All Forum Posts by: Robert M.

Want and Emery tax services in Newberg Oregon

Access property management is very good.

https://www.zillow.com/homedetails/143-Connecticut-Ave-SE-Salem-OR-97317/53015765_zpid/

https://oregonrentalhousing.com/news/9064285

What are your thoughts? What will this do to real estate investing? Some think its not a big deal and suggest rents will continue to be paid on time, I sure hope thats the case. Could another special session extend the rent moratorium even further come September?  What happens once the stimulus money runs out? I cant help but think this will only add to the supply problem of affordable or rental housing available. Local property managers are telling me that many investors are selling their entire rental portfolios her in Oregon. I dont believe more regulation is the answer. 

Oregon Gov Kate Brown has called a special session this week to pass new legislature.

One of the proposals is an extension of the rental moratorium, extended to December 1st.

I couldn't find the exact wording as to how much longer(current July 7th) they are proposing the moratorium, Im getting the date from a investment real estate lobbyist group I belong to, I did see its on the agenda though. So, I could be off as to the December 1st date, but I doubt it. 

 Im concerned they will look to extend the rental moratorium even further come November. Im worried there is a socialist pattern developing. I realize most are current on rents at this time. What happens once all the stimulus moneys run dry and unemployment doesn't drop this Fall? Hopefully it all works out, but im starting to see a worrisome pattern here in Oregon. I really hope this doesn't pass, this will only adversely affects rental housing availability. Im starting to think I might be in some kind of Matrix. This is so ridiculous, it cant be real.  Who the hell votes for these people??

For me personally, its not so much the fact that the Tenant is or isnt paying on time, as that has always been between me and the tenant. The problem, and what makes me angry is the fact that the local gov is telling me how to run my business.  At what point do we landlords have NO control of our rental properties?  More Gov regulation is not the answer.

So, the way I understand this is, I take on all the risk, do all the work, provide quality housing, so the Gov can tell me how they want me to run my rental business. This is strait up socialism.  

Not a HELOC nor a second. We paid off our primary then got a smart refinance loan on it, from US bank, it cost us zero and we still were able to get the lowest rate possible. when someone applies for a loan with zero debt and 850 credit scores the bank is very eager to give money at a low rate with no fee's. They do get upset when you pay it off early though. When someone has debt (primary mortgage) the banks see you as a liability and might charge more fee's. If your a big player(millions)and have a good relationship with a banker(like my friend Randy Sebastian) it doesn't matter as much. Everything is paid for, rentals, primary, and timber property in NE Oregon, which timber makes us no monthly money, but was cheap when we bought it and I get LOP (deer & elk) tags. We now have a HELOC on our primary as rates are very low and I want all cash to close early IF they accept my low ball offer. Our HELOC is prime plus .25 15years variable with a lock option after 6 months. Its free to open, and the annual fee has been waved. Anna at Key bank is the go to for HELOC's. Cash will be the deal maker, you need access to cash if possible. Yes, all the interest and associated fees, or debt are deductible if used for non occupied investment property's. Your income will cause some problems with the write-offs though, anything above 150k filing jointly takes a hit. Debt is stress and liability, but some love it and do very well. I wasnt sure when starting out as the BRRR method sounded good,10x. However, in times like this im very happy with the path we chose. Thats somewhat our story, probably too much info. Good luck and pay off your house first. Hope this helps.

Books, Scott Trench set for life is one of my favorites. The wealthy gardener is another you might like. 

Pay off the mortgage on the primary BEFORE investing in realestate. 

The future is untold, you could get sick, hurt, or unemployed, you dont know for sure what the future holds. The older one gets the tougher it is to start over. With that income, you could crush that non deductible primary mortgage debt, fast.

My plan. 

Pay off primary, get a mortgage on primary to buy rental. Pay off rental, buy another rental with primary leverage, pay off second rental, repeat until you hit your goal. Its all about time, your income and a few very good deals will ''buy'' you some time. 

Leveraging our primary cost us zero out of pocket. We had a 3.9% fixed 20 year on our primary, for the first rental. Rates have come down substantially since then. The interest is 100% deductible if used for investment property, primary owner occupied not so much. We are looking to buy another rental, but not willing to tie our money up for less that a 8% PLUS cap, its just not worth the risk, there are better investment out there. 

You will get all kinds of opinions as to whats the best strategy.  Every one should do what they feel is the best for their future and goals. We chose the no debt strategy and im very happy with what we have done and where its taken us. 

I would recommend staying away from Multnomah, clackamas, and Washington county, basically metro area. 

Hard to say for sure, no one knows and time will tell, we are all speculating at this point.  My personal opinion is there will be some pullback in the housing market, could be short term. I also believe a buyers market is inevitable. Most property's in my area are not selling. Lending limits and terms are changing for a reason, country is in a res session.  One thing im sure about, is the stock market is out of touch with the economy.  

The home office. Mic drop!

Correct me if im wrong, but it looks like many will make more money if unemployed than working? Can you say, systemic risk.