Blog Stories Fishin' Mission

Fishin’ Mission

By Drew Burchette, April 5, 2018

I’ve been in communication with my client, Peggy, for several years about selling their rental on North Lombard. The first time I ran numbers on it in 2013 we were talking about listing in the $190k range and the rental value was surly higher than the land/development value.  They ended up not listing at that time for a variety of reasons. A few years later, New Season build a new store directly across from the property. When construction began, the whole area got a little bump in value and when it was completed they got an even bigger bump.

In early 2018 is was time to consider selling again. By now the rental value vs. land/development value was at a tipping point mostly because of all the development and revitalization that has gone on in that area. To get it ready to sell as a rental property, there was a bunch of clean up and prep work that needed to happen. While that was being done we hatched a plan to go fishing for an investment-type buyer. The property was listed just in the ‘lots & land’ category at price that was a good bit higher than it would be as single-family-residential. The higher price was also in-line with the pricing of some other lots & development projects from the area. The property ended up getting two offers. The price that they ultimately landed on ($350k) was not quite full price, but it was a good bit more than they would have gotten as single-family-residential and it was WAY more than a few years back. As a bonus, the sale closed in 10 days and there was no further requirement for the sellers to do any prep work.

Drew Burchette

Principal Broker

I arrived in the real estate business over a decade ago and have since helped scores of people buy and sell their homes. The groundswell that I created in my practice is rooted in the relationships that I have nurtured over the years. My style is educational, and I see myself as the coach and leader of your real estate transaction. My coaching is geared towards empowering you to make informed decisions that will lead to your best possible outcome. I excel at asking the questions that get to the heart of the matter which in turn enables a smooth sale process. Away from the office I am passionate about so many things, but it all begins and ends with my family. My boys are both in elementary school and parenting is an ongoing challenge and joy for my wife and I. We love to travel around Oregon, the East Coast, Mexico and beyond. My passion for surfing, kiteboarding, and fishing help to keep me grounded in life. Read more reviews
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