All Forum Posts by: Steve B.
Steve B. has started 5 posts and replied 1487 times.
Post: Seller attempting to sue me for not buying property.

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Sue K. Verbal agreements aren’t “illegal”. They are usually just unenforceable, especially when it comes to real estate.
Post: Seller attempting to sue me for not buying property.

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Merritt S. No, in Wisconsin a verbal contract can be binding, but just like everywhere else, no when it comes to real estate.
https://www.wra.org/WREM/July13/Writing/
Post: 10 Year Decline - Is My City Dead Or Is It Time To Buy???

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Cory Hinton real estate is fairly inelastic and thanks to big government it’s only getting more inelastic. This the number one driver of rents and prices in general is supply vs population as population is usually synonymous with demand. A declining population leads to a non-linear decline in rents and values. But yes, you can make money in a declining market. I wouldn’t try it, but it can be done
Post: 500k better to buy one STR cash or multiple with financing?

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Chris Elkendier NM I see you wrote STR, Than 1-2 makes more sense usually
Post: 500k better to buy one STR cash or multiple with financing?

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Chris Elkendier buy 3 , that’s a better option than the binary choices you mentioned
Post: Rookie needs advice for tenant screening in C class neighborhood.

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Robert Hanson 600 fica is still pretty low. I’d aim for at least 640. Hours he average American has 700 and leasing a car takes at least 640
Post: Just bought house with inherited tenants and they don't allow me

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Amalfi Duran “per their word” and real estate law don’t mix
Post: Just bought house with inherited tenants and they don't allow me

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Mark Fries it gets better, a two week renovation that's is "little" as to not affect the tenants and it raises the ARV over 30%. I need to find a deal like that
Post: First time filing taxes as a landlord, questions...

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Eric P. Your CPA is there to make your life easier. If they stress you out then get a new CPA. To make your life easier in the future you should open a separate bank account with its own checks and credit/debit attached to your property. This will make breaking down your expenses much easier for you as money is flowing in and out of a lot of disparate sources
Post: Concrete Block Seismic Retrofitting (West Coast)

- Engineer
- Portland, OR
- Posts 1,545
- Votes 1,286
@Todd Ashley IMO dint think prioritizing the liability potential of earthquake affecting Portland should be a main criteria for analyzing a deal