All Forum Posts by: Mathew Wray

Been looking to get a non-owner occupied HELOC and would love to find one (wouldn't we all) that will go to 80% LTV. I've been looking and it sounds like maybe PenFed has a similar product so I'm going to call them, but before I do that, would like to ask for local experience...

Anyone have any luck in Oregon with local credit unions or lenders doing 80% (or even 75%) on a NOO LOC?

Thanks!

Mathew

Thanks @Caleb Webster...I likely won't go to the two working sessions in February but I've got them on my calendar to live stream (they have a youtube channel) so I'll be able to keep an ear open during the parts that I'm interested. Keeps me informed and also helps me miss out on traffic!!

Glad it's helpful for you!

I'm happy to see some changes allowing for more fourplexes on non-corner lots. 

I feel like I have to give a little credit to the city. It's weird to say that out loud! I'm glad they're not bowing (at least yet) to the NIMBY crowd. If the city is going to take extreme measures on landlords at least they're looking at making large changes to zoning to improve density. 

It's back to the supply and demand issue...I'm hoping that over time it will increase the housing stock in Portland. But, if it doesn't improve or it doesn't dent supply enough, then I see property values continuing to climb so really it's a win for the industry either way. 

Mathew

Hi @Laura Yoerger

To do the hyperlink, hit the @ symbol and then the first few letters of the person's name. You'll see a little drop down menu with options. Click the person you want to link and their name will show up. To PM, click on a picture and it'll ask you to connect and send a message with it. 

It seems reasonable that you can give notice, but you still need to abide by the laws around how many days notice, how you deliver, their lease lengths, and timing around those issues. In Oregon it is super important to make sure you abide by the terms of the lease otherwise you are going to be liable for damages. 

Give me an email (contact info in my signature) and I'll connect you with an attorney to talk through specifics. 

Got an update from the city on the proposed Residential Infill Program including some updates and some links that I wanted to pass on:

What is this project about?

Residential Infill Project is updating Portland’s single-dwelling zoning rules to better meet the changing housing needs of current and future residents. The project addresses increasing the range of available housing options while limiting the size of buildings and improving building design. For more information visit the project website at: www.portlandoregon.gov/bps/infill

PSC begins review of the Revised Proposed Draft of the Residential Infill Project

Last September, the PSC gave project staff direction to revise the Residential Infill Proposed Draft to reflect their possible amendments. The commissioners wanted to see how their suggested changes could affect the proposal overall. At a PSC meeting on February 12, staff will brief the commission on the Revised Proposed Draft, which incorporates their possible amendments. The briefing will be followed by PSC work sessions, with a vote on their recommendations to City Council anticipated in March.

Key Changes from the Proposed Draft

• Increase additional housing options to include up to four units (fourplexes) on both corner and non-corner lots.
• Allow additional housing options in all R2.5, R5 and R7 (single-dwelling) zones except:
  • Areas with flood or landslide hazards or significant natural resources. These areas, designated by a new “z” Constrained Sites overlay zone, will retain existing regulations for corner duplexes or one accessory dwelling unit with a house.
  • Lots that do not meet minimum lot sizes for three or four units (R2.5 = 3,200 sq ft; R5 = 4,500 sq ft; R7 = 5,000 sq ft)
  • Infrastructure constraints, including lack of paved streets, sewer or water service.
• Increase the allowed size (FAR) for duplexes and triplexes (no increase for a fourplex). Examples on an R5 (5,000 sq ft lot):
  • 2,500 sq ft – house (same as Proposed Draft)
    3,000 sq ft – building with two units
  • 3,500 sq ft – building with three or four units
• Bonus FAR for keeping an existing house or for providing one affordable unit at 80% MFI.
• Allow historically narrow lots in R5 to be built with a pair of attached houses.
• Eliminate minimum parking requirements.

The following Revised Proposed Draft reports have been posted on the project website.

• Project Summary | 8-page summary of the 12 key proposals
• Volume 1: Staff Report and Map Amendments | Report includes introduction, analysis of 12 key proposals and map amendments
• Volume 2: Zoning Code and Comprehensive Plan Amendments | Report includes amendments to Zoning Code and Portland Comprehensive Plan

• | Memorandum, Dec. 5, 2018, from Johnson Economics LLC describes economic analysis methodology and findings for the Revised Proposed Draft. You can watch the (RIP starts at 2:25:00).

