All Forum Posts by: Ellie Hanson

Hi BP,

I have 3 houses in Portland Oregon that are fully rented.  I was hoping my tenants would move out this year so I could sell them and retire.  But of course, the rental market in Portland is so very hot right now that no one wants to move out!  For reference (for those who know the area) its about 2 blocks off Mt Tabor in SE Portland with a part view of Mt Hood.

What to do?  Should I wait and sell these later when people finally move out?  Or should I try and sell them to investors?

For example, we have a fully remodeled 1911 houses.  Upper house is 4 / 2 and rents for $2750 and the basement apartment is a 2/1 that rents for $1850.  Realistically this house should sell for approximately 880k. 

Would I be able to sell with renters in place or should I wait until at least one of them moves out so it can be half owner occupied and half income property?  It's really fancy and nice and everything was done top of the line so when it came time to sell it would match the fancy and top of the line neighborhood.

TIA!

Welcome!

Assuming you've cultivated a relationship with a title company previously to this auction bc of all the deals you've done with them they should be happy to run u a free prelim title report.

Portland, Oregon says "you think you've got restrictive tenant laws? Hold my beer."

We use whatever electronic lock system is on sale at the time of the purchase. I input my personal code and then let the tenant choose their personal code. My code works on every single door and I also have a "one time only" use code I leave on the door if I have an emergency and have to let someone in without being there. We use another code for all our flips so our contractors can get in easily. Use passthru handles or, in the flips, put tape on the bottom handle so no one turns it during the remodel. It's easy.

I'm going to try and make it.  I'm a bit of a "one quadrant" person but will try and get it together enough to head to SW.

Watch yourself in PDX for buy and hold now with Tenants United being so strong and the new relocation assistance requirement.  Remember, its not just "no cause evictions" and more than 10 percent rent hikes.  They consider non renewal of leases at the end of the term to be a "no cause eviction".  Meaning you'll have to pay between 2k-5k to have your tenants move out if you choose not to renew their lease.

Originally posted by @Jason V.:

In my mind, I'd think food, bullets, and booze would be the currency of choice in a world post-economic catastrophe.  

I agree!  Food, bullets and booze.  You can never go wrong with these things.  I'd add "water" of course because we can live without oil but we can't live without water. 

Im an fix and flip investor in Portland Oregon. I own a company called Pine Cone Property Investments and we do SFR.