All Forum Posts by: Whitney R.

Thanks so much! I’d love to speak with you about it further and get your thoughts! I’ll message you this week.  

Take care...

Hey Robert! I thought short-term rentals were not allowed in OC? Am I mistaken? I do know you can apply for a bed and breakfast permit but it costs $1k for filing fee and 3k for approval screening process...and even after all that, no guarantee of approval. I doubt all the OC hosts paid 4K! But STR option would be the most lucrative..especially since I know how to run them.

Thanks!

Hey Steve,

Thanks for the advice!  I have not run the numbers via that link but I will.  I am moving to manage some rentals there (not mine)..and I also happen to love that area, so I'm okay with leaving this area and the house.  I just preferred the plan of owning property here because it's very close to Portland, which will likely always be strong here as far as RE and rentals.  Traffic here is some of the worst in the country, so a 20-mile commute here can take over your life.  Been there, done that. No thanks..and that was only a 10-mile daily one-way commute and it just about killed me!  

I have to say that I don't yet have a clear number yet as far as what I can actually charge for rent..so it might be higher than I am assuming.  If this house was in Portland, I know for sure I could ask 4-500 over my mortgage payment...but I'm only making an assumption with my place based on comps I've seen.  Although my house is unique and larger than most 3-bedrooms here..plus it has an office which many don't. So, I might be assuming a lower rent number than is reality.  But everyone here has given me a lot to think about, which I appreciate!  

I'm still not sure I understand how owning property in a hot area is an unwise move but that's why I'm here..to learn more about all this.  If I could Airbnb this place, it would be a whole different conversation and I'd be more confident. 

Thanks again!

I’m beyond grateful to receive feedback from those who know, like yourself!  It took me two years and  countless offers in this ridiculous market here in the Portland area to get this house! I got lucky because the sellers were desperate because they had a pending house and the buyer of this one fell thru and I was in the right place at the right time. So, I got a great house for a good deal but it is 1900s, so definitely not a low-maintenance house by any means!  It’s hard to let go of something that was so hard to get and knowing I have to Jump out there again and start from scratch. But I also don’t want to end up in some kind of money pit either. So, I really appreciate the info and the advice. It’s why I came here so...even though it’s not what I wanted to hear, I am definitely going to take it to heart. Thanks again.

Thanks for the quick reply. Well I’ll be managing the property so that’s all set. Didn’t realize the list was so long and would eat up 50 percent. Legal an ongoing expense? I’m assuming that’s a one-time fee? It all sounds high to me but I’m here to learn..so it’s something for me to investigate. I know I’d never rent it for 1 percent but I’d be thrilled if I could! 

I’d just hate to sell this house and then see value continue to climb..as they have been. But of course that’s the gamble. 

Hmm..it’s a tough call! I really appreciate the advice!

Thomas...thanks for the reply. So, how much more should I be charging to make it worthwhile?  $300 more than mortgage? What’s the minimum in your opinion? 

And what expenses are you referring to? Do you mean vacancy rate and normal maintenance? 

Thanks...

Thanks so much, Nels!  That's so great to hear.  That is surprising to hear how busy Canby is with rentals. I guess I was assuming it was slow here because I had called about a few rentals I saw listed, just to feel them out, and they had no pending applicants....but I guess it could have been that they hadn't received any qualified applicants, perhaps.  I'll definitely contact you if I have questions. 

Yes..that's my plan.  I manage four 4-5 bedroom vacay rentals for some folks in Portland but I know that's a little different..esp since they aren't my houses and I can just call their maintenance guy if something goes wrong!  I'm mostly nervous about screening and getting the right kind of tenants.  Plus whether to allow dogs. Lots to consider!  

Hello all.  I hope I'm in the correct category.  If not, let me know.

I bought my first house in Oregon City, OR last fall. I found out I have to move out to the Newberg area for my work next fall or early 2019 and considering turning the house into a rental. It's a charming big old house with lots of updates and a really great location in the downtown OC area. My long-term goal has always to be a landlord but I was originally more interested in the STR biz, like Airbnb/vacation rentals..as I manage those for a living and love it. But STR are not allowed here in OC..at least not yet. I'm hoping one day it will but for now, it would have to be long-term renters..so probably less lucrative.

My concern is that rent in OC is not as high as some other areas nearby, such as Portland...so the rental fee would likely be only about $50-$100 more than my mortgage payment (my payment includes insurance/taxes, by the way..so I am accounting for that).   The home prices here in OC are appreciating..although it's anybody's guess of course how that will all play out in the future...so the house will only increase in value, I would expect.  

 Of course, option B is to sell it and, since I got a pretty good deal on it, I believe I'd either break even or get a little more back. I really prefer the rental option but don't want to be unwise about it.  I have already been told by my lender that I would be allowed to rent it out since it will have been one year of residing here and I am leaving the area. 

Can anyone offer me their thoughts as I begin to research my options?  Would the rental rate situation make this too risky?

Thanks!

Hello..so I'm new to all of this, including this forum!  Can I ask about this here?  I do have questions about loan options and rules.  Let me know and I'll send more info.

Thanks everyone!