All Forum Posts by: Irvin Nguyen

@Celine Crestin

Yea, I am able to increase to no more than 10% by law which if that happens still only increases my profits by another $200ish a month. which still doesnt seem as profitable as it should be since I would need to put money aside for issues, maintenance or even rainy days I guess. HELOC was one I was pointed in the beginning of all of this, until a person told me about just selling it and taking the profits to create more opportunities

 @Malcomb Stapel

The 200 profit would eventually go up but based on oregon's law, I can only raise it up 10% max each year. So next year assuming tenants like that I raise it up about $234 dollars a month to max out the 10% leaving me at a new $434 starting march 2023, I still am unsure of how to make that very profitable compared to taking the selling profits and just accepting tax on it also still leaves me up by quite a bit. When I first rented in 2019, i was losing 250/month, then each year closed that gap and now i am at $200/month profit. I know it can be a noobie mistake and probably should have sold sooner but with the relatives and my old agent I was talking to, everyone was all about the "buy and hold forever" method to one day have a house to give to the kids etc etc. Which i think can be a good idea in theory but the chances of making more profits or  getting more rentals off selling the house is so much greater. correct me if I am wrong but at least that is the way I see it number wise, but this is my first rental so I am unsure of how the experienced people would do it and stuff like that 

@Greg Scott

Will definitely have to look into selling because I dont plan on having it as a vacation or place for relatives. If i sell, I will have to let the tenants know 3 months ahead and I am unsure of how to break lease or the penalties that come with it. I will have to ask my property management company but this is all i have found so far. As far as living in it, I dont see that happening as now my own family has grown and so that would be a little too crammed for us. but I do want to sell since its seems most ideal.

@Nathan Gesner

thanks nathan! Sounds like selling is the way to go. I guess I would have to wait till March when their lease is up. I am unsure how breaking a lease would go in oregon, I would have to ask the property managers about that. I believe its a 3 month notice but i am unsure of what fees I will have to pay for breaking.  On another note, which state would you recommend me looking into that play out in landlords favors? or fairness is the word I mean to use. Do you think if I wait till march to no renew their lease then sell would be too late as far as trying to maximize profits go? 

 ah dang, I think i dont fall for that rule now since we got the house in jun of 2016. What would be the next best option? just take profit and accept capital gains? or try to do a 1031 but that only gives me 45 days to find another investment in which if i dont i'll just get taxed the same? 

 Thanks joe and lien for the reply! Dont get me wrong, i know the numbers play out nice and that is what I have been trying to explain. But when i talk to my real estate agent he says no to hold it and it will only go higher up in value. I also talked to some of my other elders who are in real estate (obviously they play the buy and hold method) and they tell me to keep. Which is what I dont understand. Why keep when profits so high?? Thats why I habe been searching for why hold if the profits is so high. Sorry still new to all this so ive just been trying to figure out both sides. But i do agree the immediate profits seems the way to go for sure

Hi guys,

first timer on this website. I just recently signed up a few weeks ago. I am currently debating on whether to sell my rental property in beaverton oregon (formally my first primary home) or to keep it rented out. A little background on my situation. We bought the home back in 2016 for $355k and now currently owe only $308k. Since moving out in 2019. We have had the same renter since day 1 till now. We are currently only profiting $200 after property manager takes their 8%. The current house estimate is about $610k. Would you sell it and take the 200k+ profit to possibly put into some other rental(s) or keep renting out with the current tenants. Their lease isnt up until february 2023 so i still got time to decide. Tenants have been awesome. We have only had to replace the washer and dryer but besides that all has been smooth with both parties. Just trying to make the best choice on which situation to go about. 

Hi guys, 

first timer on this website. I just recently signed up a few weeks ago. I am currently debating on whether to sell my rental property in beaverton oregon (formally my first primary home) or to keep it rented out. A little background on my situation. We bought the home back in 2016 for $355k and now currently owe only $308k. Since moving out in 2019. We have had the same renter since day 1 till now. We are currently only profiting $200 after property manager takes their 8%. The current house estimate is about $610k. Would you sell it and take the 200k+ profit to possibly put into some other rental(s) or keep renting out with the current tenants. Their lease isnt up until february 2023 so i still got time to decide. Tenants have been awesome. We have only had to replace the washer and dryer but besides that all has been smooth with both parties. Just trying to make the best choice on which situation to go about