10E // Real Estate & Home Builders Guide // October 2017
Flipping larger properties
carries larger amounts of risk
By Ilyce Glink
and Samuel J. Tamkin
Tribune Content Agency
Q
: Here’s my dilemma.
I’ve been buying tax
foreclosed building lots and
flipping them for over a
decade. Because I get them
at a steep discount, I also
sell them at a steep discount.
As a result I only make a
few thousand here and there.
The problem I have is
that there are much better
properties that could be had
and flipped for hundreds of
thousands of dollars. As an
example, a tax foreclosed
golf course recently sold for
$30,000 free and clear.
I’ve turned over every
stone and cannot find
anyone to help me buy and
flip one or two of these gold
mines. Well, there is one
person: a friend of mine
who’s a 55 and a property
37 SE Dorion , Pendleton, OR 97801 • 541-276-0021 • Fax 541-276-6749
LOTS & LAND
developer. The problem with
him is he’s already rich. As
a result, he thinks a quick
flip is crazy. He’d rather sit
on a property for three or
four years until the right
buyer comes along. I don’t
have that kind of time! Any
suggestions on how to make
this work?
: It seems to us that you
should stick what you
know best. While you could
flip a larger property for a
larger sum of money, those
properties carry a larger
amount of risk. You could
try working your way up
to a slightly larger property
and see how that goes, but
going from lower priced
properties to foreclosed
golf courses could bring
you a whole different set of
problems.
Consider this: You’re
probably used to residential
A
properties and doing a
certain amount of work for
those properties. You know
what it takes to put them
into shape: the painting,
electrical, tile, bathroom,
floor work and exterior land-
scaping work that needs to
be done to sell the homes
quickly.
Now, let’s consider a golf
course. If you did purchase
the golf course for $30,000,
do you know what you
would do with it? Keeping
a golf course operating will
cost a boatload of money. If
you decide not to operate the
golf course and convert the
land to a different use, you
may find out that the process
may take several years and
cost several thousands of
dollars.
There are few (if any)
shortcuts in real estate
investment.
37 SE Dorion
Pendleton, OR
97801 541-276-0021
Fax 541-276-6749
www.coldwellbankerwhitney.com
cb@coldwellbankerwhitney.com
$74,500
WHITNEY AND ASSOCIATES
NEW
$69,900
PILOT
ROCK
PREMIER COMMERCIAL LOTS AVAILABLE. Directly across Hwy 395 from the
new hospital. SW 37th Extension is complete and the access road to the north side
of these lots is also completed with SW 32nd Place. All utilities installed. Lots are
ready to develop or build to your needs. Prime location for commercial and business
development, take advantage of the increased traffic flow and ease of access. Lots
available from 6.73 acres @ $7.00 s.f., 1.27 acres @ $8.50 s.f., .75 acres @ $8.50 s.f.,
.45 acres @ $8.50 s.f. with a total of 9.2 acres available, all can be adjusted to suit
your needs. Kevin Hale 541-969-8243cell. #11336593
$115,000
PENDING/WESTON
PRIVATE AND SECLUDED 6.4 ACRE PARCEL on Cold Spring Loop. Small cabin on
the premises, drilled well, power to the property. Jerry Baker 541-969-6378cell.
#17027835
$295,000
SOUTHGATE COMMERCIAL LOT. Be located in this premier traffic and business
area. This vacant lot is adjacent to the Pediatric Clinic and offers full utilities at
the curb and a ready to build site. Where else can you have access to thousands of
potential clients who walk and drive by every year? Please call Kevin Hale 541-
969-8243cell to find out if this is the right location for your business. #16559795
$69,900
ADAMS
2.42 ACRE LOT, 240 S. Old Highway 11, between Old Highway 11 and Wildhorse
Creek Rd. Approved to build, manufactured home okay. Horses okay #17631867
$199,000
REDUCED
17.1 ACRES ON HWY 395 SOUTH OF PENDLETON. This acreage has 5.7 acres of
water rights and can be divided into two parcels. Located just to the west of the Hwy
395 bridge over McKay Creek, below McKay Dam, this offering is close to town and
has direct access to Hwy 395. Seller will have some setbacks / building restrictions
for the north property line. Kevin Hale 541-969-8243cell. #15607806
$65,000
COVE
COVE/LOOKING for a great location to build your new dream home? This 2.51
acre lot has lots of potential with beautiful views of the mountains and the valley
below. Enjoy the amenities of the beautiful town of Cove. Carolyn Rovier 541-
786-0822cell. #16585741
$199,000
11.24 ACRES
11.24 ACRES RIGHT OUTSIDE OF TOWN. Two tax lots, each are buildable.
Beautiful location overlooking the Umatilla River and West Pendleton. Please call
Kevin Hale 541-969-8243cell to learn more. #15179009
$59,900
NEW/LINCTON MNT.
