2680503 ).  I’m actually showing the first potential renter tomorrow!!  One unit has all the updates (only the doors are not re-hinged) including refinished hardwood floors, new paint, new lighting, new hardware, new lighting, new tile in the kitchen & entries, new vinyl in the baths and they look SO GOOD!  It’s hard work and time consuming but very rewarding.  I hope to find renters that appreciate the work and “real estate love” that went into the remodel!!! 

 

Here are some sights from an earlier summer N. Mississippi Street Fair:

and music and fun happening at the Lompoc/5th Quadrant and Pix Patisserie on N. Williams and N. Failing:

I love the energy of this area!  It’s been developing for awhile and it’s young and hip and full of life and hope! The location is so great, only moments from NE Broadway, N Mississippi and right on the bike lane to downtown (on the corner of NE Failing where the bike/pedestrian bridge crosses from N. Portland).  Also, easy access at the Fremont on-ramp for motoring commutes on I-5 or I-405!!  I love real estate!!  :-) .  It’s an investment you can touch, feel, get your hands dirty, drive by and enjoy!

]]> http://fabulousportland.com/2009/09/11/portland-duplex-renovation-almost-complete-n-mississippin-williams-corridor-duplex-ready-to-rent/feed/ 2 “Renovate and Purchase” Loans for Real Estate “Fixers”! http://fabulousportland.com/2009/03/27/renovate-and-purchase-loans-for-real-estate-fixers/ http://fabulousportland.com/2009/03/27/renovate-and-purchase-loans-for-real-estate-fixers/#comments Fri, 27 Mar 2009 21:38:06 +0000 Janeese Jackson http://fabulousportland.com/2009/03/27/renovate-and-purchase-loans-for-real-estate-fixers/ So, what if you’ve decided to dive into a home purchase or investment property and the property you’ve identified needs some work and is even possibly “un-financeable” as is???  Often foreclosed properties or short-sales in the Portland, OR area have been “rode hard and put away wet”.  There ARE mortgage options available to help.  There are three basic property renovation programs:

1)  FHA 203k regular and stream line, these are owner occupied only and look like regular FHA loans with fixed and ARM loan programs.  The maximum loan to value (LTV) is 110% of after improved value.  Minimum investment is 3.5% down payment. Repairs are to be done within 6 months and sometimes they do extentions up to an additional 6 months.  The only limits are the maximum FHA loan limits which for most our our counties is $418,750.

2)  Conventional Renovation works the same as above and can be done for owner occupied and investor loans.  Maximum loan to values on owner occupied properties are 95% meeting certain criteria and for investor loans it is 80% LTV.  In both cases the lender uses the after improved value.

3)  Conventional construction perm remodel.  This loan is really 2 loans; the first being a construction loan that will modify to a permanent loan at construction completion.  This is for owner occupied only.  Maximum loan to value is 75% of acquisition cost (purchase price plus improvement cost).  This option is used mostly on situations with higher loan needs , such as jumbo deals and some conforming deals.  Build time is 12-24 months.

In all these situations, bids are acquired for all work to be done and the appraisal is after improved value.  Closing happens prior to any work being started.  In all cases, work is done then draws are issued till the work is complete.  The only exception is the FHA 203k streamline where 1/2 of the money is advanced at closing and the only inspection and draw is done after the work is completed.  With all these loans the borrower/builder is set up with a draw specialist.  Don’t be reluctant to look at homes needing repair in Portland, there are financing options out there.  I can recommend some lenders well versed in the process if you are interested.

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