All Forum Posts by: Kelvin Lee

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.  

$90k reno for a triplex is a lot of money.  Before you go that far, I would ask myself these questions. 

1_Does the rental income after reno sustain the mortgage and expenses yet generates decent cash flow, say >8% COC?

2_Is the triplex located in a good neighborhood say B class which generates decent cap gain ( although I would never recommend speculation)

I asked the same question to FaXXers and they said there is no retro fitting pre-requisite under their policy. That said the premium is not going to go down regardless it has been done or you are going to do it. 

Two simple reasons I ended up getting one for my property. One, the earthquake insurance would cover damages caused by earthquake that the regular insurance won't. Two, the premium expense doesn't impact much on the overall investment performance. Just like other expenses, the premium is tax deductible. 

Management companies, either small or big, I used in the past all begin with stellar performance but then turned south after few years. They either forget renewal contract with new rate, hiring vendors that used mud tape for copper pipe leak,  on site manager renting the unit to her own daughter with 20% discount of the market rate, not aggressively looking out for new tenants etc.

Any one got good recommendation that serves in Portland metro with stellar track record over 5 years currently serving your apartment?

I am sure staying my next purchase away from Multniomah County with the rent control looming on the horizon. 

Who believe Chloe Eudaly and Ted Wheeler know nothing about the "Unintended Consequences" would be naive. There is no coincidence fooling the low income group with their own emotion to mow down small owners with all sorts of ordinances, working with big players to generate more revenue by approving land use for building luxury apartment only yet screaming for Housing Crisis for lack of resource on affording housing?? And now luring the individual home owner to install a "FREE" micro ADU in the back yard for the homeless to give the City an excuse to raise the property taxes 5 years after. At the end of the day, both middle and low income classes suffer. The biggest winners in this game have always been the City and the 1% richest.

Well said. So the way the Ted Wheeler and his team wiping out small landlords is for bigger profit from the real estate developers? If so, do you think they get kick back from the developers behind? 

Can anyone explains why the City keep approving luxury apartment new construction one after another instead of building an affordable apartment for the low income group on the same piece of land?