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All Forum Posts by: Zayda Arzen

Zayda Arzen has started 5 posts and replied 9 times.

Post: Looking to Purchase Potential First Real Estate Investment

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

Hi Matthew, do you have any time tomorrow? I'd be happy to talk you through some options. DM me and let's jump on a call and we can troubleshoot. 

I love helping new investors get started and I'm happy to be a resource. 

Zayda

Post: Portland FAIR Ordinance + Cozy.co for advertising rental

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

No, it passed on March 1st. 

Post: Portland FAIR Ordinance + Cozy.co for advertising rental

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

Hi BP friends,

I'm advertising my first single family rental in Portland, OR and am having trouble adapting Cozy.co to the new FAIR ordinance regulations. Does anyone know how to do this with Cozy? Specifically, how to advertise but not accept applications for 72 hrs? How to list screening criteria and attach the city-mandated form so that applicants receive it with their application? Are most small landlords not compliant with this? If anyone uses Cozy in Portland, I'd LOVE to chat with you for 5 minutes and hear your process!!

Thank you in advance! 

Zayda

Post: Help screening a tenant from the UK

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

@Bjorn Ahlblad

It looks like I may be able to do a screening through Experian or Trans Union, but after a significant amount of Googling, I’m not sure there is a way to do a criminal background check on him. Do you think it’s sufficient to ask for a work visa, a copy of his passport, 3 pay stubs, and a few references? He will be added to the lease as a roommate of a few other tenants who have reportedly been great (I just inherited the tenants).

Thoughts?

Thank you!

Post: Help screening a tenant from the UK

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

Dear BP Friends,

I have a tenant wanting to add a roommate. The applicant is apparently living in the US for a few years for an extended job assignment (film industry). Cozy.co isn't recognizing him for the purposes of tenant screening/background check. It gives an error message, saying it cannot verify his identity. Since he has only been in the US since November, I assume the software cannot pull any information about him, such as credit cards, registered addresses, voter registrations, SS#, etc. How can I screen him? And more importantly, how do I do a background check on him? We will be living in another unit in this multi-family property and it is crucial that he passes a background check. I'd appreciate any tips or information you can provide. Thank you,

Post: How to screen a roommate being added to existing lease?

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

Hi BP Friends,

I’m a new landlord and am just closing on my first investment property. The tenants I’m inheriting in our owner-occupied triplex want to add a roommate. I said yes, as long as the individual passes a credit check and background screening (through Cozy.co). Then I will use a roommate addendum that I’ve gotten from a local landlording organization to add him to the lease. My question is this: how do I screen him in terms of income, seeing as how the current tenants have already met the income requirements? Normally I’d say minimum income 3x the monthly rent, but he will be one of three adults living in the unit and they were already screened by the previous property management company. My fear is that the current tenants will move out and this tenant will remain in the unit and want to add a roommate himself, so I need to ensure that he has adequate income. How would you set income screening criteria?

Lastly, do I need to set criteria and inform him of my criteria BEFORE screening him, per fair housing regulations?

I very much appreciate your responses!!

Zayda

Post: Subdividing for the First Time

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

Hello BP investors.

I working on subdividing a residential lot in Portland, OR and I'm wondering whether these expenses sound right to those of you who have done this. It's a 5,000 sq ft lot, zoned R2.5.

Survey $6,800

Planner $2,100

City Fees $11,200-$15,000

County Fees -unknown ?

Arborist review of 60ft fir tree-?

Plus civil engineer for storm water/ drainage review? I don't know what this will cost.

Do any of you local investors have experience with this and mind giving your input? Are these costs reasonable? How many bids should I get for surveyors and planners? Any recommendations for local surveyors/ planning companies/ civil engineers? I'm worried that I won't be able to accurately predict the total cost of this subdivision project.

Thanks for your input!

Post: How did you buy your second property?

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

@Jason Fleming

Jason, I'm also in Portland. I'm curious about your strategy. Did you rehab the first two properties? Did they cash flow for you? I imagine this was a while ago. This is such an expensive market that I am curious about how you bough homes for 200K that would qualify for FHA financing? Where did you go for your rehab loan?

I'm a new investor looking for my second deal and am trying to carve out a strategy in this tough market. I like your method of moving into a new primary residence each time for better financing, as well as rotating whose name goes on the mortgage with your partner. 

I appreciate your input. Thanks for sharing.

Post: Portland, Oregon New Mandatory Renter Relocation Assistance

Zayda Arzen
Agent
Posted
  • Real Estate Agent
  • Portland, OR
  • Posts 9
  • Votes 0

For all of the Portland investors out there, what is your opinion about the new mandatory renter relocation assistance law? I am a new investor and have been looking for my first SFR or duplex in the Portland area but I'm deterred by this new regulation. Would this make it significantly more difficult (or just expensive) to get rid of a problem tenant? Or would most challenging tenant evictions be "for cause" evictions and therefor not be subject to the above regulation? It seems that you are required to offer your tenant the option to renew their lease or otherwise you are required to pay their relocation costs? ($4,200 for 2BR)! This seems like a deal-breaker for me (for investing in the Portland city area) but I'd love to hear the perspective of you seasoned investors.

Thank you.