All Forum Posts by: William Sing

Hey @Brittany Wilkerson! Insurance-wise, it is going to probably be similar in terms of cost. The taxes will probably be higher if you are looking to build two separate units depending on how your county calculates taxes. I think it would also be a good idea to look at the long-term play as well. Usually, individual units are easier to sell, but this is also location dependent. Hope that helps!

Congrats on finding a great property! That is half the battle. Cash for keys has been a viable option for if you are looking to get some current tenants out. Depending on the size of your portfolio, the specific area, you may be able to use the 3-4 exceptions that Oregon has when terminating or not extending a lease. 

Hey Victor, this is a tight situation to be in! If this is an off-market deal I'd check if there are any contingencies in the contract. If you have a financing contingency you might be able to save the earnest money. If not, I'd talk to the seller about getting additional time to secure a lender. 

Nice! Congrats! 

@Irving Casas - Depends on if there are any trees and grade depending on where in Portland. Usually taking out trees is sometimes a harder issue in Multnomah County. On-property parking does add some value for rentals but also depends on where it is at and if it is more bikeable. With that in mind, what factors are there? You can also look at putting in gravel for a more cost-effective solution as well. 

P.S. Overall, usually you are not going to get a huge ROI on putting in a driveway.

Hey @Alexander Ohmes - Check out Oregon Construction 360 https://www.orconstruction360....

Hey @Amy Healy, congratulations on owning a rental property! It sounds like you have a great opportunity to leverage your investment. To access the equity in your investment property, there are a couple of options to consider.

First, reach out to banks and explore the possibility of obtaining a higher loan-to-value (LTV) ratio. Discuss your current situation and the appreciation your property has experienced. They can guide you on the potential for accessing equity through home equity loan or a HELOC. I'd first look at local credit unions and then expand outwards from there and know you can sometimes get financing outside of the state.

Another option is to work with a private money lender. You can use the existing equity in your investment property as collateral by obtaining a second lien, similar to a HELOC or home equity loan. Just ensure that they are comfortable with being in the second position.

Your primary residence would probably be better to leverage since they usually have better terms in general LTV wise. If you're in Portland, look at OnPoint or potentially Rivermark as well. However, it's worth exploring all options with banks and lenders to see what best suits your needs.

This would be a good alternative as long as your uncle is OK with being in the second position. Think of it as a HELOC or another loan product. Just know you will still want the whole payment (loan & Seller financing) to be reasonable for you. I'd calculate to see what the monthly payment would be and also see if your uncle is wanting a balloon payment.

When it comes to the financing side it usually comes down to terms, downpayment, interest rate, and price. I'd come up for a win-win scenario in each case that is beneficial for each party. If you are assuming the loan that is a little harder to do since you are bound more to the banks standards. I think it'd be worth it to show them the potential tax benefits. Also may want to add that if you don't have any agent fees they'd be getting more back. Usually those are anywhere between 5-6% most of the time. 

I'd recommend reaching out to a lawyer who specializes in evictions. A lot of areas have different laws/regulations. Talking to a property management company for some cheaper advice might also be beneficial as well!