All Forum Posts by: Brad Hammond

Hi Daniel, I personally don't use buyer broker agreements.  On your side, it binds you to working with that agent and my thought is that if you don't like working with me, you should have the flexibility not to.  

1. I believe what it is saying is that if the seller (or seller's agent) does not pay 3%, you would be responsible for it.  Sometimes the seller's agent only pays 2.5% or maybe you find a deal off-market and the seller isn't willing to pay the buyer's agent. 

2. I'm not sure about a "broker administrative commission" but I know everyone is trying to squeeze as much money out of a transaction as possible with added fees.

You shouldn't feel obligated to sign this form.  Try interviewing other agents in the area and see if they have a similar system.  I can look through my referral network if you need some help with that. 

Yes, talk with your agent or a property manager.  I am around 3%-4% in my area but it also depends on the neighborhood.  A rental listing can be vacant for 2-3 weeks longer in some areas vs. others depending on the neighborhood. 

Everything you stated was a great place to start.  You can keep all the appliances, allow them live there after closing (called rent-back) for a few weeks, or have a faster or slower close date depending on their preference.  

Hey @Matt Cox, we don't base the maximum rent increase on the consumer index, it capped at 10% per year.  But to answer your question, if the property manager raises the rent and the tenant objects, they need to give written notice and I believe they need to give proof that their income has been affected.  

The reason Portland is doing this is because they are trying to protect the tenant from being unhoused.  The worst that would happen to the property owner is they would be foreclosed on and the city wants to protect the most vulnerable population.

I can't blame you for investing outside of Portland.  As someone who self manages, it is getting very difficult to manage all the hoops I need to jump through. 

As a Portland investor, I just keep rolling with the punches and adapt.  I was outraged by this when I first heard about it but since then I've had a chance to think about it.  I haven't raised my rents since April and don't plan to until the middle of next year.  That is what a lot of local investors I know are doing.  Also, it is up to the tenant to provide a written statement stating that they can not afford a rent increase. 

Hey Wil, I agree with @Bob Norton, you will basically be deducting just the rental portion of the duplex.  

Hey @Colin Sullivan, if you have owned it for less than a year I believe you will have to pay tax.  Bad news, any gains would be taxed at your regular rate, not the lower capital gains rate.  

Hey @Josh West, I have so many things for you.  

1. I also prefer to invest in small multifamily.

2. My wife worked at University Pointe near PSU for 2 years on the leasing side.

3. I'm getting a 5-day Meadows pass this winter (skier).  

4. I remember when I did my first deal it was really scary.  I took lots of little steps and my agent at the time pushed me at just the right moments. 

5. I like to lay out my ideas numerically ; )

You can glue laminate on top of the existing.  I’ve done it a few times and costs about $250 to have a pro do it. I used Linoleum City.

David at Anvil Tax used to be an IRS auditor and understands real estate.  I don't work with him but he might be a good resource.