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All Forum Posts by: Steve Moody

Steve Moody has started 5 posts and replied 122 times.

@Demjan Van Der Kach pretty much nothing in the Portland metro will cash flow off of MLS, especially with only 20% down. I live in 97229 and there was a house near me that went pending the day it officially hit the MLS. 3br/3ba on a golf course listed at $477k (not sure what it sold for since it went pending a few days ago). It might rent for $2000-2500. So depending on your mortgage rate, expenses, taxes, and rent, you'd be losing $1800-2500 every month on this house. Those results are pretty typical for this area. Once you calculate property tax, insurance, management, maintenance, CapEx, and vacancy there's pretty much no meat on the bones even when you pay 100% cash.

People seem to be doing ok with off-market fixer duplexes in the c-class Portland areas, especially if they have all cash. 

While I agree with the others that you should charge for access to the driveway and garage, it doesn't help your winter situation at all. Can you really justify charging the full amount during the winter? I would probably put something in the lease about the winter sharing deal, but you should expect the occasional problem with one tenant blocking access to the other's car, etc. It's not an enviable situation to be in. Hope for reasonable tenants who can get along 

Post: Portland Profits with BRRR

Steve MoodyPosted
  • Portland, OR
  • Posts 123
  • Votes 73

Wow! Well done @Michael Gregory 

His response seems hostile and borderline threatening (we're gonna tell your lender on you, the police will come if you try to enter "our" property). I'd get this email over to your attorney right away just to get his/her opinion on next steps at the very least. At least give your attorney a chance to stay ahead of it if it starts to hit the fan.  

I suppose it depends on what "overpriced" means. I had plenty of friends not buy in SoCal in the early 2000s because it was "overpriced" I bought a condo there in 2001 and sold in early 2007 ( I like to think I planned that just as the walls came crashing down but it was mostly luck). Even still, I'd have made money selling it in 2008-9, just not as much. 

The people I knew who could have bought in 2001, but didn't, couldn't afford to buy even in 2008, and they sure as heck can't afford to buy now either. The market will have ups and downs, but it will always leave people behind that are waiting for "overpriced" areas to reverse. Let's say it does somehow reverse here in Portland, would you or your friend even want to live here then? Because in order for that to happen a very bad local (or national) economic crisis would be happening, and people don't want to (or won't have the means to) invest then either  

Post: Panic , Can't rent Townhome

Steve MoodyPosted
  • Portland, OR
  • Posts 123
  • Votes 73

As the others have mentioned the pictures aren't great. I initially didn't specifically notice the junk on the counters and cabinet doors open, but my first glance through left a feeling that the place was old and not in good condition. (FYI, I usually spend 2 seconds per pic when looking at stuff on CL and only look in more detail if it's interesting) Going back over the pictures, the kitchen isn't bad, just messy looking. The other pictures are odd and leave that feeling of being unprofessional (closet doors open, a pic of the corner with a bathroom door slightly open, etc). I'm not great at taking pics myself so I'd probably find someone to do it for me. You're in a college town, so maybe advertise to a local student to take the pics. 

Also one of the ads is confusing and almost seems like a scam ad you see on CL. It's listed as a 3br for $1150, but in the ad text is says "$1,350 mo plus utilities (avg $175 mo) ... 2 bed for $1150"  And you have an ad for the same place also on CL for $1400, with no pictures by almost identical text. As a renter these would be red flags that the place either a) is fake and is some sort of scam, or b) isn't managed well as the owner can't advertise it properly with different prices in multiple places. 

Like others have said, I would get rid of these CL postings, get better pictures (take them or hire someone to) of clean rooms, and advertise heavily. You might also have to drop the price a lot just to stop bleeding money and figure out what to do next school year. 

Good luck

@Baxter Finch You mentioned Portland/Astoria, which are two cities nearly 100 miles apart and very different in their real estate markets. Which city are you looking to live and invest in? 

Post: Portland Oregon Fall 2016 Meet Up

Steve MoodyPosted
  • Portland, OR
  • Posts 123
  • Votes 73

Added to my calendar  

It doesn't seem like a big deal to me. How is having a job more stable than any other type of income? The applicant could be fired or quit their job just as easily as they could stop receiving child support (except it's not illegal to lay someone off, while it is illegal to stop paying child support).

It makes perfect sense to me to deduct a subsidized portion of the rent from your ratio.  Why base it on a person's ability to pay $1200 when they are only responsible for $100 of that? If you don't want to hassle with the government paying your rent on time every month avoid section 8. Like @Account Closed said, have rents higher than HUD will allow.

Same goes for child support. So what if someone makes $2100 at a job and $1500 in child support? They still have an income at the time of the application of $3600, therefore qualifying for $1200 (in the 3x example). The job portion is just as likely to go away (or be reduced) as the child support portion. What if someone has two jobs, do you only count one of them in your 3x?  

One question I have about the child support, are you allowed to ask for proof of payment, not just proof of the settlement? I'd expect that you should be able to count only what the applicant is actually collecting over time rather than what they "should be" getting. 

Post: No offers on my house :( Help

Steve MoodyPosted
  • Portland, OR
  • Posts 123
  • Votes 73

It's hard to tell from the pics (what's with realtors and crazy filters?), but is that ramp made out of concrete? If so it might be very expensive to remove. I agree though I'd probably pass on the house because I don't want to run through a maze every time I want to go in/out the front door. It will appeal to a very small subset of buyers, but will turn off a very large set of buyers.