All Forum Posts by: Karen Sanders

My son is a manager of a large complex in California. As of this year they made the entire complex smoke free. He consulted the complexes lawyer for wording and gave everyone several months (6 I think) notice. There is no smoking or vaping of anything on the Apartment Complex property. 

I am looking at a 2 @ 2/1 & 1 @ 1/1 with my living in one 2/1. 

Asking price dropped from 245k to 180K which was increased to 189K after I made the following offer. FHA 203k streamline - 175K with sellers assist 4k and seller can rent back for 60 days was offered and he said no & upped the price to 189K. It had been on the market for 150 days when I offered. I have found out that he is looking for a investor that will let him carry 90K but will have cash for the 99K and all repairs and I can't do that. I think he has a dream. The 245K would be right, even low if the repairs & updates were done.

The 3200 sq ft triplex built in 1969 is on the coast but no direct access to the beach or a view either. Currently the units rent for 850 & 620 and the owner knows their are below market. New rent would be 950 & 675 when I move in new tenets. 

Seller had a new roof put on 10 yrs ago but it was a fly by night that closed the roof vents so now there is mold. It needs new carpets in the 2/1upstairs (mine) and all the large windows replaced as they are original. 

I will be managing these myself for now. The second 2/1 will be a lifetime move in (I am caregiver). Do the numbers work? I want to convert the 1/1 to a VRD maybe.

My understanding is that on the 203k streamline loan you can only get up to 35k for repairs but you can do some of the work yourself. I am currently looking at a triplex and if the bid is excepted my son, who is a glazer will be installing the new windows and saving me a ton along with one kitchen is a disaster and I and my sons are going to hang the cabinets.

Also I will be getting a rebate from the power company for some of the new windows, does that money have to go into the rehab fund or can I use it to do other things not covered by the loan.

I did not seen anything wrong. Is the price to high?

A phone book? I would try there after the internet search especially if the owner is older. They may still have a landline.

It's 59 1/2 and you can get you disbursement monthy, quarterly and annually.

There are VRD's allow in the southwestern part of the city. One development is called Olivia Beach.  This has been a constantly moving target but that is why I went to the city about it about 3 months ago and they let me know that if I was buying a property adjoining a VRD area that I could prob. get a full time VRD permit. 

BTW that is what is hard about setting regs for VRDs, bad landlords that only wanted the money and did not care about the nieghborhoods and were over leveraged so the properties were not taken care of when the VRD's sat empty for months and they rented to anyone so they could make their payments on their own homes.

Partying and fights with absent, bad landlords cause a large problem with locals along with cars blocking their driveways and in their yard. VRD's can be permitted but there is only one permit per person. If anyone is interested in this area I would suggest that you go to the city's web site as the rules are there. 

They are working on new rules but I don't know when they well come to vote. Right now if you buy in the VRD area you can rent year round but in some area's you can only rent out for 90 days a year.

Being a small town the local paper The NewsGuard tracks what is going on with the VRD's and you can get an online subscription for about $30 a year. 

If you are looking for property buy to rent, the market is tight. Monthly rental are hard to find and BTW our rents are slightly under Portland area's market so the numbers can work.

I have been looking since Nov. for a duplex or house to convert and am still looking. There are a lot of manufactured homes here and remember the tsunami zone for insurance.

Lincoln City has no % quota of vacation rentals but only allows one per person ownership. (Guess where I live) It has been a 10 year discussion about changing the rules and when they thought they had it figured out the town voted no so back to the drawing board. 

Call the city planning department. They will know if it is legal or what you need to do to make it legal.