All Forum Posts by: Michael Jones

@Zach Davis  Is this a property with tenants in that you just picked up and will be rehabbing?  I guess it doesn't matter, just curious.   

 I wonder, since you had an active no cause in place if you were to approach the renters with full disclosure letting them know the new law, if they don't know it already, and discuss the options.  If they've already found a new place then maybe you agree to pay them out $500 or $1000 instead of the full amount.  If they don't like that, then can then give them your rescinded no cause and their increase in rent letter.  If they have a place already lined up, you might have them out with no money out of pocket.    

There's nothing stating you can't negotiate with the renters.  They don't have to take the money.  If you do something like this, make sure to get an agreement written up just to protect that backside.  

If I end up issuing this payment, do I also get the exiting tenant to fill out a w9 for their income or do we report this distribution as short term capital gains or do we withhold taxes.  Just want to make sure uncle gets his due cut of ill gotten gains

Nicely Done @Account Closed  Sorry I couldn't stay longer.  Though glad to leave.  In no uncertain terms Chloe is going after rent control.  This action last night was just the first step.  I assume in a matter of weeks we'll see the campaign to force rent control to ramp up.  

And Chloe wanting to be addressed by her title.  No thank you.  Anyone hell bent on being addressed by title does not have the right focus.  

Sounds like @Jay Hinrichs just figured out your skin in the game.  Negotiate the timber land to sell,  Negotiate the hold properties with long closing, get your profit from timber property and bring your skin in the game to be an equitable partner with the rich guys.   

If you just separated and your wife will be separating soon, it's possible that you might run into issues with getting financing as your time in your new careers will be relatively short.  Maybe you buy now before your wife gets out.  For some reason banks like to see at least a year in a new career to prove that you're stable, whatever that is.  Good luck. Welcome back to Oregon

I can just imagine the letters (and the stop bad infill signs) from the neighbors.. 

I get nervous when someone starts a conversation about thinking long term with neg cash flow. 

I also question the expenses on vacancy and utilities rates.  

  If you really want this place, maybe you have enough to put down so that it produces income from day one.  

At the end of the day, it's what you want but think long on how much you want to feed this or any rental with no return for 4+ years.  

Dibs... I met him a few years ago while remodeling a house in my neighborhood..  I saw him the day this news came out. He told me the situation to which I offered an open offer to purchase the house whenever he's ready, or to rent it from him to minimize these types of headaches.     

 That's a good one.  

Portland has an urban growth boundary with scheduled expansions.  Doubt there will ever be a lifting of the UGB any time soon.  

It is crazy how the value of houses in Portland has risen so sharply so quickly.  We just want to grow up llike the rest of the west coast cities...  

I'd take two in Portland.  Grew up in San Jose and though Oak is a bit of a distance that was no place to go in the 80's.  Don't know how it is now there but the gang activity was too much. I'm sure nothing like midwest though