All Forum Posts by: Irvin Nguyen

@Rodney Sums 

Plan is going in motion this week once I start my weekend in two days!  Once everything works out, ya'll wants cheese, pepperoni, or the works? lol 

@Joe Villeneuve

Would you plan to sell with the tenants currently in it? I guess my question is how would you go about it to make the most profit or get best offer on the house because their lease ends February 2023. I guess my options would be the following and please correct me if I am wrong or missing something.

1. Sell with current tenants in it to possible investors

2. notify tenants and PM that I plan to sell and they have 3 months (based on my research for oregon, not sure how true) 

3. wait till contract ends, say I wont be renewing after feb 2023 and then sell? My biggest worry here is if market isnt so seller friendly by then vs now? 

4. seeing if tenants would be willing to buy it go that route? but I could be missing out on higher offers etc. 

I wanna get the most out of selling it and I am not sure if it would be selling to investor route, or maybe someone who wants it as their family home looking to offer more to sell it to them? 

@Angel Perez

Yea, I tried looking and even used the rent estimator on this website. based off this site and zillow, prices was about $2400ish which is slightly more profitable but still not as high to cover other expense or to put aside for other stuff 

@John Warren,

I will definitely take the selling route after talking to all of your guys, best option also and creates much more opportunities than what I am getting now. so thank you guys all for the awesome advice! 

@Douglas Gratz

yea, i dont think refinancing would be the best play because I refinanced in 2020 bringing it down from 5% to 2.99% and with rates being 6% i am unsure if that the right play for me and selling would have to be the route i take 

@Dave Foster

Thanks for the link! will definitely take a look at it today. As for the 2-5 rule. I lived in that house from jun 2016 to March 2019, so if i sell that house in march 2023 (when lease ends, hopefully sooner if breaking lease is OK) that leaves me in only living in that house for 1.5 years assuming it only goes back 5 years making it march of 2018. So i would assume i dont qualify for that rule? 

@Joe Villeneuve

Thank you for all this info, at the end of the day yes I wanna be in the investor side of things. and I agree with everything you and many others are saying which is why I am on the side of selling. Now I just have to see how to break lease, let tenants know, or how to even go about that so I will have to talk to my PM about it all. I really appreciate the honest advice and reality check of knowing the difference between the two of REI and REA. Putting things into numbers to visually see things helped a lot also. Thanks guys!

Hey @JD Martin,

Yea, I refinanced in 2020 when the rate were low so I went from a 5% to a 2.99%. I always had a PM because I wanted a hands free approach and knew nothing of being a landlord. Plus when moving out, I wanted to find a tenant soon to avoid paying double mortgage. At the time of setting the price, the PM recommended the price that they set i guess based off the houses in that area etc. But since all new housing has been built there also, the avg rent price has gone up so much setting mines in the lower end of the median range. With only being able to raise it 10% MAX, I would be playing catch up pretty much. I went with what the PM said would be a good price and never questioned going higher (i am at fault for that, should have shot high first i think) they make their profits regardless of what I set so I assumed they wanted the most bang for their buck so I thought what they set was high. 

@Malcomb Stapel I agree, I think selling it would be the best route for me to maximize profits and gain potentially a higher cash flow.

 Hey @Zac Lindquist congrats on the triplex! and yes dude that would be awesome if I could pick your brain or maybe even chat over a coffee or something? I live in beaverton/ tigard area. Dont really have an agent set in stone yet because I feel the last one I worked with isnt really on the same path that  I wanna take. no offense to him. I just wanna have someone who has the same experience so i can go to for advice etc also