All Forum Posts by: William B.

I didn't read every comment to this post, at the risk of repeating what others have said, that house is plain old ugly on the outside, it looks like two different houses interior vs. exterior. Looks pretty fresh, clean and appealing on the inside but the outside is a different story, zero curb appeal. Some suggestions would be to repaint, paint the brick, I would go white trim outside and a gray body, or another fairly neutral color. The other option would be to focus on an exterior body color that is complementary to the brick if you don't paint the brick. SW color 2848 for body color would be complementary with the brick, white trim to freshen it up. Here is a pic of that color with some brick on a house to give you an idea of what it may turn out like https://i.pinimg.com/originals/32/96/e9/3296e943cf23234fbe9fe6ed52caffab.jpg

Don’t sell, you had a huge surge toward wealth in a short period of time. Take out the equity when the seasoning period has ended with whatever financing vehicle you choose(refi, heloc, etc.). Then use those tax free funds for Texas investments. You will have selling costs and taxes that are not worth selling in such a short time, in addition I assume you are in the game to build wealth, keeping this asset is a fantastic foundation to build on, don’t cash out and start over. There are properties outside Dallas that are much more affordable than the Portland metro region; my point is it is cheaper to accumulate properties not all that far from Dallas, you can start your portfolio there without the need for significant funds.

@Neal Collins It is a property management company, in this case called Making Homes Happen. I was put in touch with a specific person at that company who facilitates the notice to tenants to vacate; If they don't vacate, Making Homes Happen will process the eviction. So this specific person at this particular company has experience in helping a property owners (who aren't otherwise contracted through property management already) vacate tenants, so essentially just using the property management for the vacating process rather than managing the property through a lease being that this property is a fix an flip and not a BRRRR.

by looking up the lawyer @Craig Curelop recommended I located several real estate attorneys with ratings at avvo ( I don't recall the rules about posting links and such so you will have to use google to get there and select the real estate category)

Thanks for everyone's feedback.

@Jay Hinrichs it is what I consider a screaming deal. Purchase price is 130K under the conservative ARV, repairs are unlikely to exceed 75K, most likely 50k. So worst case scenario math is 55K in equity upon repair completion.

@Neal Collins Sound advice there, That scenario is a good one to choose but I sense some urgency in closing the deal is of value here so I chose to inherit the tenants to close the deal quicker, it appears that helped me get the discounted price.

@Aaron K. I have yet to determine whether or not vacating the property is going to be challenging or not.

The Update:

-I have signed the purchase agreement which will close this property in 10 days, all cash deal, I bumped the purchase price up $800 to appease the seller with the rent request, I will inherit the tenants. I have just received the property managers contact information so I will be reaching out to them soon to acquire more information.

-Here is the real estate attorney feedback received so far:Real Estate Attorney Recommendation post

-The agent involved here has a contact for a vacating specialist if I end up needing it. 

I will continue to update this thread or post a new one with this content to document this deal and the progress; thanks all again for your feedback.

@Aaron K. I appreciate the prompt response and feedback. I am curious about the timing of the cash for keys strategy as I wish to get them out as quickly as possible I feel the longer I wait the more difficult it will be to get them out. I will let the situation develop on that particular issue. As far as marijuana growth in Oregon goes, the legal limit is also 4 plants per household. I am using legal counsel and I will be touching base with my Real Estate Agent next week, in the meantime I appreciate the feedback and hope to hear more. I should put some catchy key words in my post I guess, like potential squatters, bad tenants, amazing deal, unbelievable, epic, cash cow, etc. :) 

I wish someone with experience would have responded here, I am asking the same question this morning. If I find one I will let you know.

A somewhat interesting acquisition here. I have an accepted offer on a property that is listed on MLS; I was able to get the seller to agree to significantly discount the property due to it's state of disrepair. The interesting part is multiple counts( I will also include some facts to hopefully help with context):

1. The property is owned by an out of state party and they are leasing the property, thus I will inherit the tenant. 

2. The way the contract is currently written by listing agent is the seller wants me to take possession and close 29 June yet the seller is to collect the last 30 days of rent which would be July's rent assuming a 30 days to vacate notice is used. 

3. There appears to be a marijuana grow room built in the garage, it is legal to grow marijuana in accordance with Oregon Laws, however I believe this grow room does not comply with volume of plant growth. This isn't all that interesting other than it's potential implications I will cover below.

4. I did not use an agent to place this offer, I ordinarily would but my one man entity broker is currently unavailable.

5. all cash deal

6. fix and flip deal, I will be gutting the property, down to studs for rehab

My comments:

• In reference to #2 I will be restructuring the deal to address this for multiple reasons, 1 is I am interested in getting rid of the tenants as soon as possible, 2 is don't want any lingering "due outs" after closing and possession of the property. I will likely just adjust the offer to cover the $ amount the seller would receive in rent.
• There are two factors that concern me in the potential difficulty in getting the tenants to vacate the property, 1 is they are paying very cheap rent for the stats of the home and 2 the grow room obviously was constructed with considerable effort which I anticipate may influence them to dig their heels in and potentially squat illegally. 

My Questions:

• Does anyone have a referral for an Oregon(Willamette valley) Real estate attorney I can have review my offer/contract?
• Does anyone have any suggestions or experience using an effective and tactful way to get the tenants to vacate quickly (incentive/legal action) ?

I will do some more scouring the forums for similar scenarios, in the meantime I appreciate any feedback.

I pretty much keep every deal I find but there might be a deal I pass on to someone. I work in the same area as Jeffrey

I like your enthusiasm Paige, I must confess seeing “bubble poop” is what brought me here.