All Forum Posts by: Kelvin Lee

Thanks Zach for sharing your thoughts. Drug lord just like a roaches that has already immunized from PM notices and Police. Also thanks for Chloe Eudaly to create this perfect environment for supporting criminal activities and yet punishing the owner for being a good responsible citizen keeping the property crime free. If I were to blame someone, it would be the PM who allowed the drug lord moving in at the first hand.

Did you report the drug activities to the Police? I did it last nite anyway and I hope they may have time to call me back. Also I was thinking sending letters to all resident including the drug lord unit about receiving criminal activities reports from the residents and now Portland Police has been getting involved into investigation.  Do you think it is will be helpful to settle the good residents concern and expedites the drug lord moving out the property?

I was recently informed that there was drug activities in one of the units. Also there have been vandalism and coin operated laundry got broken into that possibly related to the same tenant. However, the other tenants who reported to the management company didn't want to bear witness and new tenants who moved in less than a month requesting for termination. Situation like this without any photo, video and witness is impossible to put a case of cause eviction together. Besides paying $3,300 90 days for no cause to get rid of the tenant, I was wondering if you guys have other thoughts to share with. Thanks!

Maybe Class A luxury apartment could make some sense under this political turmoil? Better tenant group, relatively less cause issue on eviction and less damages overalls in turnover. Downsides I can imagine is the cost of ownership and higher turnover. Higher turnover means the owner would pay the mortgage out of pocket in case of vacancy. At the end of the day, it is a personal choice between quantity ( for example, owing 10 plus units of Class C, better safety net but constantly hammered by low income class backed by the City of Portland policies) or quality ( for example 2 plus luxury apt rented to well-educated tenant, good occupation and careless about relocation fee, rent control, non-cause eviction etc.)

What do you guys think about Chloe Eudaly creative idea of this?

Commissioner Chloe Eudaly's office has circulated a final draft copy of a renter screening proposal that would take away an apartment owners' right to protect tenants and their families from individuals convicted of felonies and some misdemeanors.

Convicted felons and others convicted of misdemeanors would be allowed to rent within three years of the date of sentencing or one year after release from confinement, and include:

• Drug dealers | Drug manufacturers
• Sex offenders
• Robbers | Burglars
• Stalkers

I will be traveling to Rotterdam, The Hague and Amsterdam next week to meet a REMAX agent, notary and possibly a banker for financial details. There are 2 properties I am going to see at the price range of 4.8 mil to 5 mil Europe located at  Leusderweg 92-108 (15 units with 2 retail stores) and a 24 unit new 2016 construction at Utrecht. Hard to say it is a good deal or not without knowledge on the Netherlands market. One thing for sure is there is rent control in the Netherlands following the consumer index. The VAT which is the tax structure is also very different. Will see what I learn after the 2 weeks trip.

I will avoid 3 bedroom on top of the vacancy concern. Sq ft per dollar wise, 1 bedroom is the best return and it is easy to get 1-2 prospects approved at a time. However, it suffers the highest turnover among all 3 types. 3 bedroom  is the worst Sq ft per dollar wise and takes more on repair and maintenance if anything happens. And of course even harder to get 3+ prospects all approved on screening at the same time. If I had a property that I can either go 3 bdrm or 2 bdrm + 1 bdrm, I would pick the latest. My 2 cents. 

How should we as an investor/landlord react to rent control and without no-cause eviction with Fagan on board? Selling ASAP or long term hold to weather the storm?

You are soooo lucky that you have 1/2 of the money back.  I lost $120k and $40k attorney fee after the drama. Lesson learned and I will never pay a penny up front for deposit. The contractor only get paid by their work in progress.