All Forum Posts by: Todd Powell

@Shaune Faust so how did this all play out ? I actually I just had a very good tenant commit suicide. The family fought over items and she had a nephew living in there, but somehow it all got handled in the month of April. 

Very exhausted though. 

Hope it worked out for you. Todd 

@Mike Nuss

I absolutely agree with you my son just started working there a few months ago and deals with the heavy hitters he sees the very best deals or sponsors I think they call them I might be able to get in some of these is why asked the question

@Mike McKinzie

Thank you! I will be a grandpa next month! My son now works for Crowdstreet in Portland and it seems there are some good deals. I am thinking that might be more passive than me managing all my doors! Thanks for the input

@Michael Baradell

Here are real examples of last deals.

1. Bought two four plexes near a Western Oregon Campus. $315K price for 4 2 bed/2 bath units one block from campus. $60k down at 4.75% owner carry. Put $100k cash to rehab, took rents from $600 to $1100 per unit.

2. Bought 4 plex in Albany, Or. owner carry, $260k price with $30k down and $81k cash to rehab. Two vacancies when I bought and other two units were $625 each. Now I average over $4000 in rents with all 4.

3. Bought 5 plex for $371k with 20% down and commercial loan at 4.25% first three years, and 10 year balloon payment. Put $30k to rehab and doubled those rents, and gave tenants the garbage bills.

4. Bought 8 plex in Forest Grove for $642k, with 20% down with commercial loan at 4.75% we rehabbed all the units and went from $3000 ish rents to $8500 ! Its near Pacific University

My son manages the 8 plex as he lives in Beaverton, Or and I manage the 3 four plexes and the one 5 plex. I do NOT use any software, and many will not believe me but I have next to ZERO vacancies! I do one year leases near college campuses and advertise, screen and then show months prior to any vacancy. Is it easy? Not at all, and I am busy this time of year, but I run this better than any property manager would ever dream of. Retirement is the goal!

@Mark Cruse I agree with your cash flow assessment.

@Michael Baradell roughly $400-500 per door. I know this is hard, but I seek off market MLS deals that need lots of rehab and tenant turn rounds. I now manage 29 doors, but had to rehab every single unit. I buy and hold 4 plexes, and also have a 5 and 8 plex. I also manage these myself with a full time job. I am tired a lot ! Lol

@Jed Devine well done ! What cash flow amount are you looking for with each purchase? I myself have been going quite hard; three four plexes in the last three years, as well as 50/50 with son on a 5 and 8 plex! Exhausting for sure but well worth it !

@Karen Johnson after the first two paragraphs you lost me totally. You are trying too hard. I have been burned in the past trying to talk myself into these situations. You are trying to justify these folks as you have the rent higher than the market. Pass on this one ! My experience.

What are your thoughts about owning and managing some 29 doors versus putting money into legit RE syndication. There is a seemingly reputable company based out of Portland, Or that does many vetted deals, called Crowdstreet.

I am curious if its worth the headaches to keep large equites in properties I manage vs. the returns with bigger players in deals out there in RE syndication? Anyone have thoughts on this. Thank you in advance!

@Angel Sandoval  How much will it cash flow, and how much equity will you have when you are done with the project?  I need to know those answers first as well as your long term goals. By renting it for more than one year, it becomes a long term capital gain as opposed to short term. I have flipped over 30 properties so this is something I do when it makes sense, however you run the risk of them tearing up your new place. If it has decent equity, it could be a candidate for a 1031 exchange provided you hold it for a year or more and avoid taxes up front.

@Jhordan Tutop Sometimes cutting your losses and trouble early makes more sense from my experience. Trying to squeeze blood out of a turnip does not always work. Further, check your laws in your state. Oregon law says one and half months rent is all you can get, so if they transferred enough security deposit when you bought the deal, you can apply it. But, I have found being peaceful and having a tenant leave the place in good shape and on time without emotional headaches far outweighs a little money. Just my thoughts and best of Luck!