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8 July 2024 | 2 replies
As a hard money lender who works with many investors in the Portland area, I can share some insights on maintenance costs for multifamily properties in this market, though individual experiences may vary:Lots of investors report a slight decrease in maintenance costs during winter months, bc of:- Fewer landscaping needs - Less wear and tear on HVAC systems (as heating is generally less intensive than summer cooling)- Reduced tenant turnover in winterWinter-specific issues can arise:- Potential roof repairs due to heavy rain or occasional snow- Gutter cleaning and maintenance to prevent water damage- Heating system repairs or maintenancePortland-specific factors:- The mild climate helps reduce extreme weather-related maintenance issues. - Older housing stock in some areas may require more upkeep. - Strict local regulations can also sometimes increase compliance-related maintenance costsCost-saving strategies I've seen help:- Preventative maintenance programs can help reduce overall costs obviously - Some investors report success with in-house maintenance teams for larger portfolios- Energy-efficient upgrades can help reduce utility costs in the long runYour specific costs will depend on factors like the age and condition of your properties, your management style, and the specific neighborhoods you're invested in, but hope this helps!
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8 July 2024 | 5 replies
Many tenants have been on the waiting list for a number of years so the chance of any issues is extremely low.
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8 July 2024 | 27 replies
If you purchase the property using your own name with a conventional loan mortgage, then transfer it to a LLC, it may trigger the due-on-sale clause, taking the risk that the lender will ask you to pay the loan balance back immediately.We can only choose one of it, not both of it.
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9 July 2024 | 6 replies
Think of the EXTREME example where someone buys a ratty house in a TERRIBLE neighborhood and then GROSSLY over improves it because that is what they know and like themselves.
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8 July 2024 | 9 replies
If you hear "fast, easy, and no money required", be extremely cautious.
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7 July 2024 | 14 replies
You can but you run the risk of triggering the due on sale clause.No need to have in an LLC.
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10 July 2024 | 32 replies
I really see Columbus Ohio as an extremely safe bet for the next 10-20 years.
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8 July 2024 | 42 replies
Some accurate, some extremely inaccurate.
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9 July 2024 | 9 replies
If the software is not simplifying your life or making you more accurate, you shouldn't use it.Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.
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7 July 2024 | 3 replies
I recently completed a hybrid house hack-BRRRR-ADU build combo which I'm extremely stoked to say worked out almost completely to plan.