All Forum Posts by: Steve Moody

You're in Portland, so the first step of an eviction is usually to go to the bank and withdraw a bunch of cash. 

I'd get a real estate attorney who's well versed in the BS rules of the land. You might qualify for an exemption based on the rules as I'm reading them.  

"a Landlord that temporarily rents out the Landlord's principal residence during the Landlord's absence of not more than 3 years;"   

If my calculator is correct (which is might nop be), in order to cashflow $1500 on a $1.15M 4 plex each unit would rent at around $2200. That's only calculating 9% CapEx and no owner-paid utilities. Does that sound about right?

@Account Closed might be the person to reach out to about zoning in the Portland area 

Didn't Seattle recently lose a similar policy in court? I doubt this would stick, but I'd still never buy a rental in the city of Portland. I'm reluctant to buy anything in Oregon at all (in the event I find something that doesn't cash flow -$500/month). I'm looking out of state or not in RE at all (I've made more in the last couple years in the stock market while waiting than I would in 10+ years buying a rental in OR)  

@Michael Beeman how did you survive for a year without income?

Seems pretty straight forward. Their mail said "Did you find new tenants yet? If not, I was inquiring about..." The answer is yes, I did, end of story.  They sent you two emails detailing that they wanted out of the lease, and are interested in extending on the condition that you haven't found a replacement. 

BP has Oregon specific forms available https://get.biggerpockets.com/forms/or/

@Whitney R. did you run your numbers through the calculator? 

https://www.biggerpockets.com/buy-and-hold-calcula...

I'm with the others that say this is probably not worth it. Unless there are certain circumstances that make it too hard to sell for you (i.e. you might have to move back in a year or two) but go into it knowing that you'll be losing money. It wouldn't be an investment it would be a way to hold on to your property (and it'll cost you). 

I'm curious why your work would force you to move 20 miles away, and how that would force you to sell the house you love? it's not the best commute, but it might be worth it if you like where you live, and there's a chance that you'll need to come back. If you get sick of the drive you can always sell it in a year or two and have more money to buy a place in Newberg (plus maybe a rental there too) 

@Ryan H. Even if you added another zero to that amount you'd have a hard time finding much cash flow in Portland. The market is still too hot, and rents still too low, to make much cash flow. Most people in Portland are buying cheap to BRRRR, selling for a profit, or are playing the appreciation game without any cash-flow (or negative). If you're looking for turn key I'd start looking in the mid-west and/or areas in the south.

That's a crazy good deal @Richard Sherman. What city did you find this in? I think most investors (especially us starters) avoid anything over 4 units because of the lack of conventional loan options. I've looked at MLS on and off for a couple of years all around the Portland metro area and usually find duplexes with $800 rents needing $20k in renovations on MLS for $550k. Most shocking is that these "investment properties" actually sell. I suppose at some point all these investors who are barely covering P&I will have to sell, unfortunately there's a line of like-minded people willing to buy them at ridiculous prices. The cycle repeats