Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jessica S.

Jessica S. has started 7 posts and replied 150 times.

Post: How do you find great tenants?

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

My experience is that people are just really unpredictable so rigorous screening isn't that helpful.  When I was just starting out as a landlord, I rented to someone who seemed perfect on paper.  Except, as it turns out, he was so perfect that he decided to break his lease three months later so he could buy a house.  

The next family I rented to had terrible credit because they'd done a short sale.  They were annoying people, but they always paid their rent in time.  

Someone above said not to rent to anyone who offers rent a year in advance.  I rented to someone who offered me a year's worth of rent in advance because she really wanted the house.  (I said the advance wasn't necessary)  She's been a good tenant.  

That said, your requirements don't seem that rigorous to me, but maybe they are in your area.  I usually give renters the option of paying their last month's rent over time so the upfront cost is more manageable (first half is due on Day 15 of month 2 and second 1/2 is due on Day 15 of month 3) do you think that might help?

Oh, I just noticed you're local to me.  I have rentals both in Portland and up in Sandy.  My requirements for tenants in Sandy are much lower.  There, I basically just look for someone who is employed and assume they will have bad credit. I've never had to do an eviction, and all my tenants pay their rent, even during Covid, but it really is just luck, I think.

Post: New Leases for Inherited Tenants?

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

Since your property has four units, it isn't eligible for the owner-occupied exemption.   I suggest you re-read the law.  Good luck!

Post: New Leases for Inherited Tenants?

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

Portland has many laws in place that protect tenants.  Since you mentioned the need for giving ninety days notice, I assume you also know you'll need to pay for relocation assistance which ranges from $2,900 - $4500 per unit In order to evict.

https://beta.portland.gov/phb/...

Post: I think shower inserts instead of tile are fine, change my mind

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67
Originally posted by @Jason Hirko:

You want something that's easy to clean and beautiful? Check out Tadelakt. We even made our own out of a Portland cement and sand mixture. It wasn't harder than skimming the walls and will last 500 years. 

 Wow, that's so cool.  Plaster finishes are so in style right now.  I'm going to check it out   Thanks for the tip!

Post: Looking for a college rental property near Beaverton/Hillsboro

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

I suggest you contact Jessica Tindell of Tindell & Co in Portland.  She's an experienced agent who also runs a property management company.  She's very knowledgeable about local rentals.

(Just in case you're wondering, I'm a different Jessica 😉)

Post: How to negotiate inherited tenants with seller

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

To answer your question: You already knew there were tenants in place when you put in your offer, correct?   If so, the amount you offered should have reflected that.  Since you did not "discover" the tenants during the inspection period, they are not a negotiating point.   

Does that make sense?

Post: looking for real-estate savvy CPA in Portland, OR area

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

A CPA can advise you whether or not this a good idea, but they can't complete the transaction for you. What you need is a custodian which is a company that will administer the self-directed IRA. The custodian will handle the logistics of the roll-over.

(Please note I would never advocate that someone dump their retirement fund into a real estate deal.)

Post: DOES THIS PRODUCT HAVE APPEAL TO CALIFORNIA INVESTORS

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

I got an email a few days ago for a pre-sale on a Duplex at NE 15th and Shaver for $1.37.  Is that one yours?  If not, you may want to follow it's progress since it sounds similar to what you're wanting to do.

Here's a link.

http://cascadesir.rezora.com/marketing_public.php?...

Post: Early Termination of Fixed Term Tenancy: Portland, OR

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

What I usually do is tell the tenants that if they help me avoid any gap in the tenancy then I won't charge them for breaking the lease.  In order to do this  they need to let me conduct showings whenever I want and they also need to leave the property in immaculate condition for the tenants who will be moving in the day after they move out.

I've never had a problem with doing it this way but my rentals are all Class A and Class B.  It can be tempting to tax them for breaking the lease but I usually avoid it.  Plus, in this market I'm always happy for a turnover because I can raise the rent with impunity.

Post: Interested in buying Rental properties with minimum of 8-10 units

Jessica S.Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 154
  • Votes 67

Hi Nagendra,

Welcome to Bigger Pockets! Your profile says that you're interested in "low or no money real estate investing, house hacking, and multifamily investing."

It could be difficult to house hack a property with 8 - 10 units.  Anything over 4 units is considered a commercial property and won't qualify for a loan with a low down payment.

If you're planning to house hack and finance a property you should probably be looking for a 4-Plex.