• |Maps and rationale for selecting areas with concentrations of historically narrow lots to rezone from R5 to R2.5 reflect PSC’s possible amendments. (Update reflects R5 lots that were rezoned through other projects.)
• | BPS analysis of the displacement impacts of PSC’s possible amendments on affected vulnerable communities and potential mitigation strategies.

Appendices that have not been revised can be found here.

Explore the Map App. Parcel-specific information is available through an updated Map App that reflects the revised mapping proposals.

PSC Upcoming Meetings on the Revised Proposed Draft (Please confirm the date and time on the agenda one week prior by visiting the PSC calendar)

• Tuesday, February 12 – Briefing: Revised Proposed Draft (RIP is on agenda from 2 to 4 p.m.).Staff will walk the Commission through their revised proposals to see how their tentative amendments work together as a package.
• Tuesday, February 26 and Tuesday, March 12: Work Sessions and Possible Vote

When will the public get to weigh in on these amendments?

The PSC’s possible amendments took into consideration the public testimony they received last spring on the Proposed Draft of the Residential Infill Project. They are anticipating making their recommendations to the City Council in March. The public will be able to provide testimony on these recommendations to City Council as part of their review — anticipated in summer 2019.

Want more information on the PSC’s work sessions and proposed changes?

The dates of the eight PSC work sessions and accompanying materials are posted on the project website under Planning and Sustainability Commission Materials. All PSC meetings are streamed live, and past meetings may be viewed at Portland BPS YouTube channel.

@Laura Yoerger

Morning Laura! 

The picture you tried to attach (I'm assuming of the lease) didn't come through so I can't see what clause 11 is. Likely, even if I could see it, I would recommend checking with an attorney. I'll certainly have opinions about it but my opinions aren't those of an attorney. If you need a good one, PM me and I'll connect you with a couple who can give specific advise about your specific case vs. general guidance. 

I think any tenant can fight just about anything in court here! There are attorneys that target landlords for lease violations, so it's totally possible that they could go to court and make a case for retaliation or retribution. Again, I'm just talking in general here and at this point would really advise you getting an attorney's advice. 

Hey Jason!

We’re seeing about a pretty even three-way split among our clients in terms of behavior:

One segment of landlords doesn’t seem to be aware of the changes (we’re constantly trying to update all with updated info as it becomes available) and are surprised to hear about them. 

Another segment is doing the math and seriously considering (or already) listing and getting out. 

The last third is super excited at the opportunity. Many of those use some sort of language comparing this to the Great Recession in terms of opportunity to buy. With mom and pops getting out they see this as an opportunity to get in. 

I think a lot of it depends on where you are in life. It’s just no worth it to some accidental landlords while others who are just starting or younger with a longer timeline are willing to put up with it for the longer-term result (likely higher prices and higher rents). 

Mathew

Thanks for sharing your success Bernice...glad you took action and built equity! Good tenants, good location, good home for you for years...I call that a win! 

What’s next for you both?

Hey Thomas, 

I'll echo Justin's comments that it sounds like you need a little more due diligence there to see as much of the real story as you can. At the same time, don't ignore the fact that market has shifted and sellers who were asking too much are still sitting there...if the numbers add up, you may just have been persistent and caught the sellers at a point where getting out from under the pain of the property is worth more to them than the price. In which case, it could be great for you. Just be careful and know what you're getting in to and more importantly, how are you getting out!

Also, Portland is a big city...the location of that four-plex will be the driving factor of price. A four-plex off hawthorne, close-in is going to be worth a lot more in the end than the same building off of Powell and 122nd. Be cautious over-estimating ARV based on comps from a different neighborhood.

Good luck!

Mathew

Buying from the listing agent can be challenging...It's illegal in many states (not Oregon) but it just takes a lot of trust and communication to make sure everyone feels taken care of. 

If you're buying from the listing agent, they have a direct responsibility to take care of their client (the seller). So when they take you on as a client as well they almost end up as a neutral third party vs. advocating for you or them. And when you're buying, don't you want an advocate? 

I've seen it work successfully two ways-either the parties are all known to each other and there's very open communication where the listing agent can share info back and forth to get to a positive outcome. The other way is that the listing agent will actually bring in a separate agent to work on your behalf so they don't have to put themselves in the middle. 

Truly, it's I think it's in a buyer's best interest to have an agent representing them who doesn't represent the seller. 

If your question is will they relist for you then yes, like Alex said, agents are totally happy to talk through the options and relist your house if that's what's best for you. 

Mathew