All Forum Posts by: Steve Moody

@Account Closed's question, do you know if the "one unit" exemption rule is for a single tax unit, or a single door (e.g. if someone owns a SFH they're in the clear, but what if they own one duplex?)

Sadly I've recently found a few duplexes in Portland that have numbers that might have worked, but with this I'm going to have to pull back and stop looking in the city, or at least add $375/mo in expenses so that I can cover the fees (likely to put me way into the negatives on any duplex in PDX). 

I wonder if Chloe Eudaly doesn't understand how supply and demand works, or if this an attempt to force rents to increase even more, making the argument for rent control even stronger. 

EDIT: I just watched your part of the video Dani, very nice job articulating the issues. Too bad Eudaly wasn't listening at all. Good job not giving her the bird for her "address me by my title" power trip as well!

If I had rentals in Portland right now I'd send all my tenants their 90-day notice before today's vote. There's some question about whether or not 90-day notices before the vote will be exempt. Evict all tenants, change lease agreement to say that they must leave after the lease ends or re-up to another lease (no more month-to-month in Portland). Raise all rents to market if they aren't there already and start over with a required deposit of first, last, and max moving away fee. 

This part is troubling: "Within 14 days after a Tenant receives the Termination Notice, a Landlord shall pay to the Tenant..." 

That means you have to pay them 76 days before they're required to leave. How does a landlord go about getting that money back when the tenant doesn't leave and they have to do a just-cause eviction? What will happen is a landlord will give notice, 14 days later pay the tenant $4500, tenant stops paying rent, landlord has to got to court to evict, landlord is out $4500, 3+ months rent, and whatever it cost to have an attorney do the eviction. No thanks, I'll look outside the city 

@Sarah Karakaian What made you pick Portland OR over cities that are easier and much more profitable than Portland? Are you looking to buy and hold, flip, both? From what I've heard, and seen, flipping is difficult here unless you have contacts and lots of cash (sounds like you might after your sale). If you're looking to hold, buying a multi and living in it might be the best, just be willing to live in a less desirable area, or willing to pay top dollar for a place where rents are in the 0.5% range if you're lucky. 

Don't get me wrong, Portland and the PNW in general is a great place to live. I only want to invest here because I already live here, and I'm still thinking of out-of-state investments. 

Totally fake. Just the address alone should tell you that. 

81 Sunnyvale, street
united states 

No city or state? The phone number isn't listed as an HSBC branch, and is located in upstate NY. There are only 5 addresses in the US at "81 Sunnyvale" and they're all California cities. All of them are residential. 

Who has exactly 810,000.00 in the bank? It probably would have seemed more authentic if they said 810,297.42. Also, it would be written "eight hundred ten thousand dollars" not "eight hundred and ten thousand dollars" that's an incorrect usage of "and". Anyone working in a bank (and most 4th graders) knows this. 

I don't think so, because supply is still low and demand isn't going down much. What event(s) would cause the demand to go down and or the supply to go up? There may be a tipping point where the market normalizes as supply and demand get closer together, but if there's going to be a bubble bust it'll be in the entire country not just Portland, and it'll be cause by a big event. 

Oregon was the #3 state in percentage of inbound moves for 2016 (or #2 depending on the survey). There's no sign that will slow significantly any time soon. We all know that the supply is growing very slowly in Portland metro. 

stop over analyzing  

@Mike Wilson do you know how much property taxes are on this property? My property calculator says cap rate of 4.22% (assuming around $10,800 in taxes). Cash flow negative until you put at least 50% down (though my calc is pretty conservative) 

@Chris M. you have to ask yourself "what's in it for the seller". With Portland being a hot market, sellers are often getting cash offers on their homes at or above the asking price on MLS. So why would they hold up their money for you? Maybe if you find a distressed property and/or a seller who isn't particularly interested in getting their cash out you could find a way to work the deal so they have a monthly income and you take over the home? I wouldn't say it's impossible, but it won't be easy.

If the co-signer option is on the table it might be the best way to go. 

He mentioned he lived there for 106 weeks. Meaning that he won't have to pay capital gains taxes on up to $500k in profit since he's selling his primary residence after living there at least 2 years and buying another. 

Good job. 

You mentioned "I originally posted for $1375 and had a few showings then shifted to $1345 and my phone was ringing of the hook." It's funny how that happens, it's probably that a lot of people put in 1350 as a "max" amount in their search. Your place only showed up for people with 1400 in their search initially. It really shows that for less than $400 a year you can go from hard-to-rent to pick-your-best-tenant