All Forum Posts by: Todd Powell

I know nobody has the crystal ball but I am curious about your thoughts and past experiences of the market and RE interest rates. I have two different owner carries loans on two different 4 plexes. One rate is 4.75% and the other one is 5%. Those are completely acceptable but I have my choice when I Refi but my contracts states anywhere from 2-5 years left to do this. Many say these rates are at historical lows, but I actually have cheaper from a few years ago on other multi units.  

So, do I hope they stay low or even come back down a little, of take the market rates now ? I really am curious what everyone’s thoughts are here. Thank you ! 

@Jonathan A. Well, maybe you are good then. The older I get I just try to do win wins as I want to avoid headaches and drama. I hope this works out for you. Cheers Todd

@Luis Davila I think assigning your contract and position for a assignment fee would be bette than a double closing.  I bought a wholesale flip once where it was a double closing and also just wholesaled one a month ago where the buyer would not pay until the deal was done in escrow.  Hence we had a fee in escrow and it was never titled or closed in my name. I hope this helps. 

@Alyssa K. I feel for you. In Oregon you don’t even need a letter to have any type of ESA and you cannot charge any higher fees for these animals.  It’s tough making your places look nice and tenants have more control of your property than you do. I wish you luck ! 

@Jonathan A. I have carefully read multiple postings in this thread and you better hope your partners or their attorneys don’t get access to your comments.  @Mary M. is correct, the more you post, the more you look guilty of their accusations.  I am not trying to mean but merely being neutral as I read all of these details. It’s sounds your “costs” have built in layers you are justifying or rationalizing. If you have a contract that clearly says bid and not to exceed $275K then that’s on thing, but if it says $275K max and at your COST, then I think they will be looking for a refund.  I would lose the battle and win the war. Tell them the actual truth. Best of luck ! 

@Patrick Philip That advice would have costs me thousands of dollars ! Get your money back 

@Nicole Obregon maybe you have already made the decision, but when you have to talk yourself into the tenant, its a sign to pass. I would rather have vacancy rather than a dicey maybe tenant. Proven eviction and poor credit are more than enough red flags PASS!

@Richard Sherman  and @John Woodrich you two are WAY above my head. Lol

Do you think in Oregon I could pull off doing my two LLCs into one bigger deal ? All same equal tax payers but different LLCs based on separate street names.  My son @Jason Powell really want to leverage up into larger units when the situation presents itself. 

Thank you for your thoughtful input!

Todd 

@Anthony Wick  I posted on this topic weeks ago and its mixed topic nationally. One thing I can tell you is that it is a federal issue and you cannot win that one.  I think you did great as they didn't have paperwork. In Oregon, I think if they ask if you take them you have to say yes regardless of the type of animal. But, I noticed many people stating opposing views in my thread. I just called my local city source yesterday to chat about this. Trust me, its a loaded issue!

Here are the specifics. I have ownership with my wife and older son and his wife, all 25% each as members in two different properties. One is a 5 plex, Powell Properties Milton St, LLC and another 8 plex, Powell Properties 21st St, LLC. With the state of Oregon we are all equal partners individually but the properties have different LLC names. Can we sell both of these and do a 1031 and move into a larger apartment building? We only did two specific LLC 's based on the address of each property because an accountant advised me to, but I am wondering if this will work?