All Forum Posts by: Mike Nuss

Join the RareBird Investor Network on Thursday, May 2 at 9 AM for our master class, Condo & HOA Basics for Real Estate Transactions with real estate attorney, Damon Henrie. Learn what is necessary to help your clients navigate the due diligence phase of a condo/HOA purchase including: what documents to review and what to look for; assessing the financial health of an HOA; assessments, special assessments and serial assessments and what they mean to a buyer/seller, and special HOA/Condo considerations on the disclosure form.

Damon's practice is solutions driven. Whether addressing litigation or aiding with construction, real estate, or other business matters, the best course of action is the one that most quickly and efficiently achieves solutions for the client.   

CE Certificates are available for licensed attendees.

Space is limited, so please RSVP using the link here: http://rarebirdinvestors.com/masterclass/

Our Master Classes are designed as deep-dive educational opportunities for our RareBird Investor Network Members!

New to the Investor Network? Come and check out a meeting, your first time is always FREE! OR Join Here: https://rarebirdinvestors.com/join/

Finding Failure & Success - Taking Risks in Real Estate

Speaker: Kevin Cavenaugh of Guerilla

Don’t miss the RareBird Investor Network May meeting and second presentation in our Disruptor Series! Designer and Owner of Guerilla Development, Kevin Cavenaugh will share his out-of-the-box approach to real estate. From creating kick-*** designs, crowdfunding projects, and developing creative approaches to subsidy-less affordable housing, Kevin has been shaking up the industry. Discover more about Kevin’s innovative work, his successes and failures, and how you can dare to disrupt!

NEW LOCATION - THE EVERGREEN - 618 SE ALDER ST, PORTLAND, OR 97214

Networking begins at 6 PM! Presentation starts at 7 PM!

Your first beer is on the house thanks to our May sponsor, Merchants Mortgage. Additional drinks will be available at our cash bar. Food can be ordered before the meeting downstairs at Loyal Legion. Place your food order at the Loyal Legion Bar, head upstairs to check in, and the staff will bring your food to you upstairs.

New to the Investor Network? Come and check out a meeting, your first time is always FREE! OR Join Here!

Join the RareBird Investor Network on Thursday, April 18 at 9 AM for our Master Class, Best Practices for Rental Screening & Security Deposits. With potential new Portland ordinances on screening criteria and security deposits, Mike Nuss (I) will help landlords understand the proposed changes and how they may impact your rentals.

CE Certificates are available for licensed attendees. Space is limited, so please RSVP HERE!

@Sarah Clarke nice to see you on BP! 

That's exciting you're wanting to go full time RE investor. Take @Pamela Sandberg up on her offer and find a "RareBird" like group in Phoenix (that worked out well for you in Portland I think). Phoenix a great market for buying cash flow so you should be able to meet your goals quickly. Meet as many investors in your area as possible to help shorten the time frame to meet those goals. Good luck!

@Arie Van Gemeren thank you for adding some positive outlook to opportunities and wholesome reasoning to the statewide bill. I view it very similarly to you. One of the best ways to limit risk is by having A properties in A locations like you've done. I live in a similar walkable neighborhood in NE. I absolutely love it and don't plan on a different life style in a long time. If I were a market renter I would have no problem paying increased rent to stay so walkable in a romantic location. You're in good hands with AJ and Chris at Uptown. Good luck with your investments!

@Jeff S. excellent point on the small landlord. We've discussed this mindset before, but it's just so dang obvious when attending those meetings over and over in person. 

The bigger concerns are the vacancy control portions of the "rent control bill". No cause terminations after one year of residency will be difficult so as @Jay Hinrichs said.....don't be the landlord/manager that hasn't paid attention in the past 5 years. If you're behind now, there will be an opportunity to catch rents up while there is an arbitrage in the market, but your equity/value has been effected. 

The bigger bigger concern are the changing security deposit and screening criteria laws in Portland paired with the new state level for cause termination ordinance. That stacked legislation (and relo in Portland) creates an environment that's easy to be unsuccessful in. However, it also creates an environment where a well educated person can do very very well in. 

@Carter Doering If the reno really is 100K, the probability of a tear down being the highest and best use is high. Many neighborhoods with 800 sf selling in the mid to upper 300's will support new construction in 600-700K range, depending on size and lot size. If it's that bad I'd seriously evaluate the land value. I'm happy to help you with that if you'd like. I've sold a decent amount of lots in Portland and know land value well. 

@Uwe G. Eric and I have already talked about reaching out to you on that stuff so will do. Thanks for the offer!

@Wade Penner it really comes down to what's included in the new full lease document that you're losing out on in the old full lease document. It's tough to answer adequately without knowing what the actual change is. 

The new laws greatly affect how you need to operate (especially with notices and such), but they don't really require anything different in your lease documents. Unless you're missing something important regardless. I just found out a friend of mine was put into a lease agreement by a professional manger that did not have a lease termination fee. That's a much larger concern in my mind than the new laws. 

I think it really depends on business model. Vancouver is a great buy and hold market, I'm buying a single fam in Vancouver right now that will be my first rental across the river. However, there is no way at all I would want to manage a flip or development project across the river. It's just so inefficient trying to cross that bridge on a regular basis or to plan around that traffic. You lose that inefficiency in a buy and hold scenario though, in my opinion. 

Hey Portland, Oregon and SW Washington investors. We've got our flipping seminar coming up real soon. Come learn everything you need to know to be successful in this market. You'll get all the info without the up-sell. See you there!