All Forum Posts by: Kelly Asmus

If Earnest Money was due by a specific date and never paid, then technically your buyer was out of contract the next business day that the EM wasn't paid. If they are an agent, they know this. 

You can file a complaint against him with the realtors board and they will investigate. They could fine him, restrict or pull his license. It won't help you financially but could help your investor community by getting rid of a bad seed. I agree with some of the other comments - he was probably shopping it around to wholesale it. Not a good move for the agent, especially if he is licensed. 

Suing for specific performance is an expensive and lengthy road for you. Best way forward is to take it on the chin, learn from this experience, relist it and move on. They wasted your time, don't waste any more of it by dealing with the inexperienced jerk. 

Agree with @Eliott Elias that the tenants are your problem. I see this over and over with sellers who don't want to deal with tenant issues. Now you can look at this as an opportunity for a lower offer since you're taking on someone else's problems - glass half full. I've been very successful at negotiating lower deals when knowingly taking on tenant issues for myself and clients. 

Cash for keys is one way. Talking to the tenants and explaining your intentions with what you're trying to accomplish is another. Maybe they would want to stay and would pay more if their unit was remodeled. Maybe you could remodel one unit at a time and move tenants around unit to unit. I'm not saying it's perfect, but sometimes there are creative ways to keep the project cash flowing and reach your goals. Working with tenants might prevent some damage. 

But certainly you need to follow all local regulations regarding evictions. That could get you in deep trouble. 

I am seeing many STR investor clients pivot to MTR due to certain markets being oversaturated with STRs and over regulated with permits/fees/taxes. STRs are such a small part of the overall housing stock but are getting a lot of local attention due to housing and rental shortages. I see cities limiting them by requiring permits. I see cities regulating minimum 30 day stays and I also see HOAs jumping in and also requiring minimum 30 day stays and I have seen up to 90 day minimums for some HOAs locally.

Instead of focusing on this ultra small segment of the overall housing market, jurisdictions should be finding ways to ADD housing stock to their markets. 

Agree with @Steve Milford. Oregon is tenant friendly so follow all the rules to the letter, give proper notice - in writing - of the rent increase. Also agree with @Suzanne Moore great communication with tenants makes a huge difference. My tenants also paid all throughout COVID when we all know they didn't have to. They see you as a person with a family and making ends meet. 

As a real estate broker, I tell all my new investor clients that they should self-manage for a while. They should learn every aspect of their business. Understand the lease agreement top to bottom and follow it. Take classes and stay educated on landlord issues in Oregon and Beaverton. 

There are people who need to rent and providing high quality affordable rentals is all part of the housing market. Don't be ashamed that you are an investor providing, paying for and maintaining good housing stock. There are a new wave of builders who are developing and building whole communities of BTR - Build To Rent. High quality, single family communities that are all rentals. We have to remember we're short millions of homes nationwide - whether that home is a SF, apartment, condo, ADU, etc. We need to provide more units, everywhere, all kinds. So the run up in prices is due to lack of adding more housing stock. Lots of investors are doing their part in small ways - converting basements to ADUs, adding tiny houses, building on empty lots, etc. Our communities need these extra units. We as investors are taking the risk, paying the permit fees, doing the remodeling and bringing these extra units to the market. We are helping the market, yes, in a small way, but it is adding available homes to an already anemic housing stock. So yes - keep adding housing!

I use Troy Reichlein, CPA based in Lake Oswego, OR. 503.653.9592. I'm duel licensed in OR and WA and own rental properties. Good luck.

I've been referred to Charlie Kovas here in Portland. He was recommended by a client's property manager as providing excellent help for landlords. Good luck.

All this regulation just discourages investment. If you have a choice where to spend your investment dollars, and we all do, we go where the grass is greener. We all figure out how to make things work in our individual markets, but if it isn't working, there are hundreds of markets across the country waiting for your investment dollars. Pick one - or pick several. Change your strategy. If something is broke, fix it. We all adjust to market conditions, rate changes, economy, etc, now we have to also deal with more regulations in certain states and cities. Find a way to get the return you need, or change your tactics. It's what we all love about real estate - the endless opportunities. Sell it, but something else or somewhere else. There is no cut and dry rules. Make your own path.

Best way to gain experience is buy a Multiunit like a duplex or a tri and live in one unit, or do a house hack and live in it. Learn how to be a landlord, do the maintenance, work with the contractors on any repairs, learn how to do everything with your properties. You can do a low down 5% since you are owner occupying and get boots on the ground experience. Read the lease agreement front to back, join networking groups of other investors. 

You can read all the books you want, watch every webinar on BP and talk to everyone but at some point you are either a real estate investor by doing it or you aren't. 

Good luck. Everyone starts with the first one and it gets easier and easier from there!

I have rentals in Portland and I use Rentals.com. I get great visibility and solid tenants leads.

Good luck.