All Forum Posts by: Irving Casas

@Dustin Le 

Home (multifamilynw.org) is a good place to find templates for lease violations and termination notices. I dealt with a tenant eviction in April of 2021. I did hire a real estate attorney because the process was very specific, and the tenant was not cooperating. For your next tenant, if your duplex is in Portland, you can ask the city for an exemption of tenant relocation cost (if you live one side). The website can be found at Apply for Relocation Assistance Exemption | Portland.gov.

If you need a real estate attorney recommendation, please DM me.

@Connor Umfleet Great job of buying when interest rates were low! Cash flow from your LTR and STR could help offset the high interest cost of your 3rd home. However, if you don't have experience managing STR I would experiment with STR with your 1st/2nd home before taking on such a high monthly payment. Thank you for sharing this detailed deal with the BP community.

@AJ Wong

The Portland Metro area experienced a normal seasonal slowdown in the Winter. Two of my listings in February/March were advertised with seller paid concessions. We offered 10k and 8K for the buyer to use to pay closing cost or buy down their mortgage rate. This is a great tool for investors and realtors to keep in their toolbox when property is not selling. 

Great idea for investors to meet up and exchange ideas!

@AJ Wong

At the end of the owner carried financing (3 or 4 years) what is the buyers plan to pay for the balloon payment due? Do they plan to rehab the home and make it habitable and then refinance into a conventional loan? 

@Sam Wilson

Concerning your plan to buy a primary home at 500k in Oregon. In the last 9 months I had two clients close on their second home to house hack. The lender advised them to apply for a HELOC loan, at the same bank. The clients would then keep the HELOC line of credit open. They would then put their new primary home under contract. At closing they would use the HELOC funds to the down payment. Perhaps you can tap into some equity from your other investments properties.

@Betsy Kost

I would provide your perspective tenants with a 12-month and 9-month lease option. If you hold a mortgage on this property and want to use your credit to purchase another property lenders are going to require the lease to be 12 months. The lender will also require all renters to be on one lease. My client just dealt with this situation at Oregon State University. When he moved to Portland and was ready to buy his second home the lender required a year lease. 

@Rebecca Van Diest

Keep in mind that most loans have a "due on sale clause". It's unlikely however if the lender learns that the loan is being paid by someone other than the borrower, the lender can call the total debt due. There are insurances you can purchase for this type of situation. 

@Shiv B.

I would go through the formality of posting a notice for non-payment. I would keep documentation of this. IF the tenant decides to pursue legal action, the court is going to require a track record of timely notices by the landlord. Thank you for sharing this experience with the BP community. Best of luck!

@Jenna Ellis

Congratulations on buying this deal! Intel, Honda and Hospital workers will make great tenants for your rental property. You can target traveling professionals on furnished finder and Facebook marketplace.