A TREE IS A TREE UNTIL IT IS YOUR CABIN. Abundant merchantable timber
on this secluded mountain property. One of the local residents does the road
maintenance and for $400 per year will clear snow and keep road in good shape.
Vicki Dick 541-969-9441cell. #17189491
$99,900
NEW PRICE
4.2 ACRE PARCEL IN THE RIVERSIDE AREA. Power available as well as city
water/sewer. The entire area is fenced and is on the reservation. The south half is
level, the north half is sloped. Absolutely buildable for a single family home or sub-
dividable to build numerous homes, as well as a prime opportunity for a contractor
$507,650
BARE GROUND ONLY, SITE OF OLD ST. ANTHONY HOSPITAL. Zoned service to build much needed apartment complexes. Perfect land extension for homes
commercial which allows multi-family. Great visibility right on SE Court/Hwy 11 already bordering the property. Jerry Baker 541-969-6378cell. #17552695.
with high traffic count, East Gate to Pendleton. Lot size is negotiable. Subject
to partition and governmental approval. Great commercial location perfect for $99,900
apartment building, office, retail, etc. 25,509 sf(m/l) office building adjacent to RARE RESIDENTIAL LOT - 9.71 acres overlooking the Umatilla River, downtown
Pendleton and the Blue Mountains. Conveniently close to town yet offers country
land for sale. Jef Farley 541-969-9539cell. #17199145
like feel. Access on private road, utilities are nearby. This lot will make you think about
building a new home. Zone R2. Priced to sell. Jef Farley 541-276-0021. #13112258
$350,000
HERMISTON
6.29 ACRES OF GROUND ZONED RSC, (Retail Service Commercial), between Kik
ADAMS LOT
Road and Hwy 395. Includes a 1280 sf(m/l) home, 2 bed, 1 bath. Huge potential for $90,000
a business location with excellent access. Ideal for storage units, RV park, retail lot 2.34 ACRE LOT IN ADAMS. Property along creek is in flood zone, but there is still
or other commercial business. Owner willing to carry contract with 35% down and plenty of ground outside of the flood zone to build on. Existing barn on property.
Jerry Baker 541-969-6378cell. #17590199
good credit. Jerry Baker 541-969-6378cell. #16251826
$195,000
245.89 ACRES
STUNNING 246+ ACRE PARCEL. Great building site with unbelievable views
overlooking the Umatilla River with wide open country for miles. Very private,
power/phone near home site. Property is full of wildlife and far from the hustle
and bustle. Upstream from Echo, Or. one of Oregon’s newest wine towns. About
equal distance commute to Hermiston and Pendleton. Great potential! Jef Farley
541-969-9539cell. #17350502
$136,500
REDUCED/ 3.31 ACRES
LOOKING FOR A LOCATION TO BUILD YOUR DREAM HOME? Look no further.
This 3.31 acre parcel has 2 acres of water rights and an existing barn on Jerico Lane.
Overlooking the McKay Creek/McKay dam valley, this is an ideal location to enjoy
a mini farm or just a little more elbow room. Kevin Hale 541-969-8243cell.
#17064763
$59,900
ADAMS
1.64 ACRE LOT, 140 Old Highway 11, between Old Highway 11 and Wildhorse
Creek. Approved to build, manufactured home okay. Horses okay. Jerry Baker
541 541-969-6378. #17048860
$59,000
REDUCED
GREAT VIEW LOT! Unobstructed view of Pendleton and the Blue Mountains. This
lot is a must see if you are planning on building a new home. Don’t wait! Kevin
Hale 541-969-8243cell. #15332998
$54,900
REDUCED/ ACREAGE
BEAUTIFUL MOUNTAIN PROPERTY only minutes away from Pendleton. 7.32
acres along Old Emigrant Road. Great views and very private. Buildable upon
securing a conditional use permit from Tribal Planning. Zoned G-1. Call Jerry Baker
541-969-6378cell. #16042939
$125,000
WESTON MTN/ACREAGE
REDUCED
19.06 ACRES NEAR MEADOWOOD along Hwy 204 on Weston Mtn. Mostly $49,000
timbered property, very private and beautiful. Can be sub-divided and is buildable. BUILDING LOT- NOW AVAILABLE. Great location, utilities at the street/lot.
