All Forum Posts by: Richard Sherman

Yep, agreed.  Turn around properties are where it is going to make things tougher.  It will all work out, raising 7% plus CPI is still a decent bump.

@Jay Hinrichs  https://www.oregonlive.com/politics/2019/02/oregon...

TLDR- Capped rent increases to 7% per year +CPI. Eliminates no cause evictions.  Statewide relocation payments etc.  

It will have the exact opposite effect of what the people pushing it want, long term.  It will further reduce incentives to build in OR and though it will do something to "protect" existing tenants currently it is going to reduce long term supply and increase overall costs.  As a CURRENT owner of rental property..I am all for it, competition is what drives down rents or reduced ability to raise.  Guess what every single rent increase will be now every year....CPI+7%.

The applicant pays the background check fee.  

BEFORE!  Contact your title company and tell them you want to do a 1031 on the one you have not closed on yet.  Once it is sold it is too late.  

@Tim Greenfield yes, Salem, McMinnville area.  Still commuting distance to Portland and a lot of rent pressure from people being priced out of Portland

@Chinmay J. haha, first time I have gotten that on this site..but I used to get it all the time when I went to Seattle for work..just disappointing people all over the place up there!

@Thomas S.   I agree with 99% of your advice.  I also 100% agree with this reply and I think we are on the same page, just different approaches.   I always look at my cost of turn over, how much reno the unit needs, the current workload for my team, the current number of vacant units.  Based on that, we might decide to keep someone for a while EVEN if they violated the lease as long as we could live with the resolution.    You are correct about figuring out what options you want as the landlord and letting them pick, I agree 100% with that.  

@Derek Sperzel   1. Raise the rent and do not ever, ever ever let another year go by with no rent raise.  EVER...even if $10..raise it so they get used to it, just like your property taxes, up every year.

2. IF your state allows pet rent, do pet rent over a deposit.  Deposits are always a pain and you want the income.

3. I would absolutely give them notice on the lease violation.  @Thomas S. is right in many of his points, though he is a bit harsh, which might be for effect, in general, he is correct, you have to correct the behavior or it will get worse.  That being said, I care about return and income not about forcing vacancy to prove how big my britches are...so I would try to get the rent increase and pet rent (if your state allows pet rent) but would like to keep them.  Writing is on the wall though with those late fees...I do not think they can afford this house...and certainly not the dog, so be prepared for that if the rent goes up.

@Tim Greenfield I agree with everyone above, @Christopher Lane and @Ivan Barratt .  Stack cash, do not pay off the car (but also never buy another new car,...your driving around in your 9th rental buddy...)   We are still buying but are slowing down  some and putting down larger payments as well as looking to free up cash.  I do not think my market will have much of a decline, but just leveling off and making sellers more reasonable would be nice.

@Fred Thimme   Bed 100% then get your butt on craigslist and look for good deals on washer and dryer.  Be patient and make sure they allow you to run a test on each before you buy if it's over $100 each.  

The bed will absolutely get you more money.  Washer dryer..nice but not as important.  We have 2  units we do Airbnb on with laundry in the complex but not in the unit and it is fine.  You might not get a 2 week booking, but most of our stays are 2 nights anyways

DO NOT buy a bed on craigslist...bedbugs.