All Forum Posts by: Mathew Wray

That's great to know Kory, thank you! 2 years doesn't give a ton of time to recover if something goes wrong and you have to go to plan B, but 75% and local is pretty nice. 

Thanks!

It's going to be a tough road ahead for you, Mark...I'm sorry. 

I think before you start taking any action you need to review your lease and make sure it will hold up in court. Hopefully you used an Oregon specific lease from one of the advocacy groups here in state and not one of the free downloadable, generic leases you can find online. 

Once your lease has been vetted, there are a couple of ways to tackle the issues at hand. Portland has some very tough landlord tenant laws that are being tightened, so the longer you wait, the more challenges you'll likely face. Start by giving simple notices to cure the defects (lawn and smoke alarms) but you have to make sure you use the proper delivery methods or they won't hold up. After multiple violations and notices then you'll have some more leeway to take action. 

What I recommend you'll want to do is spend some money on an attorney specializing in landlord/tenant law and have them help you craft a game plan that will hold up in court. Would hate for you to go through the process only to have a paperwork error prevent an eviction down the line. Alternatively, you could connect with a local property manager, but I'd expect to pay there too...you're calling them in when there's already trouble brewing. But once they get things under control, they can run the rental for you as they (if you choose a good one) will be up to date on all of the changing rental laws. 

Best of luck!

Mathew

Morning AJ, 

Although I'm sure it's out here in Portland, I didn't find it! I keep my ear to the ground and continue to ask and call around. The best bet seems to be PenFed. 

I know a guy who spent 18 months converting a camper van to live in and he seems to love it! Not a lifestyle for all, but certainly rewards available for those willing to make the sacrifice (and it may not be a sacrifice at all!) Like Jeff said, it'll definitely increase your ability to save income and rental income!

Best of luck!

I agree 100% with @William Hochstedler

When I left the Marines I made the mistake of settling down as soon as I got out and didn't take advantage of the RARE opportunity you have when you first EAS. You'll have plenty of funds saved up-take 1% of that and go explore a half-dozen areas and see which one speaks to you. From a practical investing standpoint it makes sense to do some ground research and from a more ethereal standpoint it will help decompress and transition back to civilian life, giving you time to take it all in. There likely won't be too many opportunities to just walk away and start fresh in life with zero mortgages, jobs, commitments, bills, etc. so grab it while you can!

Best of luck!

Mathew 

Hey Madelaine, 

Bob is right, OnlineED is a great resource. I know my brokerage (and I believe most?) have a discount code so don't pay full price for the course work!

Best of luck!

Mathew

Congrats Candis! 

Can't wait to follow what you all do with the place. I'm sure the neighbors will be thrilled!

Mathew

Morning Michael,

Congrats on getting accepted and starting law school at Lewis and Clark! I think having roommates to buy you equity while you attend school is a great idea. 

One area of caution I have is to make sure your final refinance/debt payment number is supported by rents in the area or have another exit strategy. 

An example of a potential downside-you find a home, BRRRR it and refinance, taking out your equity. Your payment (plus taxes and insurance) can easily still out pace your rents. Not saying it can't be done, just challenging. May be better to find a place you can improve, rent the rooms while in school, aggressively pay down equity with room rental income, and sell when you graduate. You'll get some great tax benefits and can use that money to set yourself up wherever you want after law school.

Lots of pros out there to help-first step is figure out what your exit strategy is and what your current resources and financial realities are!

Hope that helps,

Mathew 

Morning Artie!

Sounds like you’ve gotten some good advice here-I’d also suggest considering Oregon City to the SE of Portland. It avoids the Milwaukie/PDX issues and keeps you out of Multnomah County. 

That being said, it really seems like you’re focusing on going west. Good opportunities out that way as well, just a different tenant base. Whole western area is supported, in my opinion, by a couple of big employers-Nike and Intel. Housing can be influenced by their labor and business decisions. Being aware of that (assuming their employees are your targeted tenant base) and taking the long-view will help keep you going through the ups and down. 

Best of luck! 

Mathew

Morning David!

Welcome to BP! How do you see your time as a PM for a GC playing out in investing-do you want to fix and flip, buy and hold, locally or at a distance? Your background should help give you a leg up!

Best of luck!!

Mathew