Beaverton, OR · Member since 2014 · 118 posts · 119 votes
Maybe I'm just going through a little grumpy fit and being melodramatic, but are any other Oregon landlords, particularly Portland area so far, getting to their breaking point yet of how far you can be pushed by political agenda and rules?
I feel like every other month I'm hearing of more policies of power being taken from landlords, statewide rent control, lack of ability to screen tenants, removing no cause terminations, etc.
What's your tipping point before moving somewhere easier? How do you think this will affect current landlords and also your mentality on buying future rentals?
I read you’re post and no you’re not dramatic at all. It’s very real that “ Portland “ property police and making it almost impossible for landlords. It seems at the rate it’s going if you own a rental of any kind it will soon be a law that you have to let who ever Portland tells to to rent it to you have too. That’s why my wife & I will not even consider it in Portland. We own 2 vacation cabins at Mt. Hood and that’s been very good to us. As far as long term, no way. It’s just not worth the fight with Portland.
@Kenny Fiorito Well as far as I understand, the "Portland Police" are about to become the "Oregon Police" this year. The Portland rules are being spread to the entire state if current legislature gets through, which I'm being told is a 99% chance of happening.
It all starts with who you vote for. There is a reason people are moving from Cal and Oregon to the blessed state of Texas. God I hope they don’t bring those politics and ideals with them. I hope my landlord friends in Portland fight back.
They flee the blue status due to blue state laws, then try to make the red states blue. Then the process repeats.
We have rentals in the Corvallis area, so we're feeling the effects of the statewide regulation that's coming in. Fortunately most of what we have is student-oriented, so we have a high rate of voluntary turnover anyway.
For our non-campus properties, we raise the rent each year to keep it at market, and keep the properties in very good condition (we remodeled them when we bought them). Keeping rent at market will keep us from being bitten by the rent-control that's coming in. One other result is that we tend to get young professionals who only stay for a couple years, rather than long-term tenants.
We are doubling down on this strategy, since due to the new laws we want to avoid long-term tenants.
The other issue is that with property values so strong, it might make sense to sell your SFRs to homeowners. They're worth more to a homeowner than a tenant. For your multi's, have you explored condo conversion? We're splitting some duplexes into tandem units, and will likely be selling them.
i don’t live in Oregon but I’ll do my part to help out my investing brethren by voting for folks with an “R” after their name . I suggest you do the same if you want your regulations and taxes to not skyrocket
It's kinda of sad how much fear has over run this thread. There's also quite a few "mistruths" being spewed out. I suggest, if you're an Oregon or Portland landlord (or desire to be), to actually read whats being proposed. I'm not a proponent of rent control by any means, but I've read the bill thoroughly. Everything I'm currently doing as an investor, can still be done when proposed regulations pass.
There is opportunity in any change that is made. Great investors research and dig for those opportunities.
If the "Oregon rent control" threads are an indicator of my competition's thought process.....I'm actually excited for the change as there will be more opportunities to invest while fearful mindsets are making rushed/irrational decisions.