All Forum Posts by: Zach Davis

I did have one or two that took some work to get current but for the most part I just didn't want to be a landlord in Portland (or even Oregon) anymore. There's still money to be made in the market and I think it will increase rather than decrease with all the laws and restrictions in place but its not my style anymore. So, I sold at what i believed was the right time so I could go do my thing somewhere that was still "my style." 🤷‍♂️

I just sold a bunch of small multi in Portland and Gresham. It was a great time for it and i'm glad to be out of that market. That being said, if you're willing to tough out the laws and entitlements I have a feeling there's some serious inflation coming that could make it pretty lucrative. 🤷‍♂️

We were lucky with the whole thing honestly. We decided to move back to flipping a few years ago started selling 2 years ago so we just have a handful of properties left. We also just decided to pay the taxes and regroup before moving into something else. It hurts to cut that check but since we don't really want to be in the rental business anymore it was really the cleanest way out anyway. 

Sorry, i don't have any advice but i'm in the same boat. I'm so effing tired of this town I'm literally just leaving any vacancies empty till I get the guidelines figured or get them sold. 

https://davidleechinc.com/

I'm a plumber and have done work for Dave before. He's a good guy and does great work on older homes.

And they're already talking about extending it past march. Wouldn't surprise me at all if they made it permanent. 🙄

I'm a plumber and have had a hand in building dozens of ADUs or modifying existing structures into ADUs. They can be relatively expensive to build since labor, materials, and permits aren't exactly cheap in this part of the state but they can be lucrative once they're done. I've done several in the inner east and west side that the owners are now making $3,000-$4,000+ a month on as an air bnb. Obviously, that is dependent on location but there is money in them if they're done right. Your first step is to check with the city and see if you are allowed to have one and what the rules are for where it can be, what size, etc. 

I'd go the vrbo/air bnb route and deal with their tax and permitting bs. They're just about as difficult to deal with on normal rentals and at least you wouldn't be subject to the relocation and inclusionary housing laws.
I have a buddy that does short term rentals down by the legacy campus. He stays full with family and friends visiting people in the hospital or spouses staying nearby while their significant other has a procedure done. He makes 4x as much as he did when it was a long term rental. It sounds like your property would be a similar situation. 

@Jiri B. Its a little different situation but when buying occupied rentals we almost always make the offer with a healthy chuck of earnest money and make them contingent on viewing/inspecting the property. It helps get a foot in the door before others and also lets them know you're serious before they bother with a showing. It really just depends on what you're buying it for. Unless you are waiving any contingencies you or someone you trust will be seeing it at some point so really no harm, no foul.

Some agents don't like it but the good ones around here understand that even writing 5 offers that turn into a $15k+ paycheck is still a good use of their time, especially if its a semi-recurring thing. Now, if you don't close on them every so often then yes, you will loose realtors pretty fast.

As far as lowball offers go, it just depends on the market. In hot markets most people will just ignore your offer. You might get lucky or you might go through 15 agents that drop you because you haven't closed on anything.

Good to know. I'm really only aware of the ordinance as proposed. I've stayed away from it as much as possible so i'm not up on what has changed or when its going into effect.