Check this lot out if you are looking to build. Kevin Hale 541 969-8243cell.
Jerry Baker 541-969-6378cell.
#15068065
WESTON
$96,900
$69,900
ADAMS
2.41 ACRE LOT, 220 S. Old Highway 11, between Old Highway 11 and Wildhorse
Creek Rd. Approved to build, manufactured home okay. Horses okay. #17337155
$93,900
REDUCED
$49,000
REDUCED
ROYAL RIDGE AREA. Large oversized lot ready to build. Desirable corner lot with
all utilities and ready to build NOW. Please call Kevin Hale 541-969-8243cell.
#15294144
$45,000
GREAT VIEWS/1.49 ACRES ON 2 CITY TAX LOTS. Zoned for stick built or
manufactured home. City sewer and water to property. Call Cari Volger 541-377-
5058cell for more information. #13575330
$32,900
PENDLETON CITY LOTS! All one price! Let us place a brand new KIT double-wide
manufactured home for you. Some lots have sold, call for availability, sizes vary.
Call Marsha Morgan to look at floor plans & the home of your choice & colors at
541-377-5152cell.
$32,000
ROYAL RIDGE LOT. Top quality homes in this area help to maintain the value
of your home. Owner has topo map for the buyer to site their home on the lot.
Unobstructed views of the Blue Mountains. This is a wonderful lot to build on.
Kevin Hale 541-969-8243cell. #16526653
$29,900
REDUCED/PILOT ROCK/1.14 ACRES
GREAT VIEW LOT perched on the hill in a nice location in Pilot Rock on 1.14 acres
with the potential of dividing/developing. Sewer is available at the bottom of lot.
Perfect for building your dream home with the potential of partitioning up to 3
additional lots to offset costs. Property broker owned. Jef Farley 541-276-0021.
#16497070
$29,900
NEW/UKIAH
MOVE TO THE MOUNTAINS and build your dream home. Enjoy watching the
wildlife! 1 stop light small town living in Ukiah. Quiet and peaceful, great for
retirement or vacation home. $1500.00 City costs for water/sewer hook-up. You
will be responsible for line installation to street. Columbia Power Company will give
$2000 towards new service credit installation. Call Marsha Morgan 541-377-
5152cell. #17670035
$29,500
BUILDABLE LOT IN RICE ADDITION. Large oversized lot, graded for a daylight
basement. If you are ready to build, be sure to check this lot out. Call Kevin Hale
541-969-8243cell. #15120074
$29,000
BLUE MTN. HEIGHTS - Buildable lot ready for you to start your new home. Water
and sewer at the street. Very affordable at $29,000. Call Kevin Hale 541-969-
8243cell to learn more. #10053700
$29,000
READY TO BUILD LOT. 6510 sf(m/l) on a quiet cul-de-sac. This flat lot has all City
services and utilities. 3520 NE King Place. Easy access to Highway 11. Kevin Hale
541-969-8243cell. #16391568
$28,000
.52 ACRES, 4 LOTS TO BE SOLD AS 1. Buyers to do their due diligence for
permits to bring power, water and sewer to property. Marsha Morgan 541-377-
5152cell. #17696365
$15,500
REDUCED/ATHEN
.14 ACRE/ HIGH STREET/ATHENA. Jerry Baker 541 969-6378 #17285968
$15,000
LARGE CORNER LOT ON A CUL-DE-SAC FEATURING A GORGEOUS VIEW OF
THE TOWN OF PENDLETON - along with magnificent sunsets! Ready to build
with utilities available at the street. Molly Webb 541-969-4188cell. #17154566
$12,000
REDUCED
MAGNIFICENT VIEWS AND BEAUTIFUL SUNSETS AWAIT! This vacant lot
at the end of a cul-de-sac is ready to build with utilities available at the street.
Molly Webb 541-969-4188cell. #17486227
$80,000
PILOT
ROCK
REDUCED
3 BEDROOM, 2.5 BATHROOMS, 1601 sf(m/l),
1 level home. A really great starter home for
families or a couple starting out. Basement has
1 bedroom and half bath, plus lots of storage.
Jerry Baker 541-9696378cell. #17204847
LEXINGTON
$69,000
2 BEDROOM, 1 BATH, 842 SF(M/L) HOME. A
great starter home or rental. Newer vinyl win-
dows, vinyl siding. This home offers an oversized
garage/shop, and private fenced backyard. This
home in not a drive by, stop and take a look. Kev-
in Hale 541-969-8243cell. #17162183
$59,900
ATHENA
G
BEAUTIFUL OAK AND FIR FLOORS go well with
the new laminate in the kitchen. Freshly painted
inside and out. Updated bath. Kitchen to be finished
for financing. Mostly fenced with garden area. Priced
to sell quickly. Call your agent now. Dawn Blalack
541-310-9563cell. #17574599
PE
$55,000
IN
D
N
REDUCED
ATHENA
PRICED TO SELL! Nice 3 bed, 2 bath manufactured on
Main St Athena. 1305 sf(m/l) on main floor, basement
has 1152 sf(m/l) for a total of 2457 sf(m/l). Covered car-
port, storage sheds in the back yard, all on a double lot!
Jerry Baker 541 969-6378cell. #17552886
$630,000
COMMERCIAL RETAIL LOCATION IN DOWNTOWN PENDLETON.
Building for sale only, business will remain under an existing lease.
15000 Sq.Ft main building on 1.47 acres with 3 outbuilding for addi-
tional storage or truck parking. This is a prime, high traffic building
across from the Umatilla County Court House. Perfect for retail,
commercial or storage. Please allow 24 hour notice, qualified buyers
only. Kevin Hale @ 541-969-8243. #17508571
CLEAN AND READY FOR YOU! 2 bedroom bungalow. New
flooring, carpet, and interior paint. Some new windows, new
hot water tank. New metal roof 2010. Fenced yard, 2 garages,
garden shed. Seller is a licensed Real Estate Broker in Oregon.
Marsha Morgan 541-377-5152cell. #17395833
$520,000
ENTIRE CITY BLOCK in core of downtown Pendleton. 3
buildings (3 tax lots), old tri-cinema (10k sf), old D & G
Gifts (4k sf), 3rd (1569 sf), 20K+ ( 2 tax lots) parking lot.
Prime downtown location with great visibility. Jef Farley
541-276-0021. #16603169
G
N
I
D
LISTING INCLUDES 5 TAX LOTS for a total of 18.7 acres.
Home is in disrepair and would need a total makeover to be
habitable. The largest parcel is 16.6 acre, lot is sloped with
nice views from the upper area. Definite potential for horse
property or possible sub-divide to build homes. Priced to
sell! Jerry Baker 541-969-6378cell. #17314457
PE
$475,000
N
EASY FREEWAY
ACCESS/
1.52 ACRES
EASY FREEWAY ACCESS. 1.52 ACRES THAT CAN BE SUB-
DIVIDED, power & water at street for vacant lot. 6,000 sf(/l)
commercial building includes 3 offices, kitchen, and handicap
accessible restroom w/shower. Warehouse has concrete flooring,
truck door for loading, 2 man doors, and extra storage in loft.
Forced air gas heat/cool. Building is metal with a metal roof for
easy upkeep. Nicely landscaped. Call Cari Volger 541-377-
5058cell for an appointment to see this listing. #16273028
1975 SINGLE WIDE MANUFACTURED HOME IN ATHENA.
924 sf(m/l), 2 bed, 1 bath with an office that can be turned
back into 3rd bedroom. Situated on a Cul de sac, so somewhat
private. Gravel driveway with room to park an RV or a boat.
Cash sale only. Jerry Baker 541-969-6378cell. #17336716
$289,900
COMMERCIAL BUILDING next to River on high traffic
street. Great for professional, retail, tourist oriented busi-
ness and more. 3548 sf(m/l) on main floor, plus full base-
ment and 2nd story space. On-site parking. Attractive rock
facade. Call Vicki Dick 541-969-9441cell. #17253884
See our listings at www.coldwellbankerwhitney.com
INCOME PROPERTY AND/OR HANDYMAN’S SPECIAL, in
need of some TLC. 2 bedroom, 1 bath home with plenty of po-
tential. Priced right property being sold in as-is condition, you
do the work. 936 sf(m/l), double pane windows, vinyl siding,
fenced yard. This home will not qualify for lending, cash only.
Call Marsha Morgan 541-377-5152cell. #17394661
$185,000
BECOME YOUR OWN BOSS. Get away from your J.O.B. (Just
Over Broke) and invest in your own business. Wine bar with certi-
fied kitchen available for purchase. Includes light fixtures, liquor
license, wine stock, bar, tables and chairs and more. Expand the
seating, offer food, the potential is incredible and the location is
great! (Does not include building, but the lease is already nego-
tiated for you.) Dawn Blalack 541-310-9563cell. #17375188