All Forum Posts by: Kelvin Lee

 Agreed. All the things they have done are for their political career and richness but not so much for the low income families. 

My question is if I can reject the offer from the City? Will there be any consequence to do so? Will the City work with the seller and the QI for 1031 exchange? If not, the seller will eat the captain gain taxes and depreciation recap. What if there is only one tenant in a 10 plex to make an offer and the rest refuse? Will the City force the seller to convert the property to condo to entaintain that particular tenant and the seller to pay for the legal fee of conversion?

City Commissioner Chloe Eudaly plans to unveil her idea requiring that multifamily owners provide the City of Portland 90 days notice before sale. As the Portland Mercury reports, she wants to give renters a 60-day option to purchase, with an additional 30 days to the City of Portland.

East side would be an area beyond SE 122nd. 2 years ago I went to the SE stark and 178th neighborhood for a due diligence trip before making an offer. I happened talking with two cops who were on duty patrolling the hood and their advice to me was staying away as a new buyer. Only if you don't feel intimidated, cops could be your good resource sometimes.  My practice is to drive by the neighborhood at different time even at 10 pm to see and feel the hood yourself. Keeping in mind that rehab project is for the experienced investor who has good cash in hand and mental toughness handling difficult situations. I was on that pave before as a rookie and that's how I learned my lesson in a hard way.

I used to own a property on 130th SE Powell next to Lent neighborhood. I would stay away from the East side if I could due to my 2 yrs of experience before I sold it. From 2013 June to Aug 2015, there were drive by shooting, thieves, murders etc . The 50 units property on 125th is packed with tenants on parole where cops visiting from time to time every day. The quality of tenants you can find within the 5 miles perimeter are not easy to handle. My management company advised me to stay away or they will drop me if I happened to buy another property in the vicinity.

You can't win the game when your property surrounded by group of slum lord who barely spends time and money taking care of the asset. Lent is an upcoming neighborhood but things is not going to turn around quick with the problematic neighborhood next to it. 

I believe pulling permit will also trigger their visit as well. Back then when my property were under major renovation, the County dude showed up asking question on the rent, budget and square footage etc. My contractors just played dumb and he left few minutes after getting no answers.

I received a notice from the Division of Assessment & Taxation regarding the recent transaction and the sales value of my recent purchase. The property hasn't been re-assessed over 12 yrs since the previous seller and my concern is volunteering info as such will spike up the property tax next year.  I know there is nothing I can stop County from digging information on the internet. Anyone experienced this before and how did you deal with their request? 

Nice renovation. I think location plays part of the reason. If you still don't see any traction one more week after, consider cutting the price below $1000. Another strategy is breaking up the sum into the rent itself and the utility bill back. For instance, $940 rent + $60 bill back. On paper, $940 rent sounds more affordable and appealing. And it makes a bit easier passing the income requirement on screening. Think about giving one month free with a 12 months lease contract as incentive. It's better off of having income to pay the mortgage than nothing. However, I would never lower the other requirements just for the sake of filling the vacant like eviction record, criminal history etc.

The moving assistance ordinance 2.0 will:

• allow tenant to request for the relocation fee within 45 days
• landlord no more than 31 days to make payment to the tenant
• tenant has 6 months to decide to stay or move out
• if the tenant received the payment but decided to stay, they must repay the relocation fund back to the owner

Things I don't quite understand are:

1_Does it mean that  the tenant can stay for an additional 3 month for making up their mind after receiving 90 days notice? Say the landlord sends a 90 days no cause eviction notice on Jan 1st and have already paid the relocation fee, the tenant can keep staying til June 30th. Should the 90 days notice change to 120 days instead?

2_Say 6 months after the tenant change his/her mind and decide to stay. However,  the tenant unable to fully refund the relocation fee to the landlord. Assuming that the tenant keep paying rent on time, can the landlord evict the tenant for owing relocation fee? Imagine if all of the tenants follow the same way making money through this channel.

Sounds like a good deal and you are well on your way to building more equity.