Given the the current climate due to the moratorium, AND a hot seller’s market, I decided I am selling my rental. I have 2 tenants and already gave them their 90 day notice, and am planning for them to leave within that period. Then I plan to sell.
What has your experience been like? Have you ended up having to evict, due to the 90 notice not being met?
Hi @Kamran Rahman, my experience in Oregon has been good in that regard. In my opinion, since the 90-day notice is valid and not subject to the eviction moratorium people tend to leave.
Hi @Kamran Rahman, my experience in Oregon has been good in that regard. In my opinion, since the 90-day notice is valid and not subject to the eviction moratorium people tend to leave.
That is helpful to know. It sounds like you have gone through the process first-hand. Am I understanding correctly ?
@Kamran Rahman We have both sold and purchased properties earlier this year during this prolonged eviction moratorium. In both transactions the tenants did receive proper notice but in both cases were still in place at closing.
My view is investing in real estate is about solving problems. In these cases, we knew we would have properties with problematic tenants to deal with until the moratorium ended or is struck down by the courts. Even with these challenges the properties we have acquired will be positive long term investments for our portfolio (near term pain but long term gain). There will always be opportunities in the market to capitalize on, you just have to determine if the payoff is worth the near term challenges.
Did you decide to invest in another market or have you moved on to a different asset class?
@Kamran Rahman We have both sold and purchased properties earlier this year during this prolonged eviction moratorium. In both transactions the tenants did receive proper notice but in both cases were still in place at closing.
My view is investing in real estate is about solving problems. In these cases, we knew we would have properties with problematic tenants to deal with until the moratorium ended or is struck down by the courts. Even with these challenges the properties we have acquired will be positive long term investments for our portfolio (near term pain but long term gain). There will always be opportunities in the market to capitalize on, you just have to determine if the payoff is worth the near term challenges.
Did you decide to invest in another market or have you moved on to a different asset class?
John
Thank you for the response. For me personally, I took the gamble of deciding to self manages a property that is rented out by the room, 3 years ago. I went into this arrangement knowing that it could be a PITA to deal with room-rentals, but figured I would take the gamble. I lost the gamble ! Lol
The amount of active management the property is requiring of me, isn’t worth it for me right now, period.
My plan is to hold onto the gains , with the intention of rolling them into a different investor property and/or index funds in the next 1-2 years