All Forum Posts by: Mike Nuss

Thanks for the shoutout @Jay Hinrichs

@David Camacho come check out our meeting tomorrow night. Hands down best real estate networking and education in Portland (just ignore my bias). No sales, no bull, just real local investors doing real investment activity. I'm giving my market forecast presentation tomorrow night.....we always get great feedback about the market forecast meeting. Hope to see you there. 

https://www.biggerpockets.com/forums/521/topics/796092-2020-pdx-market-forecast-rarebird-investor-network-meeting

@Scott Pennington yeah, it's super confusing with all the over lapping codes and agencies....you're on the right road now though. 

@Scott Pennington this is the exact process you go down. The use is "retail sales" the occupancy is "hotel". Hotel occupancy, or nightly rentals is an R1 occupancy (or R2, I can't remember) versus a 30 day rental which is R2 occupancy (or maybe R1, lol). Group homes are an R3 occupancy. So it's a "residential" occupancy with a different "hazard" rating. But the change of use/occupancy form is what you'll be applying for with the required documents and such. 

@Scott Pennington you're in Portland, so length of lease isn't really that big of an issue. You'll have to pay relocation if you do not offer a renewed lease with "substantially same terms" anyway, so screening is where it's at. I don't have a ton of experience with furnished 30+ day rentals, but I do know vacancy is higher so I would think deep and hard about going that route. You may get more rent, but how much will you lose in vacancy, how much start up $ will it take to furnish and how often will you need to maintain/replace those furnishings? Since you're in a desirable area of SE....I'd suggest setting your screening criteria high. I'd imagine that SFR in your area (assuming desirable SE is like Richmond, Sellwood, Colonial Heights, etc..) are hard to come by so you can probably get a premium for that. Asking a premium price and having high screening standards will help ensure you minimize your downside (poor tenant selection) and maximize your upside (highest rent possible). Since it's SFR you can have the tenant pay all utilities. The garbage must be in your name, but you can then bill that back to the tenant to be paid by the 1st of the following month.

I hope this helps!

Join us on Thursday, November 14 at 9 AM for our master class on negotiating repairs, a follow-up to Tyler Comb’s course on general real estate negotiation. In this class you will learn how to negotiate repairs during an inspection period. Tyler will share tips to help set expectations, come to a resolution, write it up, and get everyone to the closing table on time.

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/

@Jeff Taylor Hey there Jeff! As @Lisa Thoele mentioned, Rarebird is a great group of active real estate investors in Portland! We would love to invite you to come check out one of our meetings, free of charge. Our next evening meeting is November 14th at The Evergreen (618 SE Alder St, Portland). Networking begins at 6:00 PM and the presentation begins at 7:00 PM. 

San Francisco Bay-area real estate expert David Lawver will share his knowledge of investing in high price markets including finding luxury deals and raising capital for 1M+ projects. Plus, learn important lessons from the Bay-area as Portland's market continues to grow.

We hope to see you there!

High-End Market Investing – Lessons for PDX from the Bay Area

Speaker: David Lawver

Join us for our November 2019 meeting with San Francisco Bay-area real estate expert David Lawver. David will share his knowledge of investing in high price markets, including finding luxury deals and raising capital for 1M+ projects. Plus, learn important lessons from the Bay-area as Portland’s market continues to grow.

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 November sponsors, Merchants Mortgage & Bernhardt Appraisal! 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 us on Thursday, October 31 at 9 AM for our special Halloween master class, Pumpkin Carving and the Art of Negotiating. Rarebird's Tyler Combs will share his unique perspective on negotiating real estate sales in a broad format that will apply to: 

• Buying and Selling 
• Investors and Realtors 
• Listed and Unlisted Properties

And, yes he's really going to carve a pumpkin.

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/

@Jeff Taylor as Jay mentioned title companies in Oregon don’t do “double closings” as taught by gurus. They’ll let you purchase with your funds then turn around and sell it same day, you just can’t use buyer c’s funds.

For assignments, most title companies (in Oregon) now require the seller to sign an affidavit or addendum stating they are aware of the affidavit and some will also require disclosure of the assignment fee in that paperwork. Requirements have changed quite a bit over the past few years on the title side.

@Brandon Brown google and read SB608. Selling to an owner occupied buyer is a "qualifying landlord reason" to terminate a residency. It requires 90 days notice, certain minimal language and requirements above and beyond a typical residency termination notice, one months paid rent at time of notice. A tenant will have their right to live out their lease, so if it's more than 90 days you'll be waiting more than 90 days to occupy. It's probably a good idea to fully understand the law before you sell your